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Why you should invest in Manchester properties
Are you planning to invest in a north-west property? If so, have you considered purchasing a buy-to-let property in Manchester?
In recent years, Manchester has become one of the most sought-after locations for investment due to continuous property development and high rental yields - making it a hotspot for investors and residents.
Manchester is a popular destination to invest, as an ever-expanding city offers a variety of benefits to both landlords and tenants. Read these top three reasons to help you understand why Manchester is the place where you should invest your savings.
Many investors and residents are attracted to Manchester due to its growing industries, such as the finance, science, and digital sectors, which are continually expanding. The creative industries, in particular, are the UKís fastest growing job market with Manchester at the forefront of this growth. This is due to the governmentís contribution to furthering their residentsí skill sets by implementing education programmes which enhance job prospects and increase income significantly.
All these factors enable opportunity for investors, who can capitalise on economic growth by investing in properties in sought-after neighbourhoods, which are accessible to these industries. For example, purchasing an apartment in Manchesterís MediaCity would be extremely beneficial, as this would guarantee interest from creative professionals looking to reside close to their workplace.
The continued development of business has enabled the creation of further jobs, resulting in a significant increase in population. According to Manchester City Councilís State of the City Report, the total population should amount to 644,100 by 2025 due to an increase in job migration, student residents, and graduate retention. The student population is actually one of the most beneficial markets to tap into as a property investor, as there is always ongoing demand for student housing, especially in the areas surrounding the University of Manchester and Manchester Metropolitan.
Currently, Manchester is under supplied with extensive demand for housing development. However, the government has started to professionalise the private rented sector by introducing build to rent schemes, which has made room for the rise in apartment developments such as RW Investís Bridgewater Wharf luxury apartments - perfect for housing digital professionals. Apartments in Manchester are a great investment, as they now are being used by long-term residents - challenging the assumption that this type of property is a short-lived venture.
Extensive transport network
While Manchester has always been a connected city, transport links have been further improved due to the expansion of housing and career development. To improve Manchesterís carbon footprint and reduce congestion, the council have introduced a new bus and cycling infrastructure, which also creates more active travel alternatives for residents.
Another great example of improved transport links is the introduction of the Ordsall Chord railway which connects Manchester Piccadilly, Oxford Road and Victoria Station. This has made commuting much easier for the people of Manchester and those passing through. These connections benefit property investors, opening up the opportunity to invest in properties throughout Manchester without the worry of travel restrictions putting tenants off.