Written by NPP Lettings
Despite a combined effort on behalf of the major cities involved there’s no doubt that Manchester sits at the heart of the emerging Norther Powerhouse. It’s rich culture, historical pride and diverse international fan base makes Manchester a sought-after city in which professional’s work and play, and investors see a solid return.
Manchester boasts a residential property market that is the strongest outside of London with a predicted growth in house prices of 24.6% between 2016 – 2020. (The House Crowd).
The accompanying rise in rental income of 22.8% during the same period paints a comfortable picture for Landlord yields in the region.
But it’s not just UK based Landlords that see the protentional Manchester offers. Foreign investment continues to pump into the city including German investors Hansainvest purchasing The Amazon distribution hub, a 280,000 square foot warehouse at Manchester City Airport for £35m.
Chinese property investors continue to flock to the North West, adding 400 homes to their portfolio in Q1 of 2016. The attraction, according to agent Hong Kong Homes, is the expansion of HS2 and the growth of the tram system.
Manchester also boasts the largest student population in the UK, with over 100,000 students landing in Manchester for Freshers week in 2016. Excellent ROI makes this market extremely attractive to HMO portfolio landlords.
Finally, the City can boast, yet again, that it was voted the most likeable city in the UK. Perhaps that goes towards explaining why students are taking advantage of the rapidly expanding career opportunities and packed calendar of food and drink events – resulting in extended tenancies, long after graduation.
In the face of Brexit uncertainty – Manchester continues its rapid growth and reminds its investors why it’s not only the heart of the Norther Powerhouse, but the emerging leader in the UK property market.