Throngs of people leave London as its rental market is dominated by investors. As a result, Manchester’s role in the real estate market gets bigger, particularly in the rental sector. In the past years, Manchester’s property market showed robust and stable growth.
The Manchester Property Market
Since the city’s regeneration, the city has the highest yield average than any other city in the UK. It has a yield average of 5.4% and is expected to grow by 5.76% yearly. This growth in rental yield and capital value projections is evident in the whole of North West but Manchester showed the greatest surge in prices.
An average Manchester property costs roughly £177,594, more than what one can buy from Liverpool or Newcastle. Additionally, more Manchester homes are sold quicker than any of the other cities in the North West.
Despite the looming Brexit, the Manchester real market is set to overcome the uncertainty in the market and may even come out with more growth in the next four years. The Manchester property market is projected to rise by a staggering 21.6% by 2023. This is a lot compared with the London property market, which will only appreciate by 4.5% during the same period.
Why is Manchester Outperforming Other Cities?
As mentioned, much of the growth in the Manchester property market occurred after the intense regeneration of the industrial heritage city. The council has effectively brought forward significant modernisation improvements whilst carefully maintaining the city’s heritage and culture. This is something that resonated well with a lot of property buyers.
What are the Key Areas in Manchester for Investors?
As Manchester’s property market continues to change, investors are moving rapidly to fill in the demand in the market. Some of the key areas in the city include:
Green Quarter is one of the charms of Manchester but its old mills and warehouses could only do so much on their own. Thanks to the regeneration approval from the council, several buildings such as rental apartments in Ducie Street, St. John’s twin skyscrapers, Ducie Hotel will undergo redevelopment plans. This will bring fresh energy to the city.
One of the areas getting a major facelift in Manchester is Angel Meadow. By 2020, the city centre will have 756 apartments and penthouses and will feature terraces, lounges, and private gyms amid the greenery.
Picadilly Station and Campus
Known as Manchester’s central location, Piccadilly will undergo a revamp. This will include the construction of a plaza, boulevard, and entrance hall along rail expansion will surely impress first-time visitors and improve the general profitability in the nearby areas.
Developments in the eastern area are notable in Ancoats. The canals, now littered with bars, studios, and restaurants, received a nomination for the hippest neighbourhoods in the UK last 2017. Along with its popularity are a number of individuals who seek to live in the area for its undeniable charm.
In conclusion, the Manchester property market will see a boost in the coming years. Droves of people are leaving London to move to Manchester – a city wth renewed growth and development.