"Major regeneration has played a significant role in transforming Manchester into a buy-to-let investment hotspot, which is driving investors away from London and towards the north. "
Over the last few years, Manchester has developed and somewhat transformed into a city that is attracting people from all around the world, for many different reasons. This means that many people have decided to move to the northern city, and this has simply been music to the ears of investors.
As the interest in the area has grown simultaneously with the way that the city has been redeveloped, it has created a property investment haven for all types of investors, and that fact is now being widely recognised, with Manchester now being known as the best place to purchase buy-to-let investments in the UK.
The Best UK Cities for Property Investment
In a recent survey conducted by GoCompare, it was clear to see that Manchester is the very best city within the UK for property investing, with average rental yields of 5.55%. The survey looked at the UK’s cities, taking into account the supply of housing, rental yields and rental price growth and also the average price of a property, and with this combination, it was found that Manchester is the best for landlords. Although London is able to achieve high rents, it does also cost a lot more to buy a property, meaning that it will have to settle for second best in the rankings, with Nottingham, Liverpool and Leicester completing the top five.
The top 10 cities for property investment in the UK are as follows:
9. Newcastle Upon Tyne
Why invest in Manchester Property
Manchester has been redeveloped over the last few years, with the Northern Powerhouse Initiative being somewhat the driving force behind this. Such redevelopments have been fantastic for the city, and even more so for property investors, providing them with an alternative to London that is actually more successful in many cases. Over the next 10 years, it is also thought that cities within the north of England will continue to outperform cities within the south, especially as the Northern Powerhouse initiative helps them to grow in the coming years.
With the ongoing transformations to the city, there has been an increase in interest from young professionals and skilled workers, which has helped to create a booming economy. As the economy is going from strength to strength, and such levels of employees are moving to the area, the future looks bright for Manchester as a city, and this is positive news for investors, bringing continued investment opportunities.
Rental yields on Manchester property investments are very strong, whilst also being predicted to continue to grow over the coming years. Add to that the fact that house prices within Manchester grew by 34% from 2010 to 2017, and investors have the perfect place to invest, especially as house prices continue to rise. Manchester offers great promise in terms of property investment, exciting investors from all around the world due to the amount of fantastic opportunities that the city is set to present them with over the coming years. Manchester is certainly the place to be for property investment.