The good news for property investors is that even if you’re only just discovering the strength of the Manchester property market, you still have the opportunity to find solid investments offering impressive returns.
In fact, there are plenty of reasons why Manchester has excellent prospects both for the immediate future and over the long term. Sales and lettings experts indlu present the following top reasons to invest:
Affordability remains good
Local authorities in the Greater Manchester area have been working hard to ensure that the availability of housing keeps pace with the demand for it, even though the area’s population has been growing consistently over the last few years (and is projected to continue to grow well into the future).
A plentiful supply of housing benefits landlords and tenants alike since it means that landlords and residentially buyers can both purchase at reasonable prices and the landlords can then let properties at affordable prices to “lifestyle renters” such as students and young adults, both of which are in plentiful supply in Manchester and the surrounding areas.
Infrastructure is robust and improving
Overall, Manchester’s transport infrastructure is arguably second to none in the UK.
Although it’s true that London has a more extensive air network and the Eurostar, it’s questionable how much of a benefit this is in practical terms given that Manchester already has connections to many key global cities and is set to benefit from a £1 billion expansion programme.
It also has excellent local transport and is better placed to connect with the UK as a whole rather than just the south of England. Manchester also has excellent digital infrastructure, which is part of the reason it has become a hub of high-tech and creative industries.
The economy is well-placed to weather Brexit
Manchester has learned from its past mistakes and has worked hard to diversify its economy so that no one sector dominates it the way heavy industry did in the past or the way financial services does in London.
This means that even though some local businesses may dislike Brexit, others will be in a position to ignore it while some may even benefit from it.
The city has strong global links
At this point in time, London may still be the most culturally-diverse city in the UK, but Manchester cannot be far behind.
It is estimated that there are some 200 languages spoken in the city and anyone familiar with Manchester would find this very easy to believe given the number of international students who make the city their “home from home” and the number of international business people and investors who visit Manchester on a regular basis.
There are attractive lifestyle options for people of all ages
Manchester is often thought of as a “young person’s city” but actually it offers an attractive lifestyle to people of all ages.
For example, young and old alike can enjoy Manchester’s green spaces and tranquil waterways. There is also solid practical support for people of all stages of life, including excellent schools (both primary and secondary).