Is Manchester the Best Location for Buy to Let Property?
Manchester is an outstanding city that has been transformed spectacularly within the last few decades. It is now one of the largest cities in the United Kingdom and is effectively the capital of the North. Whether you want to live, work or study in Manchester, or even pay a short visit as a tourist, the city presents endless opportunities not to be missed. Manchester is a fast-growing destination and it shows no signs of slowing down. It is consistently named as one of the most profitable areas for rental property investors. But what makes Manchester one of the best places to invest in buy to let property?
TK Property Group is a specialist in residential property investments in the United Kingdom. With their offices based in nearby Wigan, TK Property knows all about the best benefits of Manchester and the wider Greater Manchester region. TK has an abundance of experience in helping investors find property opportunities that suit them most. With a focus in offering Manchester property investments, they have provided Property Wire with some insight into the city’s thriving property market.
In this article, TK Property Group will explain why Manchester is one of the best locations for buy to let property. They will also look at some of the cities recent regeneration projects and upcoming developments that will transform Manchester even further.
Why Manchester is a Buy to Let Hotspot
Manchester is, without a doubt, one of the most versatile cities in the world with a little something for everyone. This is a city that allows people to chase their dreams, from receiving an education like no other to securing the perfect job. It is home to several world-class universities and more businesses are continuing to relocate their base of operations to this thriving city. Not to mention, it is a number one destination for international tourists! There are plenty of exciting leisure activities attractions, huge successful sporting institutions, and unmissable tourist attractions.
Manchester is a sparse city with diverse areas. Salford is a bright waterfront location that has undergone significant regeneration in the 21st century. The city centre is like any central location with huge skyscrapers and unique buildings. Further afield, you have trendy areas such as Old Trafford and Fallowfield, presenting investors with unique opportunities to expand their portfolio.
It’s believed that Manchester has one of the youngest populations in the UK, which is a big benefit for buy to let investors. There is a constant flow of new students coming to live in the city during their studies, so demand for property will always remain. When their time at university comes to an end, there are plenty of opportunities to remain in the city and further their career prospects.
The demand for property in Manchester is higher than it’s ever been. Greater Manchester has the second highest population in the UK and in 2021, demand for housing rose by 49%. The city region and Salford saw house prices rise by 7%. 55,000 properties are needed by 2027 to accommodate Manchester’s rising population. It’s predicted that Manchester’s employment growth will soon excel other leading capital cities such as Paris and Berlin.
With further investment across all sectors, a continuous increase in property prices, average rental returns of 6%, and exciting lifestyle opportunities, it’s quite evident why Manchester is one of the best cities for property investment.
Upcoming Developments in Manchester
The entire Greater Manchester region has benefited from several developments within the past decade, helping to position the area as a world-class destination. From business to leisure, Manchester caters to a wide variety of sectors, including ICT, food, arts, digital, property, and science. The city is central to the government’s Northern Powerhouse initiative and there continues to be significant investment in housing, transport, business, and leisure. The investment has made Manchester one of the most well-connected and integrated cities in the world.
Billions of pounds have been used to transform Manchester into the city that it is today, which has helped boost both the local and national economy. Previous key developments include MediaCityUK on the Salford Quays waterfront. This development launched brand new business and leisure attractions, convincing corporations like BBC and Kellogg’s to move here. More plans are set for MediaCityUK including new apartments and office facilities. Another previous development worth mentioning is NOMA, which was once the North’s biggest development. This mixed-use scheme delivered residential property, hotels, office buildings, and leisure spaces. The £1bn Spinningfields project, meanwhile, revamped the city centre to produce a business hub comparable to London’s Canary Wharf.
One of the best upcoming residential developments in Manchester is the exciting X1 Michigan Towers. X1 is a mixed-used scheme that looks set to transform the city’s gorgeous skyline. Located in MediaCityUK, the development will consist of four iconic towers with unique facades and stunning city views. The apartments have been designed to be generously sized and residents will have access to on-site retail and leisure facilities.
Another development set to launch in the near future is the £1bn St John’s project. St John’s will create a new neighbourhood community in Spinningfields. The development looks set to deliver 320 hotel rooms, workspace, retail units, and outdoor open spaces. One of Europe’s largest arts and performance venues is scheduled to open here in 2023. Last, but certainly not least, is MeadowSide. MeadowSide is a residential development consisting of a unique mix of 286 apartments, townhouses and penthouses. Due for completion this year, MeadowSide will offer modern and comfortable city living on the edge of a large park. The development incorporates a sustainable design and will feature four distinctive buildings with contrasting details. Residents can expect green spaces, communal terraces and premium facilities such as private dining and a state-of-the-art gymnasium.