Property Investments Manchester: 5 Benefits You Should Know
Manchester, once known primarily as the birthplace of the Industrial Revolution, has transformed into a vibrant, modern city teeming with opportunities. The city’s rapid evolution has made it a hotspot for property investment.
With incredible culture, exciting developments, and many investment opportunities, it is no wonder that Manchester is thriving. Here at Knight Knox, we believe the appeal of the Northern Powerhouse is only going to continue to grow at an impressive pace in 2024 and beyond.
As a budding investor, it’s good to know the possibilities and advantages of the location you decide to invest in. Here’s why investing in property in Manchester is a smart move.
Economic Growth and Job Creation
Manchester boasts one of the fastest-growing economies in the UK. The city is a hub for various industries, including finance, technology, media, and education. Currently over 80 of the FTSE 100 companies have significant presences in Manchester, including major corporations like BBC, Google, and Amazon. This economic dynamism translates into a growing job market, attracting a diverse and skilled workforce. A robust economy and low unemployment rates drive demand for both residential and commercial properties, ensuring steady rental yields and capital appreciation for investors.
Affordable Property Prices
Compared to London, property prices in Manchester are significantly more affordable. This relative affordability allows investors to get more value for their money. Despite the lower entry costs, property values in Manchester have been rising steadily, providing excellent opportunities for capital growth. The city offers a range of property types, from trendy city-center apartments to spacious suburban homes, catering to various investment strategies.
High Rental Yields
Manchester consistently ranks among the top UK cities for rental yields. The combination of strong demand from a growing population, including students and young professionals, and relatively low property prices results in attractive rental returns. Areas like Salford, Ancoats, and the Northern Quarter are particularly known for their high rental yields, often exceeding 5-7%.
Growing Student Population
Home to renowned universities such as the University of Manchester and Manchester Metropolitan University, the city attracts tens of thousands of students each year. This influx creates a robust demand for rental properties, particularly in areas close to campuses. Investing in student accommodation can be highly lucrative, with consistently high occupancy rates and the potential for above-average rental yields.
Extensive Regeneration Projects
Manchester is undergoing extensive regeneration, transforming various parts of the city. Major projects like the redevelopment of the Northern Gateway, St. John’s Quarter, and the Manchester Airport City are enhancing the city’s infrastructure, making it more attractive to residents and businesses alike. These projects not only improve the quality of life but also drive up property values, benefiting investors.
Excellent Transport Links
Manchester is exceptionally well-connected, both nationally and internationally. The city’s extensive public transport network includes trams, buses, and trains, making it easy to navigate. The planned High-Speed 2 (HS2) rail project will further enhance connectivity, reducing travel time to London to just over an hour. Manchester Airport, one of the busiest in the UK, offers direct flights to numerous global destinations, making it a prime location for international investors and expatriates.
Investing in property in Manchester offers a compelling combination of affordable prices, high rental yields, and strong capital growth potential. The city’s economic vitality, extensive regeneration efforts, and cultural appeal create a fertile ground for property investment. Whether you’re a seasoned investor or looking to make your first property purchase, Manchester presents a dynamic and promising market worth considering.
In episode 2 of ‘The Knight Knox Podcast’ we delve even further into why Manchester offers an exciting and lucrative investment opportunity in the UK. Watch the episode on YouTube now.
Ready to explore Manchester property?
If you are thinking about property investment, Manchester is the hotspot to consider. Get in touch with us today to embark on your investment journey with us!
