Stockport Offers More Than Major Cities
It is easy to see why there is such a focus on London, both in the property market and business in general. The size of the population plays a big role, and of course, the media shapes what people think. There are interesting stories in every town and city across England. However, with so much of the media based in the capital, and this being the loudest area of media professionals, there is inevitably a focus on this part of the country.
With rental fees being higher in London, you can see why landlords and investors look at London options. Of course, property prices in London are also much higher. Therefore, the benefits of higher rental fees have to be balanced with the higher property prices and mortgage payments landlords face. There is a need for landlords to think about the bigger picture with their investment opportunities.
Getting a buy to let mortgage can be difficult
Obtaining a buy to let mortgage is often challenging. It is a process that is more difficult than obtaining a standard mortgage, and landlords may find that they don’t meet the criteria expected of lenders focusing on the capital. This outcome is disappointing, but it doesn’t mean landlords should give up, but they should reconsider their options. Heading out of London and looking to the north of the country is likely to open up new options that may help a landlord achieve success.
While there is no shortage of fantastic towns and cities across England, Stockport is a fantastic example of an area on the rise. If you are looking for impressive returns and attractive capital growth, Stockport has the figures that will attract attention for all the right reasons.
If you are not too sure where Stockport lies, it is seven miles south of the city centre area of Manchester, and just eight miles from Manchester Airport. The transport connections to Manchester are tremendous, but the town is also strongly connected to Liverpool, Birmingham and London.
Significant development is taking place in Stockport
One thing to consider when looking at areas is whether the area is being backed. Before you invest, you want evidence that other people or organisations are doing similar. There is over £1bn being invested in Stockport in the next five years. Works is being carried out in the commercial, retail and residential sectors, and the town wants to establish itself as a leading business hub in the region. There is over £40m being spent on a transport interchange in the heart of the town centre.
In 12 months, property prices in Stockport increased by 15.9%, and there is expectations these will continue to rise. There is a broad range of areas in Stockport, including some of the wealthiest suburbs in the country such as Hazel Grove, Bramhall and Woodford.
The north of England is more appealing than ever for investors, and Stockport has a great deal to offer. If you want to find out more about this area, contact Peter Anthony and we’ll be happy to assist you.