Manchester Is On The Rise
There are many reasons why Manchester has been a hot pick for property investors in recent years but affordable homes and an attractive rental yield are amongst the leading reasons. This is a city that appeals to investors from the United Kingdom and from abroad. It is a city that has long been ranked as one of the best Buy To Let areas and a recent study suggests that the price growth and rental yields are both on the rise in Manchester.
There are many factors in the price growth for residential property, including:
A shortage of homes being supplied to the market
A sizable student population
City centre living being on trend
The rise of residential property price growth has managed to outstrip the average across the UK. In the UK, the average growth stands at 2.4% whereas, in Manchester, the annual growth comes in at 4.2%.
Many experts believe Manchester will continue to flourish
With respect to rental yields, a leading property specialist has tipped the yield on offer in Manchester to increase by 3.5% between the end of 2018 and 2020. With JLL stating their belief that Manchester will be regarded as the best prospect for residential price growth in the next half a decade, there is a cause for optimism about the Manchester property market.
Another sign that Manchester is on the up came with Hamptons stating that the amount of people leaving London to move to the north of the country has tripled in the past eight years. There are many towns and cities that offer a warm and affordable welcome after living in the English capital, but it would be fair to say that Manchester is a hugely appealing option for many people and households.
Things are looking up in the Deansgate area of Manchester
There are many examples of why Manchester is on the rise and an example would be the Elizabeth Tower, which is in the Deansgate area of the city. This is likely to become one of the tallest residential towers in the whole of the country and will play host to apartments, retail outlets, a roof terrace and a swimming pool located 44 storeys up. The city is moving up in more ways than one!
The Managing Director of Select Property Group, Adam Price, released a statement saying; “The change Manchester has seen in recent years continues to amaze, and Elizabeth Tower at Crown Street is a symbol of that change. With the city’s rich musical, cultural and sporting heritage, emerging industries such as graphene, and with Greater Manchester hosting the headquarters of world-class companies including Adidas UK, Essar Oil and JD Sports, we are unsurprised to have seen many of the apartments available be bought off plan.”
Of course, you don’t have to touch the sky to move up in Manchester. At Peter Anthony, we are more than happy to provide you with support and guidance with any property move, so get in touch for more details.