Manchester has risen to the top of buy to let charts in 2021
Manchester has fared very well in a recent survey by Property Reporter, sharing the top spot with Birmingham when landlords were asked which UK cities they were most likely to invest in 2021. 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 recognizing the potential for further growth and see a property in Manchester as a dependable market.
Aspen Woolf as one of the property investment companies in Manchester has examined their buy to let property market.
Manchester stands out as one of the most successful cities in the UK for culture, industry, and quality of life. Following decades of industrial decline in the mid-20th century, Manchester completely reinvented itself as the modern, outward-facing destination it is today.
It’s a city with a buoyant economy, a rich heritage and strong cultural and sporting ties. And recently, the jewel of the Northern Powerhouse has benefited from investment opportunities for residential property, infrastructure improvements and media, further boosting its reputation.
EY’s annual Economic Forecast predicts economic growth for Manchester of 1.2% by 2021, one of the highest in the UK. Manchester City Council measured the overall Gross Value Added (GVA) increase of the city between 2016 and 2017 as 4.3%, compared with 3.6% for the whole country. And in March 2019 the UK Business Count 2019 compiled by the Office of National Statistics (ONS) recorded 22,630 businesses in the city.
In addition, a report from the Financial Times puts Manchester at the top of its list for best cities in Europe for business 2020/2021. The demand for property in Manchester will continue, which present exciting opportunities for buy-to-let investors.
The growth of the student population in Manchester has been a great boom 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.
What sort of buy to let 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 buy to let market.
Imagine being part of a project that will completely change the landscape of Manchester. Four unique towers of different heights – from 14 to 35 floors, surrounded by beautiful gardens, overlooking the Salford Quays and central Manchester. And all this in the heart of MediaCityUK.
In addition to all this, the luxurious X1 Michigan Towers also offer a state-of-the-art gym to its residents, as well as a multitude of cafes and restaurants located close to the water.
Oxygen Towers is a 31-story 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.
In a six-story building in The Pendleton area, which is a combination of an exciting past and a bright future, there are 71 spacious, modernly equipped apartments.
Whether you are in a modern part of the building, or in a renovated 1920s Edwardian building, you will have many exclusive amenities. One of them is your private garden on the roof of the building.
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 neighborhoods 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.
The X1 Manchester Waters is located on Pomona Island, with views from Salford Pier to Manchester. Luxury apartments in a spectacular location, located near MediaCity UK, with an expected 6% rental yields, represent a very attractive investment opportunity.
Since only 190 units are available for purchase, it is not surprising that there is a great demand for these exclusive apartments.
Queens Terrace is a true masterpiece of Victorian British architecture. Only 5 minutes away from the city center, it gives you the opportunity to enjoy the combination of modern interior with the charm of historic architecture. This modern community consists of 28 elegant one and two-bedroom apartments.
You don’t have to worry about security, this is a closed community with secured parking and fenced private gardens. Queens Terrace is intended, above all, for young professionals who want a modern life at affordable prices.
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. Find out what Aspen Woolf has to offer in a city that is one of the most desirable to invest in 2021.