Property investors and owner-occupiers should all be looking north for the best property investments opportunities, according to a new report by JLL.
Manchester comes out on top
The recent ‘Living With 2020 Vision Regional Forecasts Report’ highlights northern regions and cities as having the best forecasts for house and rental price growth. Manchester comes out on top of all of them with the highest increases in both over the next five years.
According to the report, sales prices in Manchester will increase by 17.1% by 2025 – much higher than the regional average of 14.8%.
Manchester’s healthy rental market will continue, making it a great location for buy-to-let landlords. The city also ranks highest for rental growth at a 16.5% increase over the next five years.
The incredibly strong property market in Manchester is down to a number of factors. The city is in a key strategic location at the heart of the northern powerhouse and is in prime position to benefit from HS2.
In fact, Manchester was recently named the best city in Europe for business in 2020/2021 by the Financial Times. Many large organisations are setting up major offices in the city, bringing with them large numbers of professionals and major economic boosts.
As Manchester’s population continues to rise, so does demand in the rental sector and property market. Stone Real Estate recently found that Manchester is the most lucrative new-build property hotspot in the UK, creating great opportunities for buy-to-let landlord and property investors.
Liverpool and Leeds are also great prospects
Manchester isn’t the only northern city landlords and investors should be considering. Liverpool and Leeds are also proving themselves as strong property investment hotspots in the UK.
Both cities have a number of exciting developments in the pipeline. They have both also witnessed substantial population growth in recent years, ensuring consistent demand for high quality housing.
The JLL report states that property prices in Liverpool could increase by 13.1% over the next five years, with rental prices growing by 14.8%.
The Leeds property market is similarly strong. The city was recently named the most profitable city to be a landlord in the north of England, and according to JLL will see house prices increase by 13.7% and rents increase by 14.2% by 2025.
If you’re interested in finding out more about a property investments in in one of these rewarding northern cities, contact North Property Group today.