If you’re looking for a property investment opportunity, Manchester could be the perfect place for you. The city is home to a growing student population, and rents in the city are growing at double the rate of rents in London. Manchester is also a cheaper place to buy property than London. Manchester is also a popular location for investors looking to find student accommodation.
London’s Rents Are Growing Twice As Fast As London’s
The housing crisis isn’t just confined to the capital. It’s affecting cities across the UK, too. A new Rightmove report shows that Manchester’s rents have increased by 23 percent in the past year. The average London rent has increased by just 0.6% in the same time period. According to the report, the reason for the rising trend is the high cost of living. The Centre for London also found that 25-34-year-olds are leaving London more frequently.
Manchester’s growing population is not the only reason for high demand for rentals. The city has excellent transport links and hybrid working. Manchester is a hot spot for investment. Because of its low office costs and high availability of talent, more start-ups choose Manchester to be their base. There are also many off-plan options in Manchester’s most desirable rental areas. In some of the most desirable areas of Manchester, more than 16,000 apartments are under construction. Around 1,700 other apartments are still awaiting planning permission.
Manchester Is More Expensive To Buy In Salford Than Manchester
There are many benefits to living in Salford. It is a smaller, more vibrant city that has seen a dramatic transformation in recent years. It is home to the BBC and has a large student population. This has raised the profile of the city both locally and nationally. In addition, property prices are lower in Salford than in Manchester, making it more affordable to buy a home there.
Salford is a great location for bargain hunters, with property prices up to 12% cheaper than in the city centre. It also offers good rental yields, with prices in residential areas near the M3 postcode running as low as 6.5%. It also has excellent transport links. With Manchester’s high-speed rail links, Salford is an excellent choice for commuters.
It is not easy to buy a home, especially when you consider rising living costs. However, in Greater Manchester, the average home price was PS241,650 at the end of September. As a result, many buy-to-let investors are enjoying good returns.
Manchester Is A Hub For Student Accommodation
There is a high demand for student accommodation because of the large number of young people who live in the city. Investors who are familiar with the market and know what to look out for will find this a great opportunity to invest in property. This type of property can generate a substantial rental income and a high return on investment.
Manchester has one the highest rates in the country for growth, with the population growing at twice the national average. The city’s low housing supply means that rents are higher than average. According to Knight Frank’s Rental Revolution report, rental returns in Manchester are growing by 5.27% a year, which is more than 13 times faster than London.
With a high demand for student accommodation, Manchester is one of the UK’s top property investment spots. The city has invested millions in infrastructure, transport, and commercial properties. One example of such a project is the Northern Power House.