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Historic Low Voids Boost Manchester Rental Yields

October 10, 2022

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Article Summary

Manchester
  • The Manchester region of the north west has been called out as undergoing some of the highest proportional falls in voids, helping generate high rental yields from property investments there.
  • Average rental costs in Manchester’s region of the north west grew to £1,213, up from £838.
  • The Manchester rental market has long suffered from a gap between demand and supply.
  • For landlords, this has resulted in some of the strongest house price growth in the country and excellent rental returns.

All of England has seen historic low voids in recent weeks, driving up rental yields. The Manchester region of the north west has been called out as undergoing some of the highest proportional falls in voids, helping generate high rental yields from property investments there.

As well as the resulting increased rental yields, the low voids also ensure landlords who have invested in Manchester property have stable tenancies with consistent rental income.

 

Driving rental increases

 

The research into the voids was carried out by Goodlord. They found that the average void period for England dropped by 41% in July, falling from 17 days to just 10. In the north west, this was even lower.

The low voids have resulted in record-breaking rents too. Average rental costs in Manchester’s region of the north west grew to £1,213, up from £838.

Goodlord say that this has been driven by a surge in demand for student lets. With Manchester’s high student population, student property investments have been especially affected.

 

A surge in student buy to lets

 

Tom Mundy, Goodlord’s CEO said, “Driven by a surge in high-value student lets, [July has] been a staggering month for the market.

“The heatwave failed to cool demand and instead we’ve been seeing record high rents and record low voids. The lettings market is incredibly busy and demand shows no signs of abating this summer. Agents are working hard to ensure good quality homes stay in the rental market and tenant demand is met.”

 

Strong tenant demand

 

The Manchester rental market has long suffered from a gap between demand and supply. Recent calls for more people to invest in Manchester property and alleviate the problem has led to an increase in people making a property investment in the city. But despite this, demand is still continuing to outstrip supply.

For landlords, this has resulted in some of the strongest house price growth in the country and excellent rental returns. Now, these low void periods mean Manchester property investors can be assured of no imminent slowdown as well as consistent rental income.

 

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

 

Take advantage of the high demand before property prices rise even further. Contact North Property Group now and invest in Manchester property today.

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