Anyone interested in property investment in Manchester will know this city is one of the most desirable areas in the UK. It offers affordable prices, good rental yields and great opportunities for capital growth, making it top of most property investors lists, but where in Manchester should you be putting your money?
In this article, Pure Investor take a look at some of the areas of the city that are set to be the top property investment hotspots for 2024.
Property prices
For a long time, many property investors thought that London was the centre of the universe, but with the average price of a property in Manchester sitting at around £231,000 it has become clear that this is a city worthy of a lot of attention when compared with average prices of £723,000 in the capital.
It is predicted that Manchester will be one of the strongest cities for growth in house prices until 2027, with some estimates suggesting that prices will grow by 2.5% in 2024 alone.
Currently, Salford and Oldham are currently undergoing significant periods of regeneration. The addition of MediaCity means that these are areas which are becoming centres for media and creative arts, and house prices are set to reflect this.
Oldham can currently offer an average selling price of around £190,000, for example, but it is also the area that has seen the highest annual house price growth in the whole of the city. This means that areas such as this still have more room to grow, and investors can expect to see the value of their properties rise.
Rental yields
When buying an investment property, it is important to know that you can benefit from healthy rental yields, and this is another area where Manchester excels, with projections suggesting they are likely to see an average 4% boost every year until 2027.
However, if you are looking for even more than this, then the South Manchester postcode of M14 is already generating yields of up to 9.5%, whilst Salford, Pendleton, Moston and Clayton can all boast yields of more than 6%.
Salford
As the home of MediaCity, Salford is seen as one of the most up and coming areas of Manchester. Property prices are climbing rapidly, which means investors can expect to see a healthy return on their investment in a relatively short amount of time.
City Centre
As you might expect, Manchester city centre is at the heart of the construction boom, with many big property developments taking place in the area. With some huge businesses moving into the area to attract young professionals, the properties on offer are designed to accommodate a modern lifestyle and are likely to be in high demand.
Fallowfield
Fallowfield, in the M14 area, is home to much of the university population of Manchester. Much of the traditional housing in the area is now being converted in multiple occupancy properties to help keep up with the massive demand created by the huge number of students in the city.
Longsight
Longsight is an area with low property prices but high demand thanks to a hefty student population and the nearby hospital. This means it can offer strong rental yields without a massive initial investment.
Gorton
Gorton is an area attracting many young professionals and families who are finding some of the trendier areas too expensive. This means that there are very strong rental yields in the area and plenty of demand for property.
Manchester is an exciting city for many property investors, and there are some terrific areas that are worth looking into as investment hotbeds at the moment.
Mark Burns is the managing director of property investment company Pure Investor, who specialise in UK property investment and property investments in Manchester, Liverpool, Sheffield and Leeds.
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