Buy to let in Manchester City Centre
If you are looking to invest in buy to let property, it is helpful to focus on a location that is on the up. Manchester is a city on the rise, and expectations are positive regarding the future.
By 2021, the population of Manchester is expected to increase by 28,400; and by 2025, is set to reach 2.87m. More than 70,000 jobs are expected to be created in the city, with regeneration projects and high demand for professional services driving growth and development.
Many parts of Greater Manchester have benefitted from the demand for Manchester property, but you shouldn’t overlook the importance of the city centre. With companies and industries moving into the city centre on a grand scale, people who want to live close to their place of work are looking for homes in the heart of the city.
Don’t forget you also have many young professionals who want to be as close to their leisure and entertainment options as possible. This further drives the demand for city-centre living, with new property developments providing the stylish city-centre pads these people have long dreamed of.
There are many people looking to rent in Manchester city centre
Manchester also benefits from a sizable student population. The University of Manchester alone has more than 40,000 students enrolled. Manchester Metropolitan University can boast of more than 30,000 students. With students coming to Manchester from around the world, buy-to-let investors have a strong market they can reach when letting city centre property.
All these aspects are integral to the growth of Manchester, and why the city centre is so crucial for buy-to-let investors. The sizable student population underpins the market, and many of these graduates stay on. Companies know there is a good supply of qualified professionals in the area, making Manchester an appealing option as a base. Then, with the increase in jobs on offer, more people are attracted to the city, which in turn encourages more employers and industries to make Manchester their home.
The cyclical effect of these elements, all driving Manchester forward in their own right, while acting together to provide a further push, is appealing for investors. Manchester property is in demand, and it is increasing in price, but it remains a much more attractive proposition than property in London or the south-east of England.
Manchester is a well-connected city
Manchester is well connected, and it is possible to travel between the heart of Manchester and London in just over two hours direct train. Too long a journey for the daily commute, but investors or landlords hailing from London can easily reach their investment property. Being able to achieve a higher return on investment is a draw, which is why Manchester city centre appeals to many buy-to-let investors.
As of January 2020, Zoopla lists the average price paid in Manchester city centre as being £212,107. The average price paid for a property in London, according to the same source, is £640,600. Of course, that is the average for all London, which includes less desirable areas, and areas that are far from the leading economic centres. Not only is a property in the heart of Manchester considerably more affordable, but it is also located in the vibrant economic centre of the area.
If you are investor, knowing you can afford a great property that is in high demand is welcoming. At homes4u, we believe Manchester city centre is the ideal location for buy-to-let investors, and we can help you achieve your property aims and ambitions. We can help you find property, and we can assist you in managing your property. If you’re looking to achieve success in the Manchester buy-to-let market, rely on a local specialist, so contact homes4u today.