Manchester is one of the largest UK cities and the biggest of the Northern Powerhouse cities. With its strong economy, excellent rental demand and great transport links, Manchester consistently proves itself to be a property investment hotspot.
Strong Property Market
Boasting the largest economy outside London, Manchester also has a strong housing market. Thanks to a population growth rate three times the national average, property prices are expected to increase by almost 23% over the next five years. There are also some of the highest rental yields in the country here, with an average yield of almost 8%.
Manchester city centre offers plenty of buy-to-let opportunities with an average property price of £175,233 and average yields of 5%. Thousands of people work in its finance, law, media, tech, and public service sectors, creating high rental demand from young professionals. Manchester is also one of Europe’s largest university cities, so it’s a great place for buy-to-let student properties.
A particularly attractive investment opportunity in Manchester city centre is Elizabeth Tower. This 52-storey skyscraper is a brand new development that will enhance the city skyline. Each luxury apartment is finished to the highest quality in order to maximise tenancies. Residents will also benefit from incredible amenities including one of Europe’s highest swimming pools on the 44th floor. Apartments start at £234,950 with expected yields of 7%. Elizabeth Tower is currently under construction and due to compete towards the end of 2021.
Managing director of North Property Group, Oli Banks, describes Manchester as “one of Europe’s best cities for property investment. Its strong economy, healthy jobs market, eclectic culture and growing population make Manchester a great prospect for buy-to-let investors.”
As well as Manchester property investors should consider Salford. It is in an excellent location directly next to Manchester city centre and enjoys many of the same benefits. It has undergone huge regeneration which continues with the expansion of Salford’s Media City. Yields are similar to Manchester city centre at 5-6%, but average property prices are 12% lower at £162,553. Salford also has its own university, generating its own student property market.
To find out more about investing in Manchester contact North Property Group now. As well as Elizabeth Tower, North Property Group have plenty of other great property investment opportunities in Manchester. Get in touch today and don’t miss your chance to invest in one of Europe’s most popular cities