Location Focus: Salford
Why should you invest in Salford?
As a city in its own right, Salford often gets overlooked by its larger Manchester neighbour. However, thanks to a mass of regeneration, a new lease of life has been brought to the area and we’re seeing Salford become a desirable location for both buy to let property investors and tenants.
Over the past few years, Salford has seen a new wave of businesses taking residence in the city, increasing employment levels and new property developments under construction thanks to several multi-million-pound regeneration schemes. Now, Salford Quays and MediaCityUK serve as the city’s main attractions, which understandably makes it one of the more desirable districts for tenants and investors.
It was reported in 2014 that house prices in Salford were the fastest rising compared to any other city in the UK, even outpacing London. The city saw a phenomenal 12% increase in property prices in just six months. Since then, Salford has continued to see a steady rise in prices year-on-year, indicating a strong and healthy market.
With phase one of MediaCityUK now complete, along with a wealth of new residential developments, plans are now underway to begin phase two for this Salford Quays hotspot. Reports have indicated that the area will see a development value worth £1bn and that the area of MediaCityUK itself will double in size. An estimated 1,871 apartments have been included within the new construction plans, clearly indicating significant demand for property in the area.
Landmarks within Salford include; the Lowry and its outlet shopping centre, the Imperial War Museum and of course MediaCityUK to name just a few. Over the past few years, this has brought abundance wide range of people into the area and boosted Salford’s economy, business prospects and overall appeal. Many more employment opportunities have been created thanks to the number of bars and restaurants in the area, and with the new Metrolink extensions allowing direct links from the city centre to Salford Quays and MediaCityUK, it continues to add appeal to commuters and young professionals.
Salford has become an ideal hotspot for the average renter – with the relocation of the BBC and ITV studios back when Salford Quays was first under construction, many employees made the move from London to Manchester and had to find suitable accommodation, which led to significant uplift in demand. Since plans for phase two have been announced, there have been talks of moving Channel 4 studios to the Salford area too, which could have a similar effect -great news for investors who are looking for a property with minimal void periods and great potential for capital growth.
The Buy to Let prospects of Salford
Phase one of Salford’s regeneration began in 2007 and continued for almost a decade. In that time, 378 new apartments have been built and house prices grew by 13.1% in 2016 alone. It’s not just the Quays and MediaCityUK that are benefitting either – the amount of regeneration has done wonders for property all over Salford. Surrounding areas such as Ordsall have also become great hotspots for renters and have already begun to see new developments underway.
At Sequre, we have long championed the north as the best location for buy to let, particularly areas such as Manchester and Salford due to the level of growth these cities have experienced. The buy to let deals we source have continued to generate strong yields and have already seen significant capital growth over the space of just a few years.
If you’re looking for a buy to let property in the north then we can help. Our property knowledge is unrivalled and we understand that location is everything when it comes to investment. Not only do we source discounted properties from many banks, receivers, developers and national builders, we put our buyers at the forefront of everything we do. To find out more, call Sequre today on 0800 011 2277.