Over the past few decades, Salford buy-to-let has become a real area of focus for investors, landlords and those looking to find a secure place to grow their wealth.
Don’t make the mistake of thinking that Salford is an area of Manchester, rather than a whole city in its own right with its own world-class university and the famous Salford Quays – home to the BBC and ITV amongst other media giants.
It also has the Quayside MediaCityUK shopping centre, the Lowry theatre and the internationally renowned Lowry hotel. Salford was originally granted city status in 1926 but was given a royal charter by Ranulf de Blondeville, 6th Earl of Chester as the judicial seat of the ancient hundred of Salfordshire.
Moving into the 19th century Salford was the richer of the two sister cities between her and Manchester before the relationship was switched during the industrial revolution before industry declined starkly in the 20th century.
Salford in the 2020s is a story of the success of regeneration and stands as one of the most exciting places to live and work in the world, whist the Salford buy-to-let market has become a true hotspot for investment.
Salford buy-to-let market
Rental yields around the Salford area have been strong for a number of years now, and the investment into property has meant that more people want to move to, live and work in Salford, increasing demand.
Property yields in the area range from 7.2% in Little Hulton to 5.7% in Higher Broughton, according to Live Yield.
Buy Association notes, for example, that “Graduate retention rates in Greater Manchester are high, so for landlords targeting this demographic of tenant, Salford is an ideal location.
According to data from home.co.uk, average rents in Salford are currently around £1,102 (February 2020). The majority of properties to rent in the city are flats, which achieve rents of around £1,143 per month on average.”
Whilst Salford City Council, via their own research, have said “Over the next two decades Salford is forecast to experience the fastest percentage growth in Greater Manchester. The local economy is expected to grow by over 46% with £3 billion of growth.
And the city’s employment levels are set to increase by 16% in the next 20 years”
Thanks to a large student population as well as a status, along with Manchester, as one of England’s ‘second cities’, the area has seen a large influx of people relocating to the wider city area.
In terms of Salford buy-to-let opportunities, there is a huge variety of options for investors including off-plan and student property.
Investing with Knight Knox
We deal with a huge number of investor enquiries and know that Salford is a hugely popular area, so if you’re thinking about investing in the area then you may want to be quick, as any releases that we offer around the Salford area tend to move quickly.
Alternatively, if you want a bit more information about the area, the properties we have available and why we think Salford buy-to-let is a fantastic option, why not get in touch with us today?