Why invest in Manchester?
- The UK rental market is experiencing unprecedented gains since 2008
- Rents are increasing steadily at a rate of up to 6% annually
- The average property outside of London yields £809 per month in rent
- In recent months, Manchester recorded its lowest ever inventory of available rentals – demand is high
The UK rental market is currently seeing unprecedented growth, with rental prices rising by up to 6% annually. This is particularly true for cities such as Manchester, which is experiencing a significant surge in demand due to its growing economy and cultural offerings. As a result, investors are now turning their attention to this exciting market, seeking to take advantage of the current trend. In this blog, we’ll explore why Manchester is the next hotspot for property investment and why it’s an excellent opportunity for savvy investors.
Manchester is a thriving city that has seen massive growth in recent years. The city has been experiencing an economic boom, with steady job growth and a growing population. The city’s student population is also rapidly increasing, which has led to a significant demand for rental properties to accommodate them. As the demand for rental properties continues to grow, investors can expect to see their investments grow in value.
The low availability of rental properties in Manchester, as mentioned earlier, is also contributing to the current surge in rental prices. This scarcity has created an opportunity for investors to purchase rental properties at lower prices and then rent them out at higher rates. Given the rising demand for rental properties, there is a high chance of achieving great returns, particularly in the long-term.
Additionally, the UK Government’s recent announced plans to revise the national planning system are also set to benefit property investors in Manchester. The reforms are expected to make it easier for developers to build new rental properties, thus providing a greater supply of new rental homes. This will open up new opportunities for investors to capitalize on the growing demand for rental homes.
Furthermore, Manchester is a city of great culture, exciting nightlife, and a vibrant community. These features make it an attractive destination for young professionals, who are looking for high-quality rental properties to meet their needs. With the excellent public transport system and proximity to other major cities in the UK, Manchester is also an ideal location for those looking to live in the city center.
The UK rental market has seen an incredible surge in recent years with unprecedented growth since 2008. There are several factors driving this trend, including rising house prices, stagnant wages, and stricter mortgage requirements. As a result, renting has become increasingly popular, particularly for young professionals and those starting out on the property ladder. With many people struggling to save enough for a deposit or simply unable to secure a mortgage, the rental market has become a vital lifeline for many. As demand continues to increase, the rental market is likely to remain buoyant, making it an attractive option for investors and tenants alike.
Conclusion
If you’re looking for an investment opportunity in the UK rental market, Manchester is a city that you should undoubtedly consider. With the current surge in demand, scarcity of available rental properties, and Government’s planned reforms in the national planning system, Manchester offers a promising future for those who invest today. As always, due diligence is incredibly important when choosing your investment, but with the right approach, Manchester could provide excellent returns on your rental property investments.
VitalSpace Estate Agents can offer an easy way to enter the Manchester property market. We have access to an impressive selection of luxury residential developments in the city centre, investors can choose from an array of properties with guaranteed rental yields, capital growth and higher returns both off plan and existing already built developments.
If you are looking to invest in Manchester and require further information, please complete the below form and a member of our team will contact you to see how we can help.
