Manchester Top of The Buy To Let Charts
Manchester has fared very well in a recent survey by Simply Business, sharing the top spot with London when landlords were asked which UK cities they were most likely to invest in this year. The two cities combined received over a third of the total votes from the 800 landlords that took part.
This is great news for buy to let in Manchester; the recent regeneration package and new developments cropping up in the area are working to build investor confidence. Landlords are recognising the potential for further growth and see property in Manchester as a dependable market. But why?
The growth of the student population in Manchester has been a great boon for buy-to-let. With approximately 40,000 students from all over the world, the University of Manchester is one of the biggest in the UK. The Student Union boasts over 450 clubs and hosts various award-winning media outlets, and an active Careers Service ensures students leave with desirable skills for the employment market.
Students are good news for landlords. Gone are the days of students spending more time in the bars than the libraries; with the increasing costs of education comes a more studious and focused generation. The number of mature students returning to upskill later in life and the number of students coming from further afield are increasing, which both nod towards a more affluent profile with a preference for newer, more luxurious, accommodation.
The University of Manchester has students from 160 countries around the world, contributing vastly to the cultural scene. There are frequently festivals and events celebrating different cultures and the diverse population, and with an estimate of around 200 different languages being regularly spoken, Manchester can proudly call itself one of the most lingually diverse cities in the world. This welcoming spirit ensures a constant stream of newcomers wanting to make Manchester their home.
Manchester’s successes as a buy-to-let location can also be attributed to the growing media industry. MediaCityUK houses over 250 creative businesses, spreading their expertise across digital and media. Some of the wider-known inhabitants are the BBC, who went through a high-profile relocation program for some of their departments, ITV and Coronation Street, the University of Salford, and Kellogg’s. Some of the smaller businesses include chauffeur services, architects, casting and management agencies and physiotherapy providers. Innovative people and businesses are keen to be a part of the Manchester buzz.
But what sort of opportunities does Manchester offer for investors? Now that we have seen the reasons for Manchester’s popularity, let’s take a look at some of the most promising investments that are currently on the market.
This development consists of 20 homes with two or three bedrooms each, all with their own private garden and stunning modern touches throughout. The tenants may be young professionals who want to commute into Manchester or young families wanting to take advantage of what the local area has to offer.
The Hillside offers a great opportunity for investors who are interested in getting involved with a modern development that will provide high standard accommodation in the town of Hyde.
Oxygen Towers is a 31-storey modern landmark. Every element is designed to impress and all needs have been considered; from the communal sky garden to enjoy the view from, to the on-site allotments for those who want to try their hand at growing their own. There is a cinema room, business spaces that are available for residents to use, a 24hr concierge service and a high-spec gym with three swimming pools, a jacuzzi and a steam room.
There are 345 apartments offering one to three bedrooms and 12 family-sized townhouses, all of which will benefit from secure underground parking. All of this in an up-and-coming city centre district means investors can expect 6% rental yields.
Crossbank offers high-quality one and two bedroom apartments in the perfect location for the growing student population at the University of Salford. A riverside location in close proximity to a wealth of amenities will quickly attract tenants upon completion at the end of the year.
Formerly a fashion and textile workshop, The Cartwright has been converted to provide luxury homes that offer average rental yields of 5.1%. Ideally placed between up-and-coming neighbourhoods and regeneration areas, this would be a good addition to any investor’s portfolio.
The Uptown development pairs classic riverside and city views with modern finesse, providing over 150 apartments for people who appreciate a bit of luxury. With private terraces, concierge and security on-site, a gym for residents and all of the expected mod-cons, the Uptown is set to provide strong returns.
Close to the metro and walking distance to the city centre the new Vulcan Mill development is poised to provide 101 new apartments that are projected to offer over 5% returns for investors. A third of these homes will have parking provided and there will be a range of one and two bedroom apartments that should prove popular with professionals and young families alike.
The buy-to-let market in Manchester is thriving and the opportunities we have highlighted will pique the interest of any serious investor. With around 20% of UK households living in a buy-to-let home, it is important that investors continue to focus on a wider range of locations. Manchester offers something for everyone, making it clear to see why it is topping the charts as a buy-to-let location.