Why invest in buy-to-let property in Manchester?
Recently ranked by HSBC as the UK’s number one investment location, the city has 2.73 million people live in Greater Manchester, of which 1.76 million are of working age (16-64). Of these over 500,000 live in the city itself.
The population of Greater Manchester grew by 7.2% between mid-2004 and mid-2014, more than double the UK growth rate over the same period. Around 110,000 additional jobs are forecast within Greater Manchester for the period 2014–24 by the Greater Manchester Economic Forecasting Model (GMFM).
Outside of London, Greater Manchester is the UK’s main centre for Business, Financial & Professional Services, employing 324,000 people. High profile companies include Co-op Banking Group, RBS and BNY Mellon.
The city has one of the largest creative and digital clusters in the UK, employing 63,500 including MediaCityUK (home of the BBC & ITV).
Education: Greater Manchester has one of the largest student populations in Europe, who are also the most loyal given 7 in 10 stay after graduation. This is an important driver of local housing demand.
Sport: Employing 18,100 people across multiple companies such as big clubs like Manchester United and Manchester City, sporting companies such as Adidas and Umbro and national organisations such as British Cycling. This sporting prowess attracts major Middle Eastern investment which has a positive knock-on effect on the local economy.
It is therefore no surprise that the Prime Minister wants to broaden the Northern Powerhouse initiative to include and build on the success Manchester has achieved.
Manchester property market
Manchester is familiar with infrastructure upgrades and major overhauls. One of the biggest regeneration projects was the overhaul of Manchester Victoria station, which reopened in October 2015. The £44 million refurbishment resulted in three new tracks and four new platforms, with large parts of the building almost entirely rebuilt. It has also been 20 years’ since a bomb set off by the provisional IRA wiped out half a mile of the city centre. Since then, billions of pounds have been spent on turning Manchester into the epitome of a 21st century city, with outstanding results.
As improvements have taken place, demand for housing has been driven up. The renovation of the city has transformed the housing market with sold prices in Manchester's city centre increasing by 7% in 2015.
The success of this northwestern city, dubbed the Northern Powerhouse, has sparked a recent trend in investors, especially those from overseas, looking outside Manchester's centre to the neighbouring area of Salford Quays, seeking to replicate the achievements of central Manchester's property market.
Meanwhile the city’s thriving lettings market has been recognised by HSBC as one of the UK’s top ten buy-to-let hotspots, recording the highest yields in the UK between 2010 and 2015 at 6.02% per annum. And property prices are forecast to rise 20% over the next 3 years.
The investment apartments’ central Manchester city location
This is in the city centre on the banks of the River Irwell. Close to Manchester Victoria station and Salford Central, it has the best of both worlds, scenic living within minutes' of the city centre, with all its entertainment, nightlife, amenities and business districts. Ideal for those wanting to live in the thick of it, but not be disturbed by the noise of it.
The Manchester residential developer
The developer’s award-winning portfolio is renowned for its sustainable, high quality and cutting-edge design. Having a strong local presence means the developer is well-known and can navigate the local land-buying and local planning scene in a cost-effective and timely manner, meaning the investor benefits from value-for-money priced property.
The Riverside investment apartments
One and two bedroom modern apartments, located in the city centre. This is a premier residential location, offering a range of fabulous services which mean top notch rentals can be achieved. This married with a quality build, mean the properties will command market-topping rentals for years to come, not just in the first year or two post launch.
Services will include; an onsite gymnasium, a communal roof garden, a concierge and secure parking is available.
Manchester investment apartments - pricing and timing
Completion Q4 2019
1 bed apartments start from £224,854 for 51 sqm apartment / 550 sq ft
2 beds from £314,055
Payment terms are £5,000 reservation, 30% deposit, 70% balance of payment.
Please get in contact for more details using the 'Request More Details' form below