House Prices Continue To Defy Brexit Expectations

House prices brexit eu uk

It doesn’t matter what your political persuasions are – if you’re a homeowner, property investor or thinking about buying for the first time, chances are you’re eager to find out how Brexit will impact on the market. The Monetary Policy Committee recently voted to keep the base rate at 0.75% whilst Brexit-related uncertainty continues.

Key figures

Data recently released by Nationwide said only asking prices in London and the South East have been dropping throughout autumn 2018, with Chief Economist Robert Gardner saying annual growth remained stable in September, at 2%. Even in London, the decline seems to be modest, standing at a mere 0.7% and remaining just 3% below the record high of Q1 2017 and over double 2007 levels. Yorkshire and Humberside was the UK’s best performing region, seeing values increase 5.8% year-on-year. The East Midlands wasn’t far behind, with a rise of 4.8%. Wales and Scotland had increases of 3.3% and 3.1% in Q3, with Northern Ireland reaching 4.3%.

“A fairly steady market”

London estate agent Jeremy Leaf described the figures as “good news”, saying they represented a “fairly steady market”. The figures came as a surprise to many after house prices suffered the biggest fall in six years in August 2018. Stock shortages and low mortgage rates were offering considerable support to the market, with many purchasing properties following their summer holidays.

House Prices Continue To Defy Brexit Expectations Aspen Woolf

House prices since the referendum

House prices growth initially slowed down after the 2016 referendum, with BoE governor saying Brexit could slash a third off prices shortly after. Traditionally, growth has always slowed during the post-summer period, though the drop was greater than normal in 2018. Scotland performed better than the other UK nations during the year following the referendum, and there has been considerable growth on Wales and Northern Ireland during the past two-and-a-half years too.

Have house prices really fallen?

Despite decreasing levels of growth, actual house prices haven’t fallen substantially. Falls in value are being interpreted by some as a merely an inevitable market correction following a boom. The market may also seem healthier if we look at transaction figures. According to Which?, the referendum did not cause a sizeable fall in transaction numbers. There was a considerable rise in transactions in early 2016 due to the new 3% stamp duty surcharge for second-home buyers and buy-to-let investors, which resulted in vast numbers of individuals acting quickly in order to beat the change. Following the inevitable crash, transaction numbers slowly began to rise again.

How long are homes taking to sell?

Figures from HMRC tell us there were more sales in December 2018 than the previous December, with 102,330 houses changing hands compared to 98,760. When experts assess the performance of the property market, they often look at how long properties take to sell and how many homes are on the books of estate agents. Rightmove announced in December that properties were taking 70 days to receive offers compared to 67 the year before, with branches having 46 homes on their books as opposed to 43.

House Prices Continue To Defy Brexit Expectations Aspen Woolf

“Avoid rash decisions”

Which? Mortgage Advisers consulted a series of property experts on how to navigate the property market in the run-up to Brexit. The site’s own David Blake advised buyers to avoid jumping into fixed rates and making rash decisions. He said the market was becoming more favourable to buyers and said he expected prices to stabilise in the future even in the event of a short-term drop. At a time of lower mortgage rates, many buyers may be tempted into leaping into a fixed rate option “without considering the alternatives”. He added that there were several flexible products that wouldn’t remove the opportunity to re-mortgage further down the line should rates start to change.

Is now a good time to buy?

Kate Faulkner of propertychecklists.co.uk said those thinking of making a long-term investment should act now and purchase a property. She said some would-be buyers were hesitant to proceed, hoping prices would fall but claimed supply was also falling at the same time. Faulkner encouraged buyers to act now and “mitigate the risks”, saying the market would correct itself a few years down the line even if there was a temporary drop in value, echoing the advice of Blake. Landlords were reassured that reduced stock levels were likely to result in rent rises, though she did advise landlords to gain a rich understanding of their objectives and whether the investment was likely to be of benefit in the short and long-term.

House Prices Continue To Defy Brexit Expectations Aspen Woolf

When the picture is clearer

NAEA Propertymark Chief Executive Mark Hayward acknowledged concerns over Brexit but said a “flurry of activity” could occur once more certainty was available. The National Landlords Association’s Chris Norris expected long-established portfolio landlords to do particularly well during the coming years in spite of concerns about uncertainty and decreasing demand from those coming to live and work in the UK.

“Certainty of demand”

Executive chairman of the Home Builders Federation Stewart Baseley said the new-build market had “remained strong” over recent months and that he expected this to continue following the extension of the Home to Buy Scheme. The “certainty of demand” was allowing builders to plan ahead and boost their output, with record highs of planning permissions being granted by the authorities. He said the industry required skilled labour from overseas if housing targets were to be achieved.

House prices with and without a deal

Capital Economics property economist Hansen Lu predicted prices would rise by 1% in 2019 if a Brexit deal was agreed. Lu said the UK was likely to avoid a house price crash even in the event of a no-deal Brexit. The EY Item Club expected prices to rise by 2% this year in the event of a deal but to fall by 5% if no deal was agreed. Zoopla recently announced that prices were rising by double-digit figures in parts of the North, specifically the cities Manchester, Birmingham, Liverpool and Leeds, with Leicester seeing similar house price rises.

Property Investment Hotspots 2019

Bradford property investment 2019 aspen woolf

The mantra for 2019 when it comes to property investment seems to be making it Brexit-proof. While we still don’t know the likely outcome and investors may be worried, finding the right regions to put your money into is still as important as ever.

The key factors remain, therefore, when you are seeking a property in England that will give you a strong return. You should be looking at areas which have younger populations, growing job prospects and the prospect of future development. That may mean heading out of London for many investors and looking for bargains in slightly less well-trodden regions that have plenty of potential.

Many of these are currently in the Midlands and in the North West and East. Areas like Bradford, Manchester, Leeds and Liverpool are all certainly worth taking a closer look at. Here we take a look at the best property hotspots for the next 12 months.

Bradford

The North of England is increasingly viewed as a profitable area for investment and in many areas, you can get quickly start to build a really strong portfolio. Bradford is a fairly large town that’s ideally placed just a few miles from Leeds, and is cheaper to invest in than its slightly more “upmarket” neighbour. The area, in general, is starting to undergo significant regeneration which is an important marker for investors. Back in 2018 £75 million was committed to a number of city centre regeneration projects (with a masterplan for 2018-21) in order to attract the “urban entrepreneurs” of the future to the city.

There’s plenty of charm when it comes to the existing building stock too, with many properties that are likely to appeal to professionals who want somewhere low cost but attractive to set up home. Much of the beautiful gothic architecture remains, often converted into affordable apartments that could make for an excellent investment. In fact, Aspen Woolf have a number of such opportunities available in beautiful old buildings that are currently being refurbished.

You can still pick up one bedroom flats for between £40,000 and £60,000 if you select the right location and you can find a lower end terrace for around £70,000 in some areas. The town centre is probably your best choice at the moment and while there are some locations you may not want to buy just yet, these are well worth keeping an eye on as development progresses.

Property Investment Hotspots 2019 Aspen Woolf

Liverpool

From the doldrums of the 80s and early 90s, concerted regeneration and business investment have made Liverpool a pretty good choice when it comes to property investment. It’s a city with a fairly strong, younger population under the age of 30 and property prices have increased by around 25% in the last five years. Areas such as the Waterfront and city centre have been transformed over the last two decades and it remains an attractive location for creative industries such as art and music.

There is a growing young, highly professional workforce occupying the city centre and they’re mostly looking for long-term rentals. With a booming economy, it’s a surprise that house prices still remain some of the lowest in the UK. According to Zoopla, the average price of a property in the city is £173,000 with values rising 24.48% in the last five years.

Leeds

Not far from Bradford is Leeds. It’s a thriving university city that has a significant student population and that alone should make it attractive. There’s a fair amount of gentrification going on here but it’s still not too late to get on board and, if you hunt around, there should be some solid investment opportunities to take advantage of that will give strong returns.

For buy to let landlords who want to invest, there are no less than three universities in the city and there are potentially good yields with even with the average semi-detached prices at a shade just over £200,000. According to Right Move, house values have risen 6% in the last year, which is not bad when most people are worrying about a static market. Combine that with a competitive rental market and you have the best of both worlds.

Manchester

Like its near neighbour Liverpool, Manchester is a great location if you are looking to invest in property. With a population of over a half a million, there’s also a large student market looking for somewhere to stay. The city is home to a sizeable professional population who are also searching for high-quality accommodation. It’s a region that hosts major sporting and cultural events, all of which attract people from not only the North West but from far-flung reaches of the globe.

Often tagged as the London of the North, there has been a lot of investment infrastructure, particularly in areas like Salford Quays and it’s now a really cosmopolitan location that has a lot to offer.

The house prices are changing quickly and the Evening Standard reported last year that values had risen by 34% in the last three years. There are still areas where you can pick up a bargain in the city, particularly in the suburbs. The widening gentrification means you can expect decent returns if you get on board at the right time in the right area.  

Property Investment Hotspots 2019 Aspen Woolf

Birmingham

The Midlands have always been a strong area for property investment and it’s no surprise that Birmingham is near the top when it comes to UK hotspots. With a larger population than most other cities outside of London, property prices have grown by nearly 30% over the last five years.

Like Manchester, you’re looking at another fairly young population with a 65,000 strong student population to boot. The key factor is that the students tend to stay on in Birmingham more than other cities which means there is also a growing and sustainable population of new professionals. The potential for growth with the developing HS2 means that Birmingham is less than an hour and a half away from London.

The average house price according to Zoopla is just a shade over £200,000 but heading out to the suburbs can reveal some better deals. Particularly good buy to let hotspots can be found in areas like Edgbaston, Holloway Head and Erdington.

Nottingham

Finally, not far from Birmingham is Nottingham. This is a city that will also benefit from the development of the HS2 rail link and has a thriving, fairly young professional population. There’s a decent student population too but also families looking to rent in many areas of the city. Still relatively cheap property prices mean that this is a good area to get in at the initial stages of development and which could deliver great dividends if you invest wisely.

The average property price is just over £207,000 with a 28% increase in value over the last 5 years. For rental income and returns, it compares favourably with cities such as Liverpool.

If you are considering buy to let and other investment properties in locations such as Bradford, Leeds, Liverpool and Manchester, contact the professional team at Aspen Wolf to find out how we can help.

How Will The Autumn Budget Affect Property Investment?

Property Investors Investment Autumn Budget Finance

If you have read the news lately, it has primarily been dominated by the big ‘B’ of Brexit, however, there has been another big ‘B’ we should be aware of and that is the Autumn 2018 Budget.

By now, you will have heard and read about Chancellor Philip Hammond’s 2018 Budget update. Hammond opened the 2018 Budget, with a confident prediction that it would “open a new chapter in our country’s economic future.” This can leave many people pondering on how it will affect them and their businesses and families.

If you are you wondering exactly how this will directly affect you as a property investor then read on as we will outline the most important changes that you’ll need to know about, from changes to tax bands, important information regarding foreign nationals, changes to stamp duty as well as changes to Capital Gains Tax.  

Tax Bands:

In the Autumn Budget, changes to tax bands were discussed regarding the 2019/2020 year. The personal tax-free allowance where the 40% higher tax is applied will rise from £46,350 to £50,000. Although it may seem small and many landlords were dismayed by the news, we have to be positive as this is still an increase on last year’s figure. Also important to note, is that the threshold for VAT registration will remain unchanged for two years. Read our post to discover if it is worthwhile to invest in property via a limited company rather than as an individual.

Stamp Duty:

In the Autumn Budget, the Government has stated that it will extend first-time buyer’s Stamp Duty relief in England and Northern Ireland to shared ownership properties, regardless of whether the purchaser chose to pay Stamp Duty on the market value of the property. This will even be eligible to be backdated to 22 November 2017, so that all of those who were not previously eligible can claim a refund.

Read about the other Stamp Duty change announced by Prime Minister Theresa May at the beginning of October, to the effect that foreign investors will be subject to higher charges.

How Will The Autumn Budget Affect Property Investment? Aspen Woolf

Foreign Nationals:

In the Autumn Budget, there was an important update regarding non-UK residents and international companies. It is vital to note that all non-UK residents and international companies that are intending on buying and investing in property will also be taxed on indirect disposals of UK land. These rules will apply when a person makes a disposal of an entity that derives 75% or more of its gross asset value from UK land. An exemption will be made available for investors in such entities who hold less than 25% interest.

There will be options available in order to calculate the gain or loss on a disposal using the original acquisition cost of the asset, or by using the value of the asset at commencement of the rules in April 2019.

Another aspect of the Autumn 2018 Budget was that all non-UK resident companies will be charged Corporation Tax rather than Capital Gains Tax on their gains. The Capital Gains Tax charge relating to the Annual Tax on Enveloped Dwellings will be abolished. The legislation will broadly come into effect for disposals from the 6th April 2019.

Capital Gains Tax:

In the Autumn Budget, there were changes regarding Capital Gains Tax. This is especially important information for landlords as the relief that’s been granted reduces Capital Gains Tax on the sale of properties that have previously served as the landlord’s personal residence, but, which are currently being used to let out to tenants as their residential accommodation. This relief sees a maximum exemption of £40,000 per owner.

However, it is important to highlight that from April 2020, this exemption will only be available for landlords who live inside the property with the tenants. There hasn’t been any information regarding single tenants, so we assume that live-in landlords with only a single tenant are not eligible for the lettings relief, meaning that this will only apply towards accommodation with two or more people renting rooms, unless we hear clarification from the Government on this.

Read more about the various taxes property investors face here.

Are you a property owner? Great news, the time period between ceasing to occupy a house and final sale has been reduced from 18 to just 9 months. Though this change does exclude sellers who are disabled and/or who are living in a care home, they will continue to receive the 36-month exemption.

How Will The Autumn Budget Affect Property Investment? Aspen Woolf

Housing News:

In the Autumn Budget, there were some interesting pieces of news regarding the wider housing industry market. Firstly, The Housing Infrastructure Fund will increase by £500 million, bringing the total to a figure of £5.5 billion. There will also be £8.5 million available in order to allocate land for affordable housing. This is great news for property investors looking to expand their portfolios.

Secondly, you may be aware that Sir Oliver Letwin was asked to investigate why it takes house builders such a long time to complete large housing developments after statistics revealed that just over half of the 684,000 homes with planning permission that was granted in July 2016 had actually been completed. The findings of his investigation were that “the idea that housebuilders are behaving like financial investors, speculating over future land values, is not compatible with how they run their businesses. Housebuilders’ profits are generated from selling homes, not from an increase in the value of land” he argues. The Chancellor agreed that the review did not find evidence that major house builders are engaging in land speculation as part of their business model.

Lastly, The Office for Budget Responsibility believes that GDP growth will be 1.6 per cent in 2019, up from previous forecasts of 1.3 per cent; 1.4 per cent in 2020 (up from 1.3 per cent); 1.4 per cent in 2021 (unchanged); 1.5 per cent in 2022 (unchanged); and 1.6 per cent in 2023. This steady growth can only mean good things for property investors.

To conclude, 2019/2020 seems like there will be a positive outcome forecast for property investors with plenty of reliefs including changes to Capital Gains Tax, increased tax bands, more money being delivered into investment funds, as well as Stamp Duty being extended.

Here at Aspen Woolf, we can help you with your property investment journey, whether you’re at the beginning or if you already have a vast portfolio, we have an expert team who are ready to hear from you today.

Earn Good Returns In The Changing Buy-To-Let Market

houses and money

Are you having second thoughts about investing your hard-earned cash in the property market? Is the taxman giving you sleepless nights with spiralling tax duties on your rental income? Are you breaking down with high maintenance costs on your buy to let investment? If the answer to the above is yes, take a minute to check out our guide on how to adjust to the impending changes in the property market in the UK.

Buy to let is the best investment

You may want to reconsider and try other avenues of getting a return on your investments. Head to the stock market and you will have to contend with the headache of dipping stock prices and frequent ups and downs to guard your cash. If on the other hand you decide invest it into a savings account, be prepared to bear with low interest rates and a snail’s pace growth rate. Therefore, we are back to our buy to let investment, which is the best choice, if managed well. If you’re trying to decide where in the world to start investing, take a closer look at some of the United Kingdom’s unlikely cities reaping good buy to let investment profits.

Earn Good Returns In The Changing Buy-To-Let Market Aspen Woolf

How to get the best buy to let investment

To get into the property market, you need to consider some factors and research on the best buy to let investment opportunities. You can additionally carry out the following:

  • Perform thorough research on the buy to let market. The internet provides you with tons of data on the property market and this should be your first start. Talk to a buy to let investment broker or other property owners and get some advice on the pros and cons of this lucrative market.
  • Hunt for the best buy to let mortgage deal that is convenient to your available cash and plans
  • Get a backup plan if you are a first time buy to let investor to cushion you as you learn the ropes of the business.
  • Consult an expert advisor on the best buy to let investment opportunities. This will enable you understand the best locality for your investment, the target market and expected annual rental yields. The team at Aspen Woolf are on standby to receive your call and can assist you in selecting the right investment for your budget. Our sales team are on hand at every step of the way, including resales advice in the future.

Earn Good Returns In The Changing Buy-To-Let Market Aspen Woolf

How to maximise returns on your buy to let investment

Having gone through the above process and made your buy to let investment, all that is required is to sit back, enjoy your rental proceeds or make profit on your investment. However, with changing economic times, it is imperative to guard your investment against losses and stagnation. To remain afloat if you are considering the property as a long-term investment, you need to implement the following:

  • Consider purchasing low investment properties that you can renovate and build up to your specification after buying the property. Research shows that the average rental yield (percentage rental income versus the value of property) is high in Northern England and low in London, south and East of England. This is because the costs of purchasing property in these areas differ. However, the demand for housing near London is quite high hence your property

stays vacant for relatively fewer months before getting a new tenant if the former tenant’s lease

expires.

  • Never underestimate the student housing market. Purpose built student accommodation is highly sought after in university towns and cities. Sheffield, Leeds and Manchester all provide excellent investment opportunities at far lower costs than London.
  • You can consider furnishing your property before renting it out. This enables you to earn above the set rent. The added advantage is that the furniture can be used on long term by different clients.
  • To use an agent or solely manage your buy to let investment: weigh the pros and cons of each. You save lots of cash without agents by managing your own property, but you should be ready to dedicate your time soliciting for tenants, solving leaking drainages and other hitches. On the other hand, using an agent ensures that you get tenants quickly and raise your rent income without delays and also get more time and space for your personal pursuits.
  • You can consider renting your investment as an HMO (Houses in Multiple Occupation). Renting your property to multiple tenants enables you to raise more rent as opposed to a single tenant. It also minimises the risk of problematic and troublesome tenants. However, you should consider the council laws so that you do not face any fines.
  • You can make a bargain when purchasing investment. This is after thorough market research to ascertain the market prices of the property.
  • You can review your mortgage and get a suitable rate that saves you some interest.
  • Install add-ons like a dishwasher, fridge, freezer and air conditioner. These appeal to the tenants and provide you with a basis to increase the rent. If well maintained, the add-ons can go for many years thus giving you value for money despite them being installed only once.
  • Utilize the available space to elevate your property status. You can create a private balcony, garage, lounge or children’s playground out of the unoccupied space and manage to lease out your property at a higher value.
  • Increase the rent: Changing financial times demand a change in the rent of your property. It is best to use a gradual approach like leasing out your property for one year. Then you can increase the rent for the subsequent years as opposed to long-term leases.

If your buy to let property is however a short term investment, you can still maximise your returns by adopting the following measures:

  • Getting an agent to solicit and manage the property. It is much quicker for an agent to get short-term clients.
  • Carrying out maintenance and refurbishing the property to appeal to brokers and other property buyers. In this way, you make a profit by buying at a low price and selling it for a higher price.
  • Researching on the best buy to let investment opportunities for different localities and investing accordingly. In this way, you get to quickly buy and sell property suited to different tenants like student hostels for properties near a university, beach houses for a resort area among others.

Earn Good Returns In The Changing Buy-To-Let Market Aspen Woolf

Whether your buy to let property is meant for long term or short-term investment, you can always make the best of the situation in the changing times. Proactive measures like market research, proper KYC checks of the tenants and proper financial management will make you successful despite the changing buy to let market.

For further information on any of our fantastic buy to let investment opportunities, get in touch with the team at Aspen Woolf today,

When Is The Best Time To Invest In Property?

When it comes to property investment, while the old adage goes, “location, location, location”, there’s actually a lot more to a successful investment.  As well as location, timing is also key as during the course of a year, the real estate market can change dramatically – making a wise investment a poor one if taken at the wrong time.

The best time of the year to invest in property can be determined by a number of different factors such as demand and supply, median price of properties and if the market is a buyer’s or seller’s market. These factors seem to all be intertwined and can affect each other in the market.

Buyer’s Market Or Seller’s Market

The prime time to buy property in the real estate market is during the winter months. During this time, most people are busy preparing for the holidays and the kids are still at school. Therefore, there are very few people willing to part with money and buy investment property. These conditions make it hard to make a major move and this pushes most people out of the market. The fewer the people interested in buying the property, the less the competition.

When there is minimal competition then this is what is referred to as a buyer’s market. For example, if an investor finds the ideal property to invest in, and has done all the necessary homework he may view this an opportune time to invest. However, if other investors have done their homework, they too will show their interest in the property and there will be a number of bids to contend with.

When there is this kind of a bidding war, it becomes much harder and the investor may end up losing out or paying exorbitant prices for property that could have been purchased much more cheaply. This scenario is not ideal for buyers, therefore, it’s not a buyer’s market and it would not be ideal to make an investment during this time.

In most cases, it would be advisable to purchase a house during the Christmas period because competition is at its minimum and sellers are generous with pricing during the holidays. Choosing to invest in property through a company such as Aspen Woolf gives you the upper hand as our team can advise you of new investment opportunities, often with a small initial deposit.

When Is The Best Time To Invest In Property? Aspen Woolf

Price Of Investment Properties

When looking to invest in income generating assets, then the price of the properties is a very important factor. When the price is lower, a lower amount of money will be required to invest in the market. During a buyer’s market, market prices are lower as compared to a seller’s market. Different organisations give information about the price of investment properties, the median days in a month that are good for the market as well as the proportion of properties sold above the stated price. Over the past eight years data has been collected and compiled to come up with figures that indicate the specific aspects of the market. The data between October and March has the following figures:

  • The median number of days in the market is 104
  • The median price of sales is £193,735
  • The percentage above median price of investment properties sold is 23%

The data above supports the fact that from October to March is the best time to invest in property. The data also reveals that January is the opportune time to make a move on property because the sale price is at its minimum during this time. There are some properties that will sell above the median price but the percentage is very low as compared to the other months. This particular time is very bad for those seeking to sell while it is the best time for those people wishing to purchase property because they have the negotiating power. Sellers are more likely to be desperate when the deal lags behind in the market and they will most likely sell on the cheap to recoup the money that they had initially invested.

When Is The Best Time To Invest In Property? Aspen Woolf

There is also a bad time to invest in the property market. Between April and August have the following figures:

  • The median number of days in the market is 67
  • The price of median sales is £233,895
  • The percentage above median price of investment property sold is 24%

According to the data above these are the worst months to invest in due to the higher prices. June specifically is the worst month during which to invest because the price of property is about £38,000 above that of property in January. The number of days property is on the market is relatively shorter by about a month, which significantly reduces the negotiating power of investors. The aspects that are in play during these months are characteristic of a seller’s market. However, there is a time during April and August window where investors can get a good deal for property.

The days surrounding Easter Sunday are quite ideal for any purchasing. If one does not do the proper research, then they might end up making a loss. For example, if during the month of August an investor purchases a property, then they will most likely get it at a very high price due to the median price during this time as a well as the shortage of days for property to stray on the market. However, if the same investor does wait a few months up to October or November, they will get the a similar type of property in the market and it will cost less due to the median price during this time and the number of days that property is available on the market.

When Is The Best Time To Invest In Property? Aspen Woolf

Supply And Demand In The Market

A buyer’s market and a seller’s market are defined by the supply and the demand in the real estate market. However, supply and demand in this market is not as obvious as it seems. People looking to sell their houses will look for the opportune time to sell their property because their aim is to generate income. This means that the demand for purchasing property might be lower in the winter months, which is good for people looking to invest in property but the supply will not be as high. Those looking to sell may wait till the summer when the demand is higher for them to sell their properties. At this time, an investor may find it hard to get what they are looking for and this may result into a problem for the buyer.

During the winter months demand is on the low and hence, people wishing to buy property and resell it immediately may be at a loss due to the limited number of people that are willing to buy the property at their asking price. For the investors that are looking to get a good investment deal, then it would be advisable to purchase property that will be used for rental because they will earn income off it. For those who want to have an income generating asset then buying during the summer and spring months would be ideal since you can buy an asset and resell it in the short term because demand is on the rise.

 

Invest in Oxygen: Manchester’s First Vertical Village

Oxygen Tower will be located near excellent transport links in the city centre.

Construction is underway of Manchester’s ground-breaking ‘vertical village’ – set to be known as Oxygen Tower. Located near to Piccadilly Station, the 375,825 ft² construction will be one of the most complex and impressive high-rise projects in Manchester.

Invest in Oxygen: Manchester's First Vertical Village Aspen Woolf

The developers, Property Alliance Group, have commissioned building specialists Russells Construction and designers 5Plus Architects for the £100 million residential development. Set for completion in 2018, it will eventually comprise 345 luxury apartments and 12 family townhouses.

A sales launch has already taken place, with Oxygen proving extremely popular with prospective buyers. There are still opportunities for both residential and buy-to-let investors however, so feel free to get in touch for more information on this exciting investment.

Invest in Oxygen: Manchester's First Vertical Village Aspen Woolf

Building Details

Oxygen will manifest as three connected blocks, with the tallest being an impressive 31-storeys high. These will include one, two and three-bedroom apartments, with the luxury townhouses on ground level. Ninety-one car parking spaces will be available in the basement.

The tag of Manchester’s first ‘vertical village’ comes from the various leisure facilities set to be included on-site. Along with a 24/7 concierge and rooftop garden terrace, inhabitants will also have access to a communal gym, spa, swimming pool and cinema room.

The development director of Alliance, Gareth Russell, has noted these facilities have been a major enticement for potential buyers. He said:

As Manchester’s first vertical village, the development will provide residents with a variety of luxury homes as well as amenities and services that will create a sustainable and thriving community.

With a roof garden, allotments and spa it will create a sociable environment and lifestyle that will appeal to both young professionals and families looking to rent or buy.”

Invest in Oxygen: Manchester's First Vertical Village Aspen Woolf

Further Information

The project lies on Store Street, just off Great Ancoats Street, which places it within walking distance of some of Manchester’s prime areas. Not only is Piccadilly Station close by, but you’re also not far from the Northern Quarter, Oxford Road, Market Street and the Arndale Centre.

In terms of design, every Oxygen apartment and townhouse will be finished to ultra-modern standards. Although specific details have not been revealed yet, full height windows and balconies will be a feature of each room.

The three towers will descend in height, from 31-storeys down to 15 and nine respectively, connected by a visible lift and stair cores. Underneath, the basement car park will hold 91 spaces for cars and 175 for bicycles.

A residential breakdown is as follows:

  • One-bedroom apartments – 190 units – £220,000 starting price
  • Two-bedroom apartments – 236 units – £292,000 starting price
  • Family townhouses – 12 units – £510,000 starting price

At time of writing, the Oxygen development is expected to be ready for completion at the back end of 2018. Capital growth of 15% in that time is anticipated, with rental yields expected to reach 6%. If you’d like any more information on this exciting investment opportunity in Manchester, feel free to get in touch with us today.

You can find out more about Oxygen here.
For more information about Manchester, take a look at Why Invest in Manchester.