Manchester is officially the best place in the UK for landlords
A recent ranking by the online comparison website Gocompare has listed Manchester as the number one place to be a landlord in the UK.
The list has been compiled after analysing a range of figures across 31 UK cities including average yield, average property price, rental price growth and the number of new housing developments, among others. Manchester had the highest average yield at 5.55%, as well as a high rental price growth of 5.76%. The average property price is also relatively low at £173,381 in comparison to other parts of the country. These, along with strong figures in other categories contributed to Manchester’s placement at the top of the list.
Placing ahead of even London, Manchester has benefitted from numerous large-scale investment schemes and developments in the city. MediaCityUK is one such example, with the BBC and ITV relocating many of their main headquarters here in recent years. City pockets such as the Northern Quarter, Ancoats and Spinningfields have also increased in popularity, due to extensive regeneration efforts that have resulted in an influx of both independent and brand-owned bars, restaurants and shops. These in turn have attracted a high number of under 35’s to the city, with an estimated 322,000+ currently residing in the Greater Manchester area. A student retention rate second only to London has also propped this number up, and ensured many skilled workers stay in the area**.
As the Northern Powerhouse leader, Manchester has seen steady growth year-on-year, with a predicted economic growth of 2.4% every year until 2020***. We’ve previously highlighted just why Manchester tops the investor wish-list. With sustainable house prices, strong rental demand and a large number of ongoing public and private investment being ploughed into the city, it’s clear to see why buy to let is booming. There has never been a better time to buy in the city.
Sequre’s managing director Graham Davidson comments:
“Manchester is a key go-to area for savvy investors, with lower prices than southern areas like London, but considerably higher yields and growth. We’ve been based in Manchester during this period of rapid growth and expansion, and have seen house prices grow over 30% in five years. This study reinforces what we’ve said for years, that the north is best to invest – and what better city than Manchester?”
“Studies like this are drawing serious attention to the north and people are starting to take notice of the opportunities in the property market – especially in Northern Powerhouse cities such as Manchester, Liverpool and Leeds. If you’re looking to invest in buy to let, now is the time to do it.”
Other northern cities in the top ten on Gocompare’s list include Liverpool, Sunderland and Newcastle upon Tyne.
We currently have several deals located in Manchester, as well as other northern cities such as Leeds and Liverpool, which are tenanted, furnished and income generating from day one. If you’re on the search for your next property investment, give us a call today on 0800 011 2277.
*The Best UK City to be a Landlord – Gocompare - https://www.gocompare.com/landlord-insurance/best-cities-for-landlords/#/allcities
**Spotlight: Manchester: Where are the gaps? – Savills - http://www.savills.co.uk/research_articles/229130/225218-0
***Manchester is going to be a bigger success story than London – MEN - https://www.manchestereveningnews.co.uk/business/business-news/manchester-going-bigger-success-story-14025723