Since social distancing measures have been put in place, people have learnt to adapt their everyday routine. For example, instead of going to the gym people are now exercising at home and making use of livestream classes on Instagram and YouTube. Working from home has become commonplace for many, as has ordering goods online because many shops are either closed or lack stock.
Another lifestyle habit that has changed is of course, going out to socialise. Before, it was a given that when you met up with friends, you would go to a restaurant, café or pub. Or if you wanted to do something a bit more educational, you may visit at art gallery or museum. Now with these places closed and gatherings restricted, people are having to make their own entertainment. Whether that be a Zoom catch up with family, reading a book in the garden or testing out a new recipe, people are adopting a slower pace of life within the confines of their home.
It’s likely that these new lifestyle habits will continue long after lockdown has been lifted. We talked about how working from home may become the new norm as a result of the pandemic, and the possible effects that will have on the property market. There have been numerous studies released on the positive effect working from home has had on pollution levels and work/life balance. We think that fewer cars on the road and a flexibility to work from any location will be embraced, not just from a personal perspective but also from a business perspective. The benefit to business is that they will have the freedom to hire staff from any geographical location, ensuring they get the best fit.
If it slowly becomes the norm that people work from home and spend more time indoors, they will need to become more mindful of their surroundings. We think people will make a concerted effort to look after their mental wellbeing at home and separate workspaces from living spaces, have room for exercise and to enjoy the outdoors (whether that be from a garden, a balcony or a rooftop terrace).
Uptown is a Manchester buy to let that offers these kinds of amenities. Onsite, there is a gymnasium and communal areas such as a rooftop garden. Residents have everything they need on site to maintain a sense of wellbeing. They can grab a cup of coffee from home before starting their working day, take lunch in the rooftop garden and wind down in the evening with a gym session.
Uptown is in central Manchester, and everywhere you could possibly want to explore is on its doorstep. This makes it handy for residents who not only need to pop to the office on occasion, but who have catch up dates with friends or want to do a spot of shopping. Uptown really does offer it all with regards to onsite amenities and what can be accessed in the immediate vicinity.
The other benefit is that it is a completed development. We anticipate that the Coronavirus pandemic and Brexit will cause a slowdown in house building. This would partly be down to a smaller labour force, and the lack of new materials due to the global slowdown in trade. This could cause uncertainty in the market as we would not know when, or if, construction of new developments would resume. Not only does a completed development offer some stability, they would also be more coveted, and this would positively affect demand and capital growth.
If an investor is considering Uptown as a buy to let property, remaining apartments start from £224,854 and 8% discounts are available.
If you are considering UK property investments, we suggest looking outside of London to more affordable cities young professionals may choose if they are afforded more flexibility in their working lives. Also, we suggest developments such as Uptown that have amenities on site to ensure residents lead balanced lives.
People are moving out of London in their thousands every year and Manchester is one of the top places they relocate to. In 2019 it claimed top spot for the UK in The Economist’s ‘Global Livability Index’ based on its environment, healthcare, education and infrastructure. It is more affordable than London and since undergoing regeneration, offers plenty of things to do that rival London’s offering. People can visit an art gallery in the Northern Quarter in the afternoon, before going to a gig at the Night and Day café, and if it’s a good music scene they’re after, there really isn’t a better place in the UK. The attraction of Manchester as a place to live is clearly reflected in its property prices which are growing the fastest of any UK city at 8.8%, according to Hometrack.
We also have buy to let opportunities in other locations across the UK. If you think people will still want to live within easy reach of London, why not consider investing in the best London commuter towns?
If it is your first time investing in property, why not check out our 7 property investment tips after this post?
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