There’s no getting away from the fact that with the current financial turmoil, the UK housing market is in upheaval. Yet, despite this clear understanding, Manchester still remains a strong area for investors looking for property. What is happening with house prices in Manchester? Are house prices still rising? And is the Manchester housing market stable in an unstable environment.
Are House Prices Still Going Up in Manchester? – The Bullet Points!
Don’t have time to read the details? We’ve been there! Here are the top points worth noting:- Manchester remains one of the most desirable locations in the UK.
- The rental market in Manchester is particularly strong thanks to a continued influx of young professionals and students.
- In many areas of Manchester, house prices continue to rise despite the current national difficulties.
- MMC are here to help you make the most from your Manchester property investment.
Up and Coming Areas in the UK - Why Manchester is at the Top
A recent comprehensive report by Aspen Woolf looked in-depth into Manchester and its viability as a place for property investment and looked upon the city very favourably – declaring the Manchester economy a “powerhouse”. Stick with us as we delve further into why this is.
Manchester for Jobs
Manchester is experiencing the highest employment rate in the UK. With investment in the digital and technology sectors, the city is an enticing place to come for those looking for new career paths and work opportunities. Young professionals are a key market for landlords and, as they settle a look to start families, become equally viable as first-time buyers.
Manchester for Study
With multiple world-class universities, Manchester enjoys a thriving student population. This is, of course, prime territory for property investment, especially in the buy-to-let arena. A constant influx of young undergraduates makes the rental market relatively stable even in times of uncertainty.
Manchester’s student population is so energetic as to be problematic, with approximately three times as many prospective renters entering the market each year than there are properties to accommodate them. For landlords, this accommodation shortfall leads to excellent market conditions and buoys the buy-to-let market even when mortgage interest rates rise sharply.
Manchester for Lifestyle
Investment in Manchester city as a community has also been incredibly strong in recent decades, leading to a city that is thriving in terms of lifestyle. A huge variety of quality restaurants, diverse cafés and bars, nightclubs, cinemas, and a whole range of innovative entertainment makes Manchester a vibrant place to live for young adults and couples – typically keen to rent in the early years.
Manchester also boasts excellent schools, green spaces, and desirable housing, making larger family-sized properties an equally strong investment.
Are House Prices Still Rising in Manchester?
Despite recent chaos, house prices in Manchester remain stable. In Your Area recently reported on the top ten areas of the UK where house prices were still going up (based on land registry data) and found two of the top five areas were in Greater Manchester.
Salford and Rochdale have significantly bucked the recent trend of property prices falling to remain increasingly profitable despite the effect of national interest rate issues.
At MMC, we’re not surprised. Salford is one of our high picks for investment in the Manchester areas, featuring as it does, a huge boon with a dedicated centre for technology companies as well as one of the foremost art centres in the region – both great draws for those looking to invest in property. Rochdale, by comparison, is one of the few areas of Manchester where property prices have remained low, but with significant investment in business parks such as Kingsway and the boost from Atom Valley, house prices in the area are bound to continue to increase.
The Relocation Trends Boosting Manchester
Manchester is very much on the international map. It is loved by expats coming to the UK from abroad for its mix of efficient infrastructure, business and work options, lifestyle, location and, of course, property investment opportunity. This international draw brings with it the attention of large multinational corporations and in recent years, giants such as Amazon, Microsoft, and Google have all added bases in the Manchester area.
Relocating to Manchester improves growth which then invites further investment and relocation. It is a cycle Manchester has been enjoying for some time, placing the city at the forefront of UK employment and opportunity.
Becoming a Landlord in Manchester
The Manchester housing market remains an excellent opportunity for investors to the city but the question of buy-to-let viability now hangs in the air over all prospective landlords in the UK. Is the current rise in interest and mortgage rates going to destroy the market for property as a trusted investment?
At MMC, we are confident that for Manchester landlords, the answer is no.
It is true that the yield on a buy-to-let mortgage today is significantly diminished from as recently as two years ago, but it still remains profitable for the discerning landlord looking to take advantage of Manchester’s resilient rental market. As discussed above, the significant factors that have contributed to Manchester’s growth over the past few decades are every bit as true today as they have been – even more so, in fact, as investment and regeneration in the area continue in full swing.
There is no shortage of renters in Manchester. From students keen to study in any of the cities five universities; to young professionals drawn to the area; to expats desiring to experience one of the UK’s most engaging locations; to families keen to enjoy the luscious environment and impressive education opportunities for children and teenagers – Manchester has all the enticement needed to keep the local housing market standing strong in the face of considerable and tumultuous headwinds.
Making the Most of Your Property with MMC
At MMC we have the experience of many years to help you make the most of your Manchester investment. Whether the times are relatively easy, or as tough as they get, our advisors have the skills and expertise needed to make sure your property remains profitable. With a keen eye on the fair market rental value, we will ensure your property is properly marketed and managed to avoid periods of vacancy and uncertainty.
To discuss your property with us and get expert advice on weathering the current storm to make the most of Manchester’s defiant stability, contact us today.
