Manchester and Salford were recently named the best places in the UK to be a buy-to-let landlord. Here are 3 reasons why that is definitely the case, and why you should make 2021 the year you invest in a Manchester property.
1.Its property market beat coronavirus
Recent times have proven the true resilience of the Manchester property market. While other cities’ housing markets were suffering, those in the north were flourishing.
And this is especially true for Manchester. Only one other city (Liverpool) saw faster house price growth during the pandemic than Manchester. In the past 12 months, property prices in Manchester have increased a fantastic 6.3% – a whole 2 percentage points higher than the UK average of 4.3%.
A strong property market is a key factor to consider when investing in property, as it helps guarantee good returns. And with such a healthy market, there certainly seems to be excellent capital growth when investing in Manchester property.
2.There are plenty of investment opportunities
You definitely won’t be stuck for choice if you invest in a Manchester property in 2021. 2020 was a record year for residential development completions and there are many more due to complete this year.
One of the most exciting of these is North Property Group’s Albion Place. This tasteful redevelopment is transforming what was previously office space into luxury, modern apartments. With yields of 6.5%, Albion Place is already proving popular with investors.
If you’d rather invest in a new-build Manchester property and are prepared to wait a little longer, X1 Michigan Towers is due to complete at the beginning of 2023. With yields of 5.5%, investors are encouraged to buy now to avoid missing out.
Such amazing yields are not restricted to Albion Place and X1 Michigan Towers. Properties across Manchester and Salford generate the best average yields in the country of up to 7.29%.
3.It’s the choice location for business
Manchester is a top location for both established and new businesses. Thanks to its key location in the Northern Powerhouse, many large organisations are opening premises in Manchester.
And with an increased business presence comes a growing population as more people to Manchester to take advantage of the increased employment prospects.
When businesses begin to invest in Manchester property, so should buy-to-let landlords. As residential demand from professionals in the city grows, so do rental yields.
Invest in a Manchester property
If you’d like to find out more about Manchester property and how to invest in a buy-to-let there, contact North Property Group today.