Are you looking or the latest UK investment property hotspot? Then look no further than Manchester! This city has a strong and growing demand for city centre living due to the huge student population studying and living here. Plus, with lots of urban regeneration taking place, Manchester is a hugely attractive market for property investors.
A key spot for property investors to be looking at in Manchester is Salford. Salford Quays is the second largest media hub in the United Kingdom and there are currently 80 different media organisations residing here. What people live about Salford is that the city centre is easily accessible, but you can get more for your money in terms of property. It is a great place to invest due to the growing young, professional work force currently living here. From 1999 to 2015, Manchester has seen the number of new jobs grow by 84pc which is the biggest rate of job creation in the United Kingdom.
While Salford is definitely the current hot spot within Manchester, if you want to get in early to secure property in the next growing areas of Manchester, you should be looking at areas such as New Islington and Ancoats to invest. RW Invest offers plenty of fantastic property investment opportunities in the Manchester area if you are looking to invest here and you can view their latest buy to let opportunities on their website.
House Price Growth
In recent years, Manchester has seen great growth in its house prices and this forward-thinking city truly is on the rise. The city has benefitted hugely from a £1bn investment as part of the government’s Northern Powerhouse Incentive. Manchester was just this month rated as the number one place for residential price growth predicted in the next 5 years. The annual growth, on average, is expected to be around 4.2pc which is a massive increase compared to the rest of the United Kingdom which looks to be around 2.4pc. In terms of renting, rent pricing looks set to increase by roughly 3.5pc each year from 2018 to 2020.
In 2017, Manchester house prices grew by 10% and the price now of your typical flat is around £250,000. Comparing this to 2017, this is an increase of 8.7pc, while rental prices grew by 3pc in the same time frame.
One of the biggest reasons why the Manchester property market is such as great investment pool right now is due to the demand for city centre living. To put this into context, in 2000 there were roughly 2000 people living in Manchester’s city centre and this has now risen to a huge 70,000. The vast majority of city centre residents are students as the city has four great universities on its doorstep. Don’t worry, however, as after London Manchester has the highest holding rate of students who will still be looking for affordable rented accommodation.