Manchester has become the go-to location in the North West and it has been the front runner for investor property returns since 2010, making it a city you can’t afford to ignore. With higher rental yields, than London and the rising demand for accommodation, banking giants HSBC has named this Northern city the UK’s number one for property investment. After these key selling points, we firmly believe 2016 could be the best year to get on Manchester’s developing property ladder. So what else makes Manchester so appealing for investors?
1) Incredible UK city rankings
This city has raced past London for the first place mark, for investor returns. Manchester’s current return percentage stands at an excellent 6.02%, while unfortunately for the capital city, they’re behind in the slow coach with just 4.79%. Not only is this a huge factor for potential investments, but Manchester has also won the title of best city in the UK live in, for the second year running. Surpassing 140 cities in total.
2) Boost in Popularity
With a significant increase in population, many areas are improving to suit the needs of people living outside the centre. Former family-only areas are now receiving millennial-style updates. Restaurants, cafes, supermarkets and transport links to the city are now boosting the interest of young professionals and families. A town lifestyle, excellently suits those who want a cheaper home away from the city’s hustle and bustle. Towns such as Didsbury, Salford, Chorlton and Withington are now creating a better community for people of all ages to rent and buy. As a conclusion, property owners no longer have to stick to the city centre to see a healthy return on investment.
3) Making a big impression in Parliament
For decades, we’ve endured a North/South divide and even though this won’t disappear anytime soon, the government has taken notice of this booming city. With the aim of rebalancing the UK’s economy, David Cameron is turning his attention towards Manchester. There could soon be a huge improvement in tax conditions, enterprise zones and tourism which will hopefully give the city’s investment a further boost.
4) Amazing location for business
If you require an alternative to offering a long term lease, there is definitely a gap in the market to consider. Many landlords need tenants to rent for a minimum of six months. However, Manchester is becoming the prime location for business. It indicates that many professionals could visit this city for weeks or months at a time. These are the potential tenants who might prefer a comfortable alternative to hotels. Concentrating on key areas such as the City Centre and Salford Quays (MediaCityUK) for temporary accommodation, could be an excellent idea to ensure your investment goes a long way.
5) Affordable property
Back in August 2015, Manchester Evening News revealed the immense property price difference between Manchester and London which certainly caused a lasting impression. For the same price as one property in London, they showed four detached houses in Manchester that would total a similar amount. We understand this will entirely depend on location and house structure, but it’s not a comparison we can afford to forget
If you are considering investing in property and want to build your property portfolio, take a look at the Mayweather Estates website on www.mayweatherestates.com , or alternatively feel free to contact one of the investment team to discuss your investment strategy moving forward in 2016. Telephone Contact – 0161 212 7414