It seems like Manchester’s appeal for more property investments to bring much-needed buy to let properties to their market may have been answered. Analysis by Paragon Bank has revealed how mortgage completions for buy to let properties in Manchester were up 4 times in 2021 compared to 2020, as people returned to city centre living.
Return to city centres
As national lockdowns have become no more than a memory, people are returning to city centres in large numbers. Workplaces are opening with employees increasingly returning to the office – even if that is in hybrid ways of working. And students are once again studying in city campuses rather than from their homes.
This has led to tenant demand in city centres to pick back up again, whetting the appetite of property investors. This in turn has led to a surge in the number of investment properties being bought in these urban locations.
The top performing northern city
Manchester is one of the cities that has certainly benefitted from that surge. Paragon Bank saw Manchester’s buy to let mortgage completion rate skyrocket by 300% in 2021 compared to 2020 – the largest number out of any northern city.
And with rental demand continuing to rise in the city, it is likely interest in buy to let properties in Manchester will only grow.
Reasons for the surge
So, what is it about Manchester that has piqued so many property investors’ interests? Its comparatively low average property prices and excellent rental yields are two of the reasons, but the city itself is another contributing factor.
Richard Rowntree, director at Paragon Bank explained what makes the top-performing cities so attractive to tenants and landlords. He said: “There appears to be one of, or a combination of, three factors that each of these locations share.
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.
Get in touch
Don’t miss your chance to invest in buy to let property in Manchester. With completions increasing, don’t get left behind. Contact North Property Group now to start investing in property today.