A city ever-growing in confidence, identity and wealth, Manchester is attracting investment like never before, and the booming property market is absolutely a facet of that.
The UK as a whole has certainly seen huge increases in property prices, inward investment and property yields over the past few years, even with the pandemic and subsequent economic slowdown.
Many had expected that the market may struggle during the shutdown in 2020 and 2021, however, it rose at nearly record rates across the two years between 2020 and 2022, with August 2022 providing a huge 15% price increase.
During that time rents have also risen with demand. Certainly, in cities like Manchester, the buy-to-let market has been extremely popular, and here we’ll take a look into why.
What makes Manchester so popular?
One big aspect as to why people feel more able to live and work in Manchester is a more relaxed approach to office work, with many companies allowing their staff to work from home full time or offering hybrid working.
For those living in more expensive areas in the South, it’s much more viable to now to live in Manchester and take a train into the office once or twice a week whilst enjoying city life and a cheaper cost of living.
According to the Office for National Statistics, “… the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022. The percentage working exclusively from home has fallen from 22% to 14% in the same period.
In February 2022, 84% of workers who had to work from home because of the coronavirus pandemic said they planned to carry out a mix of working at home and in their place of work in the future.”
Manchester buy-to-let market overview
Manchester is a thriving and exciting city to invest in buy-to-let property, as described by Property Investor Today, which said “Manchester is performing better than the national average in terms of rental yields with an average of 5.37%, compared with 2.83% in London. This is due to more affordable property and consistent tenant demand in the city, meaning lower capital entry and high monthly rental costs – a win-win for investors.
Making now an ideal time to invest, Manchester is forecasted to have both the highest sales price (17.1%) and rental growth (16.5%) of any UK city over the next five years.”
Manchester really is one of the best investment cities in Europe and across the world. We have a number of excellent investment opportunities across the city, so why not get in touch with us today about what we have available?