The North West is now the best region for yields and rental growth. Property investing in Manchester, particularly, is at a record high. For both homeowners and renters, this city has a lot to offer, and the numbers prove it – 7,000 new homes are being built here, with a further 6,000 in neighbouring Salford.
Where are the top spots? And why are they so sought-after? For those hoping to grow a portfolio, we’re going to answer those questions…
Fallowfield and Moss Side
The M14 postcode is made up of a considerable amount of student accommodation for Manchester Metropolitan University and the University of Manchester (UoM). Just further towards M13, you’ll find even more student demand; the UoM has the largest higher education community in the country. It’s little surprise then that these areas turned up on a list of the UK’s most lucrative rental postcodes, coming 18th overall. Landlords are gaining a yield of up to 7.07% on average.
There are countless bars, vintage stores and affordable clubs along Fallowfield and Moss Side. But for other tenants – including those who have graduated and want to stay for another year or two – there’s Platt Fields Park for a relaxing weekend, whilst the Curry Mile serves a wider variety of food than the Indian cuisine it’s known for.
These warehouses and canalways used to be sparse, derelict and devoid of nice homes. Yet now, Ancoats has risen to prominence for Manchester’s 20-something crowd and is almost a region unto itself on the edge of the Northern Quarter. Residents get to sample the bars, cafés, restaurants and independent venues on their doorstep, whilst staying removed enough from the roar of the city centre.
With its deep history and cranes a constant sight on the skyline, Ancoats is starting to become more expensive for property investing in Manchester in the wake of greater rental demand. It’s a lifestyle opportunity that presents something for everyone, and new businesses are dotting the streets every month.
Didsbury and Altrincham
Didsbury and Altrincham are two southern suburbs in Greater Manchester that have a lot to offer a young rental market. The former is doing exceptionally well, known for its local dining, markets, botanical garden walks and second-hand stores. West Didsbury (off Princess Street) is exceptional for two-bed flats, which regularly pass the £1,100 p/cm mark.
Altrincham, meanwhile, is a short 30-minute tram ride from Manchester city centre. It’s abundantly green and independently minded, conserving history whilst adding to it with some of the most creative venues in the region. The Cinnamon Club, for instance, houses live music in an Edwardian building, bridging the past to the future. Many professionals like to move to either of these areas, commuting to the city centre but enjoying the slower pace of life, which bodes well for young families.
Property investing in Manchester has never had so much potential behind it. With 4PropertyUK, you can source the hottest homes for any rental ambition. Interested? Speak to one of our representatives today, and we’ll focus on the next stage in your portfolio where the most assured yields lie in wait.