Why invest in Manchester?
When property is talked about in the national media, the story is often the same: London is so sought after that house prices continue to skyrocket.
But now LendInvest has found that if it’s top rental yields you’re looking for, you’re better off investing in the North West.
According to their Buy-to-Let Index, Manchester and Liverpool have offered the best rental returns for the last five years, indicating that the area remains very desirable for investors.
This is certainly what we have found in recent times at Julie Twist Properties: interest in buying to let in Manchester continues to rise, with both new developments and re-sales remaining popular.
Part of the reason for the sustained strength in the local market is the increasing importance of Manchester to the UK economy. Seen as central to Chancellor George Osborne’s ‘Northern Powerhouse’ concept, the city offers a winning combination of affordable property to buy and a large working population looking to rent.
Indeed, with average yields of 6.02% available in Manchester, it’s no wonder that investors are looking to pump their money into the local economy and make a profit of their own. And with more and more people moving into the city to work or study, property demand is rising much faster the supply, meaning that these strong yields show no sign of falling any time soon.
This property shortage is having a knock-on effect on the sales market, however, and it’s predicted that property prices will rise by 20% over the next three years. Now is the time to invest, then – before purchasers start to be priced out of the market.
The majority of Manchester property consists of apartments – and there are some things to bear in mind if you haven’t invested in this type of property before. For one, there is always a service charge to contend with, which must be paid to the management company of the building where the apartment is situated. There is usually a ground rent charge to pay. Generally speaking, apartments tend to be leasehold, so you won’t actually own the land; only the property itself. It’s worth being clued up on all the legal elements before investing – and our experts are happy to help you make the decision that is right for you.
Manchester apartments vary greatly in style, size and cost – whatever you are looking for, there is bound to be something out there to suit your requirements from new builds to resale properties. For more information on finding your buy-to-let property call our sales team on 0161 834 8486.
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