24 Apr Is Manchester The Property Investors Dream Ticket?
In recent years, Manchester has emerged as something of a second capital city. Thanks to its association with top-flight football clubs, emergence as the media hub of the country and booming retail sector, it’s becoming a destination for those interested in making some money from property. If you’re looking into how property investment in Manchester could bolster your own wealth, then read on.
A Cultural Resurgence
Greater Manchester is the United Kingdom’s second most populous urban area after London. With over two million residents calling it home, it’s clear that it holds a lot of appeal. With the bright lights of London a long way away, Manchester has become to the north what the capital is to the south – a city that promises a great career, a varied lifestyle and a place to live.
Famously, the BBC decided to move from London to Media City UK in Salford, proving that Manchester has what it takes to compete with London on a cultural and financial level. Other television companies such as ITV now base a large part of their operations in Salford too, and it looks likely to welcome more over the next few years.
Why did they decide to move? Well, property investment in Manchester offers much of what London does, just without such a hefty price tag. With these television companies descending on the area, the amount of people moving to the city for work has increased dramatically. With that, of course, comes the demand for housing.
Up and coming Areas
It’s full of up and coming areas too. Newton Heath was recently named as having the fastest rising house prices in the country, with the average shooting up from £65,000 to a whopping £135,000. It’s in areas like this where a property investor can make their money in Manchester.
Newton Heath has seen a new housing estate built in recent years, along with a new rail link from Oldham to Rochdale stopping there. It’s developments like this which influence house prices they’re certainly what potential investors in Manchester should be looking out for.
The city is also home to a number of universities. Manchester Metropolitan University, Salford University, The University of Law and the University of Manchester are all popular places to study, attracting students from home and abroad. Of course, this can only mean one thing – a need for more student accommodation. With such a high number of people looking for a place to live short term, Manchester is a great place to buy to let.
Look to the Future
Manchester’s rise is still ongoing. In 2012, plans were announced to develop the city dramatically, with the aim for it to have 80,000 new residents in 60,000 new homes by 2027. Twenty percent of new homes will be affordable, ideal for first time buyers and investors.
All new housing will be zero carbon too – a major attraction for those looking to move to a city with serious green credentials. With all that has passed and all that is yet to come in Manchester, it seems like property investors would find it hard to find a place that matches it. Of course, time will tell if all of these ambitious plans bear fruit – but judging by what we’ve seen so far, investing now will reap huge rewards later on.
Jonathan Stephens is the founder of SurrendenInvest and has a wealth of experience in the property sector and shares his knowledge by writing for property and investment magazines.