With the ongoing uncertainly around Brexit that has engulfed the United Kingdom over the past several years, it would be no surprise for investors to be put off investing in property. However, despite the uncertainly, international investors are still showing keen interest in investing in UK property.
Moving forward, investment opportunities in the country could potentially soar depending on the impact of Brexit. The growth of cities outside London, such as Manchester, is providing investors with more options than ever before.
TK Property Group have provided us with a summary of some of the best benefits for why investing in buy to let property in Manchester is quickly becoming one of the best destinations for worthwhile investments.
Demand for Property
The popularity of Manchester continues to grow and that doesn’t look like it will stop any time soon. With a continued flow of new bars, restaurants and shops opening regularly, population in the city continues to rise. Manchester is home to everything that’s required for a comfortable lifestyle, from entertainment and employment opportunities to transport connections. It is a city that has endless choices for learning and working. With more students and professionals flocking to the city, there is a demand for high quality accommodation.
There is an incredibly high demand for property in Manchester and the city is struggling to meet this demand. It’s predicted that by 2027 there will be requirements for 55,000 new properties. However, currently there are only 1,800 scheduled to be built per year. The rental market in Manchester is booming and landlords can benefit from fast rising rents.
A Thriving Location
Foreign investors are increasingly attracted to Manchester due to the city’s thriving economy, high demand for property and lower prices plus higher yields than other investment hotspots in the country. It is the third largest city in the UK and has been by landlords as the most attractive city for buy to let property alongside London. Many recognise Manchester as the ‘capital of the North’ and the city is the largest economic area outside of London.
Manchester offers a first-rate quality of life and boasts a vibrant social scene for students and professionals to enjoy. It is now recognised as one of Europe’s best technology cities with the digital sector having significantly evolved within the past decade. Several film and TV production companies have chosen to move their base of operations here within recent times. With world-class transport connections via Manchester Airport and a strong football and musical background, Manchester is a popular destination for tourists.
Manchester continues to benefit from an influx in developments throughout the city and there’s no sign of investments slowing down. The city is at the heart of the Northern Powerhouse, a government initiative that aims to boost economic growth in core cities of the North of England. There are plans to further improve the transport infrastructure with a new high-speed rail network. There are a host of regeneration projects in the work which will improve all sectors of the economy.
Manchester is the UK’s fastest growing city and is quickly becoming the country’s leading destination for buy to let properties. The city offers the highest rental yields in the country and is turning into a preferred location for investors. With investments in areas such as London proving to be expensive and offering low rental returns, the evolution of Manchester is an opportunity that all investors should be keeping a close eye on.