Why Should you Consider Salford Quays Property Investment?
Salford Quays sits within Salford, one of the boroughs of the Greater Manchester area, and is an extremely important and attractive location within the region. After substantial investment in recent times, Salford Quays is now home to huge businesses and a booming local economy – Salford is thriving.
It’s an area that has undergone significant regeneration in recent years, making it an attractive location for property investment. Its proximity to Manchester city centre and excellent transport links, including the Metrolink tram system, make it a popular choice for both tenants and investors.
Salford Quays is also home to MediaCityUK, a major creative and digital hub that is attracting a growing number of businesses and professionals to the area. The high demand for rental properties in Salford Quays means that investors can expect a good return on investment, with the potential for capital growth as the area continues to develop.
If you’re looking for an area that offers excellent value, high-quality property that provides a strong and stable income then Salford Quays property investment is an excellent choice.
Salford Quays House Prices
As an area most people assume that Salford Quays, due to its remarkable regeneration in recent decades, would be fairly expensive but when compared to the national average it’s remarkably good value.
The national average house price, for example, is about £287,000. That depends on the type of property you purchase but that’s the national average for a property across the UK, including the types of residential properties that investors purchase to rent out.
In comparison, the average house price in Salford Quays is just £190,000 according to Rightmove, which is nearly £100,000 cheaper than the national average.
The high demand for properties in Salford Quays, coupled with its excellent transport links and proximity to Manchester city centre, make it a popular choice for both investors and owner-occupiers. With ongoing development in the area, house prices are likely to continue to rise in the coming years.
Salford Quays Rental Market
As you might expect, the rental market in Salford is going strong and there’s a high demand for rental properties across the area.
The city’s proximity to Manchester and strong, regular transport links make it an attractive location for tenants and particularly young professionals and students. The Salford market is remarkably varied, with a range of properties available including modern apartments and traditional terraced houses.
The average rent in Salford is currently around £1,400 per month, with prices varying depending on the size, location, and condition of the property, but landlords can expect good returns on their investment with rental yields averaging around 5-7% in the area.
With ongoing development in Salford, including the expansion of MediaCityUK and the development of new residential areas, the rental market is likely to remain strong in the coming years however, with increased demand comes increased competition, so it’s important for landlords to ensure their properties are well-maintained and competitively priced to attract tenants.
Salford Quays Property Stats
The average house price in Salford Quays is just £190,000 according to Rightmove.
House prices in Salford increased by 11% in the 12 months to December 2022. (ONS, 2023)
- £1,400 pcm
The average rent in Salford is currently around £1,400 per month according to Home.co.uk.
- £1 billion expansion
The £1 billion expansion of MediaCityUK is already underway.
- 7.2% - 5.7%
Average buy-to-let yields in Salford can range from 7.2% to 5.7% according to LiveYield.
Salford Quays Investment and Regeneration
Salford Quays is perhaps one of the best examples of successful regeneration projects undertaken across the UK in the post-industrial age of the 1970’s and 1980’s.
The area, having originally been a hub of activity around the docks for shipping and manufacturing closed in the early 80’s costing 3,000 jobs and the local council almost immediately acquired the surrounding land with funding from the government in order to redevelop it.
The area had faced a decline in the 70’s and 80’s so it was always a long-term plan for the council to regenerate the area and after an awful lot of work the Quays is now one of the most attractive and popular areas in the North West.
Following the BBC and ITV’s relocation to the area a number of large international businesses and many more small local businesses, bars and attractions soon popped up, whilst the Quayside shopping centre and Lowry theatre remain original and popular attractions.
Perhaps the jewel in the crown of Salford Quays and one of the main hubs of the Greater Manchester area.
Previously a sign of post-industrial decline, MediaCityUK is now a purpose-built creative and digital hub, designed to provide a supportive environment for companies in the media and technology sectors. It is home to a range of businesses, from small startups to multinational corporations, offering opportunities for collaboration and networking.
The location of MediaCityUK is also attractive to businesses due to its proximity to Manchester city centre, with excellent transport links connecting it to the rest of the region.
Equally as attractive, however, is MediaCityUK as a place to work and live. Culture at the Lowry theatre, shopping in the Quayside shopping centre, bars and nightlife as well as affordable and modern housing make the area one of the most desirable places to live anywhere in the city.
Transport and Connectivity
Transport and connectivity in Salford Quays are excellent, with various options available for getting around the area and beyond.
The area is extremely well connected by public transport, with the Metrolink tram system connecting Salford Quays to Manchester city centre, Manchester Airport, the Trafford Centre and other areas of Greater Manchester.
There are also several bus routes that run through the area, providing further connections to surrounding areas. For car drivers, Salford Quays is easily accessible via the M602 motorway, with ample car parking available. For environmentally-conscious travellers, Salford Quays is well-suited to cycling, with a number of dedicated cycle lanes and bike hire schemes available.
The area is also served by the Manchester Water Taxi, providing a unique and scenic way to travel to and from Manchester city centre. Compared to other areas of its size, Salford Quays is incredibly well-connected.
Salford Quays Property Investment FAQs
Is Salford Quays a good place to invest?
As mentioned earlier, Salford Quays has very good rental yields, as well as a lower-than-average price of entry into the market with a broad expectation that prices will rise healthily in the coming years.
As a place to invest in buy-to-let property, it’s probably one of the most popular and desirable areas in Europe. UK property as a whole is seeing large investment across the board, and Salford Quays is a perfect example of why, with rising house prices and strong rental returns.
Is Salford Quays a good place to live?
Salford Quays has excellent public transport and road access which means it’s easy to get to and to get around. It also has a thriving local economy providing well-paying, modern jobs for smaller businesses all the way up to the BBC and multinational businesses too.
Packed with bars, restaurants and has a bustling nightlife with easy access to shopping and culture too. Overall it’s difficult to argue that Salford Quays has the full package.
Where are the best areas to invest in Salford?
Salford as a whole is an excellent investment opportunity, however, property yields in the area range from 7.2% in Little Hulton to 5.7% in Higher Broughton, according to Live Yield.
There are, of course, also Salford Quays and MediaCityUK that offer outstanding investment opportunities for those looking for long-term investments providing good returns with high occupancy rates.