The coronavirus pandemic has impacted the UK’s housing markets in different ways. Although recent reports have shown that the London property market hasn’t bounced back from the covid19 lockdown, Manchester – the so-called capital of the north – has remained a hotspot for property investment. See why property investments in Manchester can yield great returns.
Before lockdown, Manchester was one of the best places in the UK for property investment. Its housing market was set for another record year, so when lockdown happened there were fears coronavirus could have a major impact.
Thankfully, those fears were unfounded as Manchester is set to continue as a top buy-to-let hotspot.
Manchester’s reputation as the leader for property investments in the UK has been unharmed by the pandemic, and there are a number of reasons why.
High price growth
Despite the freezing of the property market during lockdown, Manchester is still expected to record a house price growth of 4.1% during 2020, compared to the UK average of 2.9%.
Manchester’s house price growth since 2014 has been a fantastic 22% and average rental yields can reach as high as nearly 8% in the M14 and M11 postcodes.
This proves Manchester to be a stable market for property investment with good returns, whether you’re investing in a buy-to-let or not.
The city’s status as the heart of the Northern Powerhouse has also helped establish Manchester as a top choice for property investment.
The Northern Powerhouse project brings with it numerous benefits and opportunities. This will continue to draw new residents and business to the city and its wider area.
Manchester already has great employment prospects, social scenes, stunning architecture and beautiful rural landscapes nearby. The Northern Powerhouse project will further enhance the city with huge investment into the city centre, the airport, and Manchester’s wider infrastructure.
Over the past few years, a large number of business have moved their locations from London to Manchester. This was so widespread that it now even has a name; ‘north-shoring.’
Now lockdown is beginning to ease, these businesses are able to begin getting back to normal. This is now benefitting the regional economy.
They are also able to restart advertising employment opportunities. This means more people will continue moving to the city for its excellent job prospects. This increased housing demand ensures Manchester will remain a great place for property investment.
Exciting investment opportunities
North Property Group currently has a number of exciting property investment opportunities in Manchester. These include the brand new Manchester Waters development with a gross yield of 7%. Also the luxury Oxygen Towers with apartments starting at just £190,000.
If you’re interested in any of these fantastic property investments in Manchester, contact North Property Group today.