Why Should You Invest In Manchester Property?

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.

Spinningfields

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

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.