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Manchester Property Investments | Buy to Let Property Manchester
Invest in Manchester Property
Are you wondering why you should invest in Manchester property? Find good reason in our article on the regeneration of Manchester throughout the years. You'll discover The best areas to invest in Manchester for capital growth and rental income.
Buy to let property in Manchester has been thriving; with average Manchester property prices increasing 5% year on year. Some of the most attractive apartments for sale in greater Manchester are in the districts of Ancoats, Deansgate, Castlefields and the Northern Quarter. We believe that Manchester house price growth will continue because the development of world class-A offices and leisure facilities are drawing a young population to the city, ahead of London, due to lifestyle and affordablity.
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You have probably heard about the significant regeneration Manchester has undergone. It has won various accolades or being one of the best cities in the UK to live.
Manchester has gone so much regeneration this past twenty years it is almost unrecognisable. It has welcomed national and international businesses such as ITV Granada and Google into its ranks. It's now considered one of the best cities in the UK to work for technology.
Along with its business sector, residential and commercial areas have also improved. The Northern Quarter is now considered the bohemian heart of Manchester, home to craft beer pubs and gig venues, while St John's will bring about new creative workspaces and a cultural arts venue.
Manchester is one of the most popular cities with young professionals and as such the demand for property has soared and so too have prices. But where are the best areas to invest? Click on the green triangle and you'll find out =>
Over recent years, Manchester has experienced vast amounts of regeneration that has increased its appeal amongst young professionals across the UK. Coupled with the number of businesses that have set up offices in the city, it is no wonder that young professionals have moved and the demand for property has soared.
According to Cushman and Wakefield, over the last seven years property prices in Manchester have increased by a staggering 34%, which is 4% above the national average. Whilst that’s already impressive, prices are forecasted to increase even further. Over the next five years, prices are expected to increase by 17.1% - the highest of any UK city - as supply struggles to keep up with demand. These figures are promising if you are aiming to buy in Manchester with the intention of achieving capital growth. Read on to find out which factors drive property prices in Manchester, and where you should consider investing to achieve your financial goals.
- Manchester’s Growing Population
- Manchester’s Affordability
- Manchester’s Flourishing Business Sector
- Where should you consider buying property in Manchester?
Manchester’s Growing Population
More people are making the move to Manchester from London. The number of people moving from London to the Midlands or the North has tripled over the last ten years, and latest figures suggest that 10,200 people left London for Manchester. People are not just making the move from London to Manchester, but from everywhere in the UK and beyond to Manchester. According to the 2011 census, Manchester is the third fastest growing area in the UK with the greatest percentage of growth outside of London.
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There are many reasons why people are making the move. Average weekly wages are indeed lower, according to Centre for Cities, the average weekly wage in London is £751.40, compared to £525.60 in Manchester. However, living costs are modest in Manchester vs. London. According to home.co.uk, average rents in London are a staggering £2,788 pcm, compared to £1,141 pcm in Manchester. Wages are not as dissimilar, so it is understandable that people would want to live somewhere with lower living costs, where they have a bit of extra money in their pocket at the end of the month. Regeneration and business relocation also mean that people often have access to the same jobs, especially in broadcasting and technology, where Manchester was voted the best city to work in.
Manchester’s Flourishing Business Sector
In recent years, Manchester has welcomed national and international businesses. Google, Amazon, and Microsoft have all opened offices in the city. Just outside in Greater Manchester, the MediaCityUK business park in Salford Quays is now home to broadcasting companies such as ITV Granada and the BBC.
The relocation of businesses to Manchester might seem insignificant to a property investor, until you discover the knock-on effects. Young professionals chasing employment opportunities will need accommodation in the city, which will impact the demand for rental properties. This allows investors to achieve high rents and when the time is right to sell the property on, capital uplift.
Manchester is a diverse city, offering many different neighbourhoods with different characters. Whilst the Northern Quarter is renowned for its bohemian, artistic vibe, Salford in Greater Manchester is characterised by modern high-rise apartment blocks and polished streets. Where you invest in Manchester will depend on the type of tenant you want to attract. With regards to property investment, some areas are more promising than others. Regeneration in some areas has impacted property prices so much that they have hit a ceiling, with little scope for improvement. Other neighbourhoods do not hit the criteria for property investment, whether it is because their location in relation to the city centre is not appealing enough, or there is no regeneration in the pipeline. Here are some places we think you should consider if you want to buy property in Manchester.
M14 post code
Covering Fallowfield, Moss Side and Rusholme, property investment in Manchester’s M14 post code offers some of the highest yields in the country. Average property prices stand at £194,733 and rents average £1,636, meaning that up to a 10% rental yield can be achieved.
M14 borders the main University of Manchester campus, which means lots of students choose to live in the area. Regeneration and an influx of students usually goes together. About £400m of private and public money has been poured into Moss Side to improve housing. Former Manchester City F.C. Maine Road site is also undergoing redevelopment as houses, shared ownership flats, a primary school and healthcare centre.
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Salford located to the West of Manchester’s city centre, which is just a five-minute walk away. Not only does it occupy a convenient location, it has also undergone a huge amount of regeneration that has attracted national corporations. MediaCityUK is based in Salford Quays. It is a 200-acre mixed-use development that is home to the BBC, ITV Grenada, and the University of Salford’s media teaching department. There has already been significant house price growth in Salford Quays since the redevelopment of MediaCityUK started in 2007.
With such high-profile tenants, it is understandable that young professionals want to live in the area close to work. In fact, outside of the city of Manchester it experienced the second biggest increase in population locally. Between 1991 and 2019 the population grew by 12.1%. Prices are still modest with an average of £194,478, although that was up 13% since 2019 according to Rightmove.
Salford is bridging the gap between Salford Quays and Manchester City-centre. The main artillery Road is Chapel Street, which has seen quite a bit of development over the years as the apartment being built were tenanted by a fair number of students as it is near Salford University.
In recent times, The Green Quarter has catered more toward young professionals with developments like The Crescent which has large communal areas and even a swimming pool. Purchase prices start from £219,000 for a one-bedroom apartment and one could achieve rental income of between £905 - £1,900. This is the equivalent of a rental yield of between 5.8% to 6.9%.
Still in Salford and just minutes from Manchester’s city centre is Regent Road. Regent Road acts as a main transitionary route between the city of Manchester and Salford. Developers are starting to take advantage of its ideal location and excellent transport links. New developments on the road include Carnaby Place, a luxury residential development that aims to encapsulate city centre living. Features will include a gymnasium, a concierge service and secure residential parking. Another development in progress is Regent Plaza. Regent Plaza will consist of 525-apartments split over four blocks. The development of Regent Plaza is tipped to “change the skyline” and will include podium level gardens, a resident’s lounge, and gym.
Led by Allied London, the old Granada Studios site will be redeveloped into a mixed-use space. Situated by the River Irwell, it occupies a good central London by Spinningfields. St. John’s focusses on Enterprise, Culture and Living. It will aim to bring around more workspaces, creative hubs, and residential developments. Focal points of the St. John’s development include Factory – a new cultural arts venue, Manchester Goods Yard – a workspace building aiming to attract Britain’s most creative businesses, and Nickel & Dime, a new two-tower residential development where tenants can manage their living space through technology. The development of St. John’s will attract new creative residents looking for residence that matched their lifestyle.
Along the River Irwell just outside of the St Johns area is a new development called Downtown. Downtown is a “hotel-style” residential development comprising 368 one, two, and three-bedroom apartments. Unique features of Downtown include hot and cold storerooms to keep supermarket deliveries, a postal room, and a business centre.
Downtown will comprise six towers, ranging in height from 4 storeys to 14. One-bedroom apartments start from £146,297 and a yield of up to 7% is achievable.
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Located centrally between Piccadilly and Ancoats, the Northern Quarter is considered Manchester’s “bohemian” hotspot. In recent years it has experienced vast regeneration and is home to music venues and craft beer pubs.
NOMA is an £800m mixed use development in the Northern Quarter that opened in 2013. It is the largest development project in the North West, ahead of Salford’s MediaCityUK. Its focus was to regenerate the northern part of the city that had been overlooked in the past. NOMA consists of several components. One is the development of Hotel Indigo, a 14-storey, £26 million ciricular hotel on Corporation Street. Other aspects to NOMA include Hanover Building, a Grade II listed building to be renovated into retail and business space, re-purposing Federation House to host digital businesses, and a new public square.
The Press is a residential development just a 5-minute walk from the NOMA development. The Press is a conversion of a Grade II listed building which was a former printing room. The unique features contribute to its appeal. Each apartment within the development will feature 18th Century details, completed by understated modern fixtures and fittings.
The Press will comprise 66 one, two, and three-bedroom townhouses. Prices start from £196,000 on a 250-year leasehold. Depending on the size of the apartment purchased and number of bedrooms, monthly rental income between £1100 - £2,300 can be achieved, the equivalent of a 5% - 6.5% rental yield.
Castlefield is another area that over the past 20-30 years has experienced significant regeneration. It is a former industrial area and offers attractive period style housing and canal side property. Castlefield has been redeveloped into an exciting mix of waterside apartments, restaurants, and high-tech industries. In 2019, plans were put forward to demolish the remaining dilapidated flats and replace them with 188 new homes. Play space, parks and open spaces will also be included within the plans.
Property prices in Castlefield are on the more expensive side compared to other areas we have mentioned. The average price is £252,136, but it is up 15% on the previous year according to Rightmove. Castlefield has experienced some of the most regeneration in Manchester, and more is in the pipeline. Attractive housing combined with an attractive location will ensure property is always in demand in the area, especially if buyers are working for the tech industries in the area and are on higher salaries. Combined with further regeneration plans, prices are only more likely to increase, especially if they are presented to the target market.
Manchester has undergone a significant amount of regeneration and there is still more in the pipeline. Although property in some pockets of the city have shot up in recent years, there is still opportunity to be had if investors choose areas still undergoing regeneration or property close to regeneration zones. Property near the NOMA and St. John’s development will benefit from capital uplift, and prices in Salford are still low enough that significant gains can be achieved after further development.
Castlefield has proven itself to be one of the most desirable areas to live in Manchester when considering property price increases, and as it now accommodates high-tech industries, more employees on above-average wages will be looking to live there. Combined with continued regeneration, we predict prices will only increase.
Regent Road is a main artillery road that until recently has been overlooked for regeneration. It is likely benefitting from the overspill of Salford and surrounding areas. With its ideal location and the promise of Regent Plaza changing the skyline, it will only become a more desirable place to live.
M14 has some of the lowest average property prices on our list, but the rental yields to be achieved are phenomenal. Being so close to the University of Manchester, we predict rental yields are buoyed by student demand. This could be an area to consider if you are looking to invest in student property in Manchester.
Manchester is one of the UK’s most exciting cities and more people are recognising its appeal. It is one of the fastest growing places in the UK which lends itself to property investment as there will be consistent demand. If you are convinced that you want to invest in Manchester, contact one of our investment consultants who will be able to assist you with your property search.
If you are still not sure whether Manchester is for you, why not download our buy to let investment guide to learn more about what you should look for in a buy to let property, or read our best places to invest guide to discover other places we think are worth considering.
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Manchester grew its population by 19% between 2000 – 2011. Manchester has the highest number of renters under the age of thirty. The creation of grade A offices and leasure lead developments has boosted the number of blue chip companies moving to Manchester. The affordability of the City living costs have swayed young graduate towards Manchester over London. In recent years pension funds have cottoned on to the trend and have been forward purchasing entire residential developments across Manchester which will be privately rented to tenants.
Find out what regeneration projects and off plan developments Manchester has in the pipeline which are fueling the boom in jobs and growthing population in the city by clicking on the arrow =>
How has Manchester been regenerated over the years?
NOMA, Spinningfields, Ardwick. To name but a few of Manchester’s regeneration projects. It’s safe to say that Manchester has experienced its fair share of regeneration in the past decade or so. We explore how the face of Manchester has changed, and what’s in store for the future of this city.
Manchester today couldn’t be more in contrast to the Manchester of the 60s and 70s. Manchester was run down and unkempt, with masses of derelict buildings and sprawling wasteland. It did have some vibrancy though, with an impressive emerging music scene that birthed the likes of Joy Division and The Smiths in the 1980s. Redevelopment of Manchester was already underway with the introduction of a new tram network in the early 1990s, but redevelopment of Manchester’s city centre was speed up by the 1996 bombing in the city.
- The catalyst that spurred on regeneration in Manchester
- Regeneration in the neglected north – NOMA
- Spinningfields, the "Canary Wharf of the North"
- St John’s, a “unique and vibrant place to belong to”
- Ancoats and New Islington – “the world’s first industrial suburb”
- The future for Manchester’s regeneration
- Manchester – an attractive city to overseas investors
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The catalyst that spurred on regeneration in Manchester
Image c/o michaelpickard
In 1996 on Saturday 15th June, a 3,300lb bomb was dropped on Manchester city centre, injuring 220 people and causing extensive damage. Buildings such as the Arndale Centre and Shambles Square were damaged, and this provided the springboard to remodel the buildings and address their weaknesses in terms of functionality and performance. Not only did the Masterplan for city centre regeneration seek to restore existing buildings, but also introduce some exciting architecture to the area in terms of a new flagship Marks and Spencer store, a new Millennium Centre and a bridge spanning Corporation Street.
The regeneration took over six years to complete, and in 2002 the final public open space to be completed, Piccadilly Gardens, was opened. Formerly it was a no-go area, its desolation exacerbated by the increasingly abandoned buildings surrounding it. A Large amount of private sector funding was sought after for the regeneration project, on the condition that it would stimulate regeneration in the wider area. Since then, there have been a number of additional redevelopment projects in the city.
Regeneration in the neglected north – NOMA
Image c/o The Co-op Group
Towards the north of the city you have the NOMA regeneration project. Headed up by the Co-operative group, the project aims to be socially responsible and will focus on developing the area north of the city centre which to date has yet to see much development. 4m sq ft of prime real estate will be transformed into office, retail and leisure space. The £800m project is the largest development project outside of the South East of England.
Spinningfields, the “Canary Wharf of the North”
Image c/o Andrew Nić-Pawełek
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To the south, between the city centre and Salford, lies Spinningfields. Spinningfields is a regeneration project by Allied London Properties that has been dubbed the “Canary Wharf of the North” due to the presence of several banks including HSBC, RBS and Barclaycard. Spinningfields was a £1.5bn project that consisted of 20 new buildings spanning 430,000 sq metres of commercial, residential and retail space.
St John’s, a “unique and vibrant place to belong to”
c/o St John’s Manchester
St John’s is a new project also led by Allied London Properties. A unique neighbourhood which combines enterprise with culture and living, St John’s aims to be more than just a development made up of bricks and mortar. The development is mainly aimed towards creative agencies, and will incorporate up to 2,500 homes and 600,000sq ft of office space, riverside parks, arts venues, shops, restaurants and bars. The development will mainly be situated on the old site of Granada Studios and feature a £110 million theatre and arts studio named The Factory.
Ancoats and New Islington – “the world’s first industrial suburb”
c/o Alan Stanton
The owners of Manchester City are funding the regeneration of the Ancoats and New Islington area of Manchester. Formerly a run-down part of the city, the area forms part of a new deal to build 6,000 new homes in east Manchester. The owners of Manchester City have pledged £1bn towards the regeneration scheme in Ancoats and New Islington, that will see 830 new homes built in the area.
The aim is to take advantage of the existing features of the area, including the canals and historical architecture. New businesses that are springing up in the area are bringing with them fresh jobs and prosperity. If you are wondering if you should invest in Manchester property, buying one of the apartments for sale in Ancoats would be a good idea. The award-winnning Beech Holdings has an off-plan property development called Ancoat Gardens which is in an excellent location only 400 metres from Amazon's Manchester. This presents an outstanding buy to let rental opportunity with One bed apartments starting at £271,500.
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The future for Manchester’s regeneration
Despite the huge amount of regeneration taking place in Manchester, it does not look like things are coming to a halt any time soon. In the next five years, there are plans to overhaul three stations in Manchester, including Oxford Road, Piccadilly and Victoria. Not only are the stations going to be redeveloped, but also the surrounding areas.
Ordsall Chord is a new railway line that will link up Manchester Victoria with Manchester Piccadilly. The aim of this is to reduce travel times between the two stations, allowing for easier and shorter transportation across the city. More skyscrapers are being built in the city. There will soon be a 52-storey block of apartments for sale in Deansgate called Elizabeth Tower, that will one of teh highest swimming pools in Europe on the 44th floor. ‘Axis’ tower, was recently developed an established developer that we work with called Alliance Property. The city centre block contains 174 apartments will be one of the tallest buildings in Manchester, alongside Beetham Tower, currently the tallest building in Manchester.
Manchester – an attractive city to overseas investors
In part due to all the regeneration occurring in Manchester, it is now gaining significant attention from overseas investors. German investors have named Manchester as the most important city outside of London for investment, and German bank Deka have paid £164m for the new office block at One Saint Peter’s Square. Manchester is also the largest economic area outside of London with £56 billion gross value added (GVA). The flow of cash into Manchester does not look to be subsiding, as Germany is expected to spend another £200m in the city before the end of the year. UK property is being seen as an attractive prospect to German investors due to the drop in the sterling in comparison with the euro. Even before Brexit though, German investor Hansainvest bought the 280,000sq ft Amazon distribution hub at Manchester City Airport for £35m.
Research by Knight Frank has shown that property prices in London are beginning to hit an affordability ceiling, and investors are looking at properties elsewhere in the UK. It's not just overseas investors that are recognising the benefits of buying property in Manchester. Manchester has been experiencing the strongest house price growth of any city in the UK and has received several accolades including being voted the most liveable city in the UK in the Economist Intelligence Unit’s Global Liveability Scale. British investors are enthusiastic about purchasing property in Manchester, especially in terms of student accommodation. Manchester has the largest student population in the UK, and student accommodation investments typically offer excellent return on investments. Student property is also expected to weather the Brexit storm due to the constant demand for purpose-built units and an overwhelming undersupply. Student accommodation investments such as Kings Court, on Hyde Road Manchester offers 8% net income guaranteed for five years, immediate income and no development risk as it is a ready built development.
Arran Kerkvliet, investment director at One Touch Property, comments “it is now an ideal time to invest in property in Manchester. Investors will get to take advantage of affordable property prices and the capital uplift they will experience due to the various rejuvenation projects happening in the city. Manchester has a vast student population and an overwhelming need for more student properties, and these often provide excellent yields due to their locations and demand.”
In some sense, it is quite ironic that a bomb that was meant to cause destruction, in the end contributed to the rise of Manchester as a centre for investment and improvement.
With all the regeneration Manchester is experiencing, it is no surprise that investors are excited about purchasing property in the city, the capital uplift is expected to be phenomenal and it’s showing no sign of slowing down. We don't list our latest Manchester property developments on our website, register your interest to obtain earlybird prices and end of development speacial offers
Where should you buy investment property in Manchester?
Where should you buy investment property in Manchester?
Manchester is one of the most popular UK cities with investors, and it is not hard to see why. Over the years it has been transformed into a thriving place to live and the best place in the UK to do business according to Management Today.
As Manchester regenerated, more and more people moved there from other cities. People mainly came from London as they were priced out of the capital and Manchester offers similar employment opportunities. This has caused property prices in Manchester to rise 34% in the last seven years – 4% above the national average.
Although the average property price in Manchester has increased, some areas have been more popular than others. If you are looking to invest in Manchester property, you will want to know which places have experienced growth and where there is still opportunity to invest and achieve capital growth. Click the green arrow to discover areas in Manchester that are still worth investing in...
One area that has seen the biggest percentage growth in five years is the M18 post code that covers Gorton and Ardwick. Regeneration of this area started in 2006 when Manchester City Council redeveloped Gorton District Shopping Centre. Further regeneration is in the pipeline to make the area a better place to live and work, which has so far lifted its inexpensive property values by 23% to a modest average of £135,557.
Other areas that have seen a notable increase include the City of Salford. Regeneration here is rather well known as it is home to MediaCityUK. Tenants include the BBC and ITV Granada. Of course, media professionals have moved to the area to be close to jobs, and consequently various high-rise residential blocks have been built to cater for them. The availability of modern housing paired with the new employment opportunities at media companies has pushed up property prices by 22% over the last five years.
Although property prices in Salford and Gorton remain modest, some areas of Manchester offered property already on the higher end of the scale, and with recent increases are now comparable to some areas in London. Didsbury is a suburb of Greater Manchester and according to Rightmove, the average price for property is £350,694. Southgate, an area of North London, has an average property price of £350,000 as well. Depending on the area you choose, it is not always cheaper to invest in Manchester.
Often, the style of home matters just as much as the area. New developments with modern features can command a higher asking price. As can characterful period buildings due to unique appeal and rarity. Manhattan Apartments is a new development in Manchester’s Chinatown district, minutes away from Spinningfields, Manchester Art Gallery and the Northern Quarter. Although its enviable location contributes to its hefty starting price of £331,000 for a one-bedroom apartment, it also offers bike storage, private balconies, and a concierge service. This elevates it against competing residential blocks in the vicinity.
Manchester house prices have been climbing higher than the national average for years now, but you might be wondering whether there is still scope for more capital growth in the city?
The Manchester property price increase is driven by demand, and in short, whether more people want to live there than there are properties available. The imbalance in demand and available property means that prices will increase. If resources are scare, you are willing to pay more for it than the competing bidder.
As more jobs shift from London to Manchester to save on office space, and with the normalisation of home working, it is predicted that more people will set up home in Manchester. By 2034 Manchester’s population is predicted to grow by 56,000 – over 10% according to Cushman and Wakefield. This will coincide with job creation and the steepest house price increase in the country, according to the Sunday Times.
A few commercial office space developments are already in discussion. These include a 370,000sq ft office site One City Road, and the £1.4bn Mayfield development site close to Piccadilly Station that will comprise 220,000 sq ft of Grade A office space. When the office space is complete, businesses will follow.
Last year, Siemens announced it was going to move its head office from Surrey to Didsbury, and the year before that Hewlett Packard announced a move to Manchester’s new city neighbourhood, Circle Square. These are the global names announcing a move to Manchester. It is also attractive to smaller businesses and has the most start-ups out of anywhere in the North West.
You may be wondering why businesses are suddenly so enthusiastic about Manchester. It has one of the largest student populations in Europe and office space is comparatively cheaper than London. With access to top talent and affordable office space, it is no surprise businesses are settling in Manchester.
These positive indictors with regards to the jobs market and population growth in Manchester mean that consultants such as JLL are already forecasting a 17.1% growth in residential property prices up to 2024.
Of course, there are some areas that are still poised for growth, and you may be wondering where you can afford property in Manchester that still has good return potential. You should focus on neighbourhoods next to areas of regeneration. When regenerated areas become a bit more expensive, people will start to spill into surrounding areas which means you can receive good rental yields and eventually capital growth.
One significant redevelopment project was NOMA. Backed by The Co-Operative Group, its plan was to revitalise 20-acres of land in the northern part of the city centre. The development consists of 4 million square feet of office, residential, retail, leisure, and hotel space.
It is understandable that property in the northern part of the city centre has gone up considerably in value since regeneration commenced. However, Ancoats is close by and according to Rightmove, average prices are £282,940. It has a lot of appeal outside of being located close to Manchester’s city centre. Ancoats was recently named the 13th coolest neighbourhood in the world, home to lots of independent eateries and cafes. Mills and warehouses are being transformed into co-working spaces and apartments, and craft breweries are popping up all the time.
Completing in Q4 2021, Ancoats Gardens is a sustainable, new-build development aimed at professionals seeking a sophisticated, convenient and social living experience in the heart of Manchester city centre. Featuring 155 high-spec 1, 2 and 3 bedroom apartments, the development will also boast its own exclusive gym, private gardens, coffee roastery and shared social space for tenants.
With one bedroom apartments priced from £239,950, that is slightly under the average for Ancoats. This, combined with the predicted rise in house prices in Ancoats, means there is definitely opportunity for capital growth.
Another redevelopment project proposed for the city centre is St. John’s. The new development will be on the old Granada Studios site in Quay Street, Manchester. It is headed up by Manchester Quay Ltd, which is a partnership between Manchester City Council and Allied London. The site will be mixed-use, with plans for homes, offices, retail, and leisure space. It aims to combine culture, work and living and one of the focal points will be The Factory, an arts venue with theatre space.
Prices for property on or close to the St. John’s development will reflect its prime location and facilities. For example, the Axis Tower in Deansgate has one-bedroom apartments priced at £462,315. Deansgate is a desirable area, home to high end stores, restaurants and some of Manchester's top nightlife destinations.
Further along the River Irwell you come to Pomona Island. The area has gone a bit under the radar until recently, yet it lies between the three boroughs of Manchester, Salford, and Trafford. It also has two metrolink stations, so it is surprisingly well-connected. Residents can access the MediaCityUK and Trafford Centre with ease, and Manchester’s city centre is also just a short journey.
Manchester Waters is a new development in Pomona Island. 500 apartments will be delivered over five phases. The development is proving so popular that the first two phases are already sold out.
Manchester Waters will compose of studio, one, two, and three-bedroom apartments with stunning views across the waterfront. Prices for studios start from £124,995 and are 20% less than North Manchester and Salford, allowing for capital growth and good rental yields.
Residents will have the opportunity to make use of the onsite cinema room and gym. Each apartment will also be furnished to a high standard with chrome fixtures and fittings, spacious layouts and riverside views.
Two Metrolink stops are within a five-minute walk, so residents can travel around easily. Apartments will be spacious and bright, tailored towards high end living. Due to the appealing nature of the apartments and convenient location, we anticipate good occupancy rates, and a 6% yield can be achieved.
Will property prices continue to increase in Manchester?
The projections for house price growth in Manchester look strong. As we mentioned earlier, many businesses have relocated or are in the process of relocating to Manchester due to cheaper office space and a large graduate population. For individuals looking to lower their living expenses, Manchester has become a popular choice due to its comparatively lower rents and other costs. According to Numbeo, the overall cost of living in Manchester is 18.27% less than that of London, and this is excluding rent, which is around 40% cheaper in Manchester.
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Fundamentals such as population growth, employment opportunities and a lack of house building to meet the demand will cause house prices to increase. Prices do tend to hit a ceiling when few people can afford it, but when you choose areas with moderately priced options, there is scope for capital growth. If you are interested in Manchester investment property, why not read our guide on how to get a mortgage.
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