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Where is best to invest in Manchester?

Residential popery prices in Manchester have increased significantly in recent years, with research showing that the city outperformed all other core UK cities when comparing house price inflations earlier this year. London and Leeds ranked poorly compared to the 9% rise in Manchester.

The current market

The research, which was carried out by commercial real estate agents Cushman & Wakefield, demonstrates that year after year, the Manchester property market continues to thrive and buck the daunting trends seen nationwide. The residential and commercial market in Manchester has exceeded both regional and national averages for years, proving that the metropolitan borough truly is a gold-mine of opportunities for the right investor.

Manchester is one of the most attractive areas for property investment for a number of reasons, the overriding reason being the city’s booming economy. Greater Manchester is the UK’s largest and fastest growing economy outside of the capital, and has gained a reputation as one of the most vibrant and dynamic cities to both live and work in.

As an increasing number of major corporations and small independent businesses decide to settle and establish key operations in Manchester, this has inevitably created more employment opportunities. Those looking for work then choose to relocate to Greater Manchester and in turn, the growing population creates a strong demand for both housing and rental accommodation.

Paired with the substantial student population derived from the four world-class universities located in Manchester, the demand for privately owned and purpose build rental accommodation continues to increase, alongside average rental prices.

Should the Manchester property market continue to thrive in the coming years, then investors can expect to benefit from a house price growth of up to 57% in the city by the end of 2028. The rising demand and lack of supply combined with the popularity and affordability of new properties make Manchester the ideal place to invest for those looking to expand their portfolio and enjoy attractive returns year upon year.

Manchester buy-to-let hotspots

Buy-to-let investment is popular amongst both recreational and professional investors alike, and Manchester offers some of the most attractive yields and rental returns in the country.

Research found that properties in the M14 postcode would deliver a yield of 10%, with current asking prices averaging at £194,733 and rental prices averaging at £1,636 per month.

The M19 postcode, which covers areas such as Levenshulme, Burnage, Heaton Mersey, Heaton Chapel and Reddish, also ranked well in the report, with yields of up to 8.6%. Properties in the M20 area also delivered attractive returns, alongside properties in close proximity to any four of the Manchester universities, making the student market in the major city extremely dependable.

Manchester has long been a popular area for property investment, and with growing house prices and attractive yields, there are numerous opportunities to benefit from both capital growth and steady rental returns. Despite punishing tax changes and political uncertainties, the Manchester property market remains as resilient as ever, and now could be the perfect time to invest.

Mark Burns in the managing director of Manchester based estate agents, Indlu.

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