Are you considering buy-to-let Manchester property? The unofficial capital of the North is the fastest growing city outside of London, attracting a wealth of young, highly skilled professionals to the city thanks to the vast amount of opportunities on offer.
Ranked as one of the best cities to live and work in the world by Time Out, Manchester stands ahead of cities like New York, Mumbai, and San Francisco. The city is known for its friendliness, diverse cultural scene, and ever-growing hospitality industry. As a resilient and progressive city, Manchester’s appeal to both residents and investors is evident.
Despite economic slowdowns and global events like the pandemic, Manchester’s buy-to-let market has proven resilient, showing near-record price increases between 2020 and 2022. With house prices rising by up to 15% during this period, the city’s property market is not only booming but also showing strong stability and growth potential for investors.
Manchester is at the forefront of the North’s exponential growth in recent times, leading the way when it comes to things like economic growth, property prices and rental income. This trend is expected to continue for years to come as Manchester continues to prove itself as one of the finest buy-to-let hotspots not just in the UK, but the entire world.
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16.4%
Manchester will see the largest increase in economic growth across all Major UK cities in the next 5 years – totalling a GVA growth of an impressive 16.4%. (Oxford Economics)
19.3%
House prices in Manchester are forecast to increase by an impressive 19.3% in the 2023-27 period. (JLL, 2022)
6%
Rental values in Manchester are expected to see a 6% increase in 2023. (JLL, 2022)
Greater Manchester’s ten boroughs combined have a gross value added (GVA) of £62.8bn, the largest city region economy outside of the capital. The city is set to continue in this vein moving forward, with Oxford Economics forecasting that Manchester will see the largest increase in economic growth across all major UK cities in the next five years – totalling a GVA growth of an impressive 16.4%.
The trend of hybrid working is also contributing to Manchester’s growth. Many professionals are now finding it viable to relocate from more expensive areas in the South to Manchester, enjoying the city’s lifestyle and lower cost of living. With the Office for National Statistics reporting a rise in hybrid working from 13% to 24% within early 2022, Manchester’s rental market stands to benefit from this influx of workers seeking affordable, flexible living arrangements.
Manchester’s population has massively increased in recent years which has, in turn, further increased the demand for housing in the city. This increase in demand has seen property prices soar, increasing by an impressive 8% in the last 12 months, and prices look set to continue to do so for the foreseeable future.
Wigan, as part of Greater Manchester, is undergoing significant regeneration. Plans are in place for The Galleries, a modern leisure, food, and retail centre. With demand for 20,000 new homes by 2035 and land currently allocated for only half that number, Wigan is poised for substantial property price increases, adding to Manchester’s overall buy-to-let investment appeal.
The city’s rental market has performed in a similar vein to house prices over the last few years, with rental values set to increase by 21.6% between 2023-2027 according to JLL, thanks to the vast number of young professionals moving to the city.
Manchester’s rental yields currently outperform the national average, standing at 5.37%, well above London’s 2.83%. With affordable property prices and consistent tenant demand, the city continues to draw strong rental incomes for investors. Furthermore, Manchester is forecast to have the highest sales price increase (17.1%) and rental growth (16.5%) of any UK city over the next five years, making it a prime location for buy-to-let investments.
If the property has been purchased outright, then there is no legal charge on the property, and you can in fact live in your buy-to-let property. If your purchase has an existing mortgage however, then you will more than likely not be able to live in your buy-to-let property – this ultimately depends on your mortgage terms. If you are letting out a property with no outstanding mortgage, and you wish to obtain the property to live in yourself, you will still have to follow guidelines and legally end a tenancy agreement.
The cost of a buy-to-let differs based on a number of factors, with each individual application would be subject to the circumstances of the investor and each investor would be subject to undergo valuations to be considered for a mortgage on the property. Here at Knight Knox, we have buy-to-let properties starting from just £82,500, feel free to take a look at our investment opportunities here.
Manchester’s city centre and Salford Quays/MediaCityUK continue to be world-class investment areas, offering excellent job prospects and lifestyle appeal. However, for investors looking to get ahead of the curve, Wigan stands out as an emerging area in Greater Manchester. With major regeneration projects, affordable property prices, and strong transport links to both Manchester and Liverpool, Wigan is a hidden gem for investors. Wigan’s local council has been actively involved in transforming the town, predicting significant growth in housing demand and property prices.
Property investors aim to achieve a rental yield that is around 5-8%, this should provide landlords with a reasonable return on investment and cover necessary expenditures. According to About Manchester, the average rental yield stands at 5.45%, one of the highest in the UK. As Manchester’s economy continues to grow and more and more people move to the city rents will only go up. According to JLL, rents are set to increase by 21.6% in the next 5 years as Manchester continues to showcase its impressive investment potential.
Manchester is consistently ranked as one of the best cities to live in in the UK and is home to many attractions. There are five universities in the city which all experience a high student retention rate, meaning that demand for rental properties is only going to increase. In addition to this, there are many attractions that appeal to people from across the UK, which results in the growth in demand for property. In the previous two years, the average Manchester property has increased by 20.3% according to HM Land Registry, one of the highest of every major UK city. These growth levels mean there’s a large opportunity for capital investment in Manchester, giving even more reason to invest in Manchester buy-to-let. Find out more here!
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