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Why are Prices Rising?
There are a number of factors causing the increase in property prices in Manchester. One is the city’s thriving economy, which is attracting new businesses and residents. Another is the city’s growing reputation as a desirable place to live, with a vibrant culture and plenty of amenities. These amenities include luxury shopping experiences, friendly eateries, and incredible event spaces.
The increase in property prices means while investors may have missed out on the lowest price, there is still an opportunity to benefit from capital appreciation. If an investor secures a great property in Manchester now, they can still take advantage of the growing interest in the area. Furthermore, while property prices are rising, it is still under half of the average property price in London, which exceeds £500,000.
What do Investors Need to Know?
For any investor looking to secure their next property in Manchester, it’s important to do research and understand the market. The investor must also be prepared to act fast, as properties are often secured very quickly once they have hit the market. Therefore, investors can look at off-plan properties, where they can secure property below market value while also benefitting from instant equity upon completion.
Property price growth is expected to continue due to a number of key factors. This includes Manchester’s strong economy. The city’s economy is attracting new businesses and residents, with the Spinningfields project bringing industry-leading financial businesses to the area. This is leading to a supply and demand imbalance for housing, pushing up prices as a result.
What to Watch Out For?
The market is very competitive, and properties are often snapped up within days of being put on the market, so investors need to act fast to secure their units. To avoid this, using an investment agent the investor could secure an off-market opportunity, with low competition. Therefore, the investor has more time to consider their investment strategy and work with the agency to make sure the property is profitable.
Property prices in Manchester have risen rapidly in the past 5 years. Therefore, investors must act sooner rather than later to secure property at the best price. While the property is at a reasonable price right now, prices are forecasted to continue to rise in key areas. Additionally, regeneration in Manchester is ongoing, making it one of the UK’s most exciting buy-to-let areas.
Overall, the forecast for Manchester property prices is positive. The city boasts one of the strongest economies outside of London. This is a result of regeneration in the area, introducing key businesses and high employment rates. Therefore, the area is benefitting from increased rental demand.
Furthermore, the city has a growing reputation which is increasing demand for housing. The population of Manchester is made up of skilled professionals and top employers. This includes Kellogg’s, Adidas, HP, HSBC and many more.
Manchester is the perfect city to obtain a buy-to-let property. Find out more with the free Manchester CityRise City Guide, which provides key information about Manchester’s buy-to-let sector, here.
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