Should you invest in Manchester property?

Property investment is a popular and profitable option for many but deciding where that property should be, can be a difficult decision. Manchester is now proving to be a hot bed for property investment in the UK and on closer examination, it is easy to see why.

As the third biggest city in the country, Manchester is now beginning to rival the capital when it comes to the real estate market. London is still reeling from the exodus that it suffered during the pandemic as many have sold up and put their money into better options elsewhere.

As Manchester continues to grow, it is now worth looking at what the city has to offer to property investors, and to explain further, Portfolio 8, specialists in selling tenanted property, share their insight on the matter.

Affordable prices

We all know that property prices in London can be astronomical, which is why the more affordable price tags of Manchester have proved to be appealing. With an average property price in Manchester sitting at a little over £217,000, it is clear that the city is still below the average property prices for the United Kingdom.

With many new properties being built in the city, investors are seeing opportunities to put their money into a range of different property styles in Manchester and enjoy a little more bang for their buck.

Transport

After London, Manchester is one of the most well-connected cities in the country, meaning that it can attract people to live there who still work elsewhere. Thanks to the rail networks, London can be reached in a couple of hours, and even Edinburgh is only a four-hour train ride away.

Manchester boasts the third busiest airport in Britain and has some fantastic train, tram and bus systems within the city to allow students and commuters to get about easily.

Business

It is not just property investors that are impressed with Manchester’s affordability, businesses are too. That is why many big names have chosen to relocate to the area, including the BBC and ITV, not to mention many in the life sciences, cyber-security, healthcare and manufacturing industries. This has made it very attractive to those who are career minded, as well as students who are chasing the latest exiting opportunities, and therefore property is in demand.

Entertainment

Manchester is known for the impact that is has had on the world of culture and sport. With several football giants nearby and the home of some of the most vibrant art and music in the world, Manchester has a wide appeal. It therefore stands to reason that it is Britain’s new cultural capital and plays host to the bi-annual Manchester International Festival.

Regeneration

Many of the positive aspects to Manchester have been brought about thanks to a prolonged period of regeneration that has cost billions of pounds. This regeneration is still going on, meaning new blood is being drawn to the city all the time.

Profitability

All of this has culminated in making Manchester a very popular place to live. With such a demand on housing, investors are finding that there is a substantial rental yield of over 8% to be had, not to mention the high rates of house price growth which provides the potential for a capital gain as well.

Manchester is proving to be the next big thing in the property investment market, and it is easy to see why. Not only does it have huge appeal currently, but the future also looks bright, with many more plans and developments in the pipeline. This means that there will be a sustained demand for housing in the professional and student sectors that investors would be wise to capitalise on.