4 Reasons Why You Should Invest in Salford Property

So, why should you invest in Salford property?

Known as a channel for academic and business talent, Salford lies in the heart of Greater Manchester. Salford is the beneficiary of one of the UK’s most significant urban regeneration projects. The area captures enticing scenery, splendid entertainment, and well-known quality employers, such as ITV and BBC.

With a tremendous amount of development already undertaken in Salford, the city is more liveable than ever. This aids in attracting people to live, work, and invest in Salford. Salford’s MediaCityUK successfully received £1bn in 2016. Furthermore, Salford is predicted to double in size, over the decade, thanks to the success of the project.

According to Rightmove, properties in Salford had an average price of £218,736 in 2022, with popular demand for flats. Sold prices were up 4% on the previous year, and 17% up on the 2019 peak. Therefore, the substantial growth over the last 2 years presents high hopes for investors, whilst the growth continues to prosper.

A previous high-profile project had been set, which included a £400m investment into MediaCityUK. The investment was a part of the BBC’s plan to save money by relocating some staff from London to Salford. This alone presented opportunities for investors, as more people were coming to Greater Manchester for work. Therefore, increasing rental demand and boosting rental yields.

1. Future Visions: Salford Quays 2030

By 2020, Salford Quays had become one of Europe’s most successful waterside regeneration projects. Conversely, by 2030, Salford Quays is set to be transformed through working with local communities and stakeholders. The aim is to make a space suitable for everyone. Through the latest regeneration project, Salford Quays will be considered a peaceful place to live, whilst providing everything you need within walking distance. The aim is to create an affordable place for all and deliver further opportunities for jobs in technology, media and more. In return, this will generate further interest in relocating to Salford and ultimately, increase rental and housing demand.

The 5 principles set out to support the Salford Quays 2030 vision are:

• • Putting people at the centre
  • A place that works for everyone
  • Where creativity brings people together
  • A community dedicated to wellbeing
  • A location that celebrates its past

Firstly, Salford Quays is one of the world’s busiest docks and is set to be one of the most successful regeneration projects. Additionally, urban regeneration is important for economic growth. Regeneration increases employment and attracts residents and investors, whilst improving the quality of life for people who live close by.

2. 20% Population Growth & High Tenant Demand 

If you need another reason as to why you should invest in Salford property, look no further. The Northwest is currently one of the best performing rental markets in the UK. As rental demand continues rising, it is now the greatest time to invest. According to Zoopla, rental increases have hit a 13-year high, most likely due to the imbalance of supply and demand.

According to Salford Gov 2022, there has been a signification growth in Salford’s population over the last 10 years. This is forecast to continue, with an expected 20% growth by 2035. A place that is rife with culture and vibrancy, Salford offers an attractive mix of city buzz and calmness surrounding the green spaces and suburban serenity. The covid-19 pandemic saw residents re-evaluating their habitual spaces, and within the last 2 years, Salford saw a population rise of 6%. Additionally, the cost of living continues to rise in London, with extortionate house prices, and therefore it is no surprise that people are moving north. The increasing population is one reason that Manchester is set to become the next London.

As Salford is a stone’s throw away from Manchester City Centre, the pair are set to thrive in population over the coming years. Let’s not forget the student population, too. The University of Salford had over 25,000 students and 2,300 staff in 2020, furthermore, according to the university application domain, UCAS, there has been a 7% increase in students from 2020. The ever-increasing student population means rental yields are only going to rise. As the population grows, and urbanisation continues, rental demand will continue to boom over the coming years, making this a great time for property investment.