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Known as the ‘New London‘, Manchester is becoming increasingly popular. As London’s house prices have increased, Manchester slowly became the preferred option for landlords and investors. Consequently, making this the right time to invest in Manchester property. Additionally, the train from Manchester to London takes approximately 2.5 hours. Therefore, people were happy commuting out of the capital as opposed to paying London’s high rents.
Manchester generated an impressive rental yield average of 7.93% last year, with some of the highest yields in the city, reaching 10.1%. According to Rightmove, properties in Manchester have a current overall average price of £251,209. Furthermore, average prices in Manchester were up 22% from 2020.
One of the more ‘popular’ regeneration projects that you may have heard of is Manchester’s £1bn MediaCityUK. However, let’s discuss some of Manchester’s other regeneration projects.
With Manchester’s ambition to become carbon neutral by 2038, the need for regeneration is more important than ever. A new strategy is underway, in the ongoing regeneration story of Ancoats – a 20-year programme of redevelopment. The project will create first-class green spaces and will improve access to sustainable transport choices.
Ancoats was once at the centre of a revolution, making this a hub for history. Over the last 5 years, Ancoats has become one of Manchester’s most desired places to live. A place which has trendy bars and gorgeous food spaces, it is no surprise why so many people are attracted to the area.
The current regeneration projects, within the area, hope to bring more than 1,500 new homes to the area, providing more opportunities to invest in Manchester property. Furthermore, the project will deliver 31,000 sqm of commercial space, acting as a catalyst for new residential investment and green infrastructure.
Spinningfields is one of Europe’s most successful urban regeneration projects. The project created an entirely new quarter in the city. It has become a leading, regional business quarter at the centre of Manchester’s corporate community. Spinningfields thriving district is a £1.5 billion project that has been successful in aiding Manchester’s economy and growing reputation.
The quarter delivers an energetic and vibrant atmosphere filled with luxury fashion brands, restaurants, bars and more. A multitude of commercial spaces have been created, such as Manchester’s highest rooftop restaurant and bar, ’20 Stories’, ‘The Ivy Spinningfields’, and ‘The Crystal Maze Live Experience’.
Urban regeneration schemes, such as Spinningfields will promote economic growth by increasing employment and attracting residents and investors. The impressive Spinningfields project will enhance the quality of life for residents who live close by.
NOMA is an £800 million scheme, and another large-scale regeneration project in Manchester which has completely transformed the city. The project is the largest development project in the North-West of England.
Construction on the redevelopment began in 2015 and is set out to be developed over a period of 10-15 years. The regeneration scheme hopes to feature four million sq. feet of offices, homes, shops, and leisure amenities. As areas continue to improve, the desire to live in such areas also increases. As of 2019, NOMA generated £380m for the local economy and has provided thousands of jobs and business rates.
With more businesses opening their doors in Manchester, this only brings in more people to the city and increases Manchester’s population. Furthermore, you are more likely to achieve higher rental yields within areas with high levels of tenant demand. The increasing rental prices across Manchester are caused by the strong tenant demand and lack of supply.
So, why should you invest in Manchester property?
Well, considering the successful regeneration projects and the ever-growing popularity of Manchester, there are plenty more reasons to invest in Manchester property.
Over the last 2 years, new housing and apartment developments have soared in Manchester and Salford. Additionally, the potential for rental demand will only continue rising through future developments. This will help to attract younger people to study, live and work in the centre, ultimately contributing to Manchester’s economic growth.
Interestingly, the city centre is home to over 50,000 residents and the population is expected to reach 100,000 by 2026. The substantial rise in population has triggered an increase in demand for rental properties. According to Statista, there were 4.43m households in England that were in rented accommodation. Therefore, this provides the perfect opportunity for landlords looking to invest in buy-to-let properties in Manchester.
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