Investing in buy to let property in Manchester is currently a good option for a number of reasons. Often referred to as the capital of the North, Manchester is a booming city with a population of more than 514,000.
Since 2014, Manchester has been enjoying ‘world city’ acclaim, following its ranking as a beta world city by the Globalization and World Cities Research Network. It lies within the UK’s second most populous area and is the third most visited city in the UK, after London and Edinburgh, according to VisitBritain.
In recent years, Manchester’s economy has seen a number of boosts as high value and high profile global companies have sought to relocate there or to open key service centres.
The most recent Manchester Business Survey (2014) saw more than a quarter of employers (28%) report an increase in their number of employees over the previous year. Furthermore, 39% of employers reported an increase in turnover during the period. The main sectors increasing their turnover were information and communications and professional and technical, in keeping with Manchester’s position as a global hub for modern service industries.
Increasing numbers of professionals have sought accommodation close to work, leading to rising demand for city centre homes. The situation came to a head in 2012, when the Manchester Evening News reported that occupancy levels of city centre apartments had reached 96%.
Buy-to-let landlords have been keen to purchase apartments in the city as soon as they are available, just as tenants have been keen to rent them. In the two decades since Manchester began a programme of substantial regeneration, property values have risen by 261.24%, according to Zoopla.
Manchester city centre benefits from a distinct kind of tenant – young, professional and keen to rent a great apartment in a central location – meaning that buy-to-let investors can enjoy a known quantity so far as renting out their properties is concerned. It’s a market that works to everyone’s advantage and with Manchester positioned at the centre of the Northern Powerhouse, it looks like a situation that is set to continue long into the future.