Demand for rental property in the UK is still rising and while there are many things to consider, there are still many reasons for investors and landlords to operate in this market. One of the most important things to consider is location because investing in the right area will make a massive difference to the return you receive on your return.
With this in mind, Eccles is an area that is well worth considering as a landlord hotspot.
You can find an attractive rental yield
If you are a landlord, you should be looking for an attractive rental yield, and the expected rental yield in Eccles is of interest. For the M30 postcode, you should receive a rental yield of 6.53% for a one bedroom property and a rental yield of 6.03% for a two bedroom property. Three bedroom properties offer an expected rental yield of 5.73% while a four bedroom property should provide a rental yield of 4.59%. A five bedroom property should return a rental yield of 4.19%.The rental yield figures one and two bedroom properties in Eccles are extremely attractive and should be of interest to most landlords.
Eccles offers better value for money
It is always important to consider the price a landlord or investor pays for property and in this regard, Eccles offers excellent value. With the average property price in Eccles coming in at just under £150,000 it stands up well in comparison with Manchester as a whole and with other local areas. The average price for property in Manchester, according to one online source, is £165,559 and there are areas like Castlefield and the city centre of Manchester which are even higher, with average prices of £186,835 and £179,893 respectively. Even in comparison to local areas like Davyhulme, with an average price of £217,483 and Flixton which offers an average price of £217,483, Eccles represents a lower initial outlay for a landlord.
Eccles can tap into a huge student population
One thing that boosts an area with respect to the rental market is a high student population. The vast majority of students are looking for rented accommodation and it is easy to see why landlords and investors will focus on areas with a large student body. Figures for the 2015/16 academic year stated that over 100,000 students made their way to Manchester and Salford, meaning that there was a large need for student accommodation.
The breakdown of figures was as follows:
- University of Manchester with 40,000 students
- Manchester Metropolitan University with 34,900 students
- University of Salford with 18,500
With Eccles being part of Salford, they are ideally placed to appeal to University of Salford students and of course, the heart of Manchester is easily reached from Eccles.
Transport links are strong from Eccles
The fact that Eccles lies on the Metrolink is also of great benefit to landlords and investors looking for an area to buy in. With trams running at every 12 minutes, and a good peak-time service, commuters find it easy to get in and out of the city centre. This means that renting in Eccles is a smart way to save money without making the trips between work and home too arduous or time-consuming.
The Manchester property market is one of the most vibrant in the UK, especially outside of London, and this has a knock-on effect of making the rental market attractive as well. If you’re looking for an affordable location that provides a strong return on your initial investment, Eccles is well worth considering.