1st
Oct 2017
Manchester is now being 'heralded' as the new UK buy-to-let 'must have' because of the large number of new developments in the area.
One of the largest non-bank mortgage lenders in the UK, states that Manchester is the new hotspot partly due to the fall in the London BTL investment yields. The northern City has also improved its infrastructure and communication networks as well as enjoying an increase in its economy and of course its rich culture.
The company claims that Manchester is currently enjoying the fastest rental growth in UK as prices have risen by 7.53% in the last twelve months. The city is now ranked a number one for rental yields across the whole of the UK, whereas the UK average returns for landlords and investors is 6.11%.
The new developments across the city, such as MediaCity UK, are encouraging an influx of young professionals and Manchester is now seen as a true 'Northern Powerhouse'. It is predicted that Manchester's population will grow from the current level of around 520,000 to 600,000 by 2030, which will increase 'housing demand'.
The city is a wise investment for all investors focussing on capital growth as it boasts the second fastest price growth in the UK claims a property investment advisory service. The city's property prices have risen by 7.1% and yet valuations still remain relatively low with an average of £157,500, whereas London's is currently £494,200.
Landlords have to find ways to compensate for the new tax changes wishing to remain in the private rented sector and Manchester should be in the forefront of their minds, as it is still offers low prices and a consistent upward demand for 'homes'.
News Archive »