Rental demand in Manchester is booming
Up to 10,000 flats are due to be built in Manchester for the the private rented sector (PRS)
Plans are in place for a series of developments across the city, with 2,170 PRS flats already under construction. Manchester is a key target for UK and international investors due to becoming the driving force behind the Northern Powerhouse vision and the role which the city has played within the buy to let sector.
Data from Deloitte Real Estate has highlighted plans for as many as 10,000 apartments in Manchester over the next few years. This is believed to include 700 units on the former BBC Oxford Road site, a further 703 apartments at the Embankment and 472 flats on other sites that are not yet known to the public. Up to £30bn is set to be invested into the sector over the next several years, according to the British Property Federation which will no doubt result in a further increase.
Manchester has seen a significant demand for high quality buy to let property. Earlier in 2015, the city was named as the number one location for buy to let in the UK due to its high yields and affordable property prices. This has resulted in large numbers of investors turning their attention to the North for their property investment purchases.
Comments from Sequre
Graham Davidson, managing director of Sequre Property Investment, comments on the rental demand in the north:
“Investor and tenant demand in Manchester is high, so the increasing levels of construction is demonstrating how developers are attempting to keep up with such high interest. In fact, the demand is there throughout the entire North West region due to great connection links to key cities and the affordability factors however, Manchester certainly experiences this on a slightly stronger level.”
“With as many as 10,000 apartments expected to be built over the next few years, this will see individuals continuing to view Manchester as an ideal place to both live and work. This is really positive news for the private rented sector as these developments will continue to drive tenant and rental demand in the area. For buy to let investors, these insights cement what we already know; that Manchester offers healthy yields, strong capital growth and great returns for property investment.”
Sequre specialise in sourcing high quality, discounted property across the UK, with many of our properties situated throughout the North West. Our Manchester based team are experts in our field and can offer the very best knowledge and insights into property types, locations and financing.