The Best Places to Invest in Manchester Property
Over recent years, Manchester has gone from being an “insider tip” to being one of the UK’s “go to” property investment destinations.
It's now so widely recognized that some property investors may be left with the impression that they have “missed the boat” and can now only regret having lost their chance to invest in Manchester.
The good news is that actually there are still some parts of Manchester with investment-property bargains to be had. You just need to know where to look.
Salford is already on the property-investment radar, but, for the time being, it’s still rather overshadowed by its larger neighbour.
After Salford lost its heavy industry, it became the place to find a bit of peace outside the big city, but still within convenient travelling distance of the centre.
This is still a large part of its attraction, but now the heavy industry is being replaced by modern, digital industries and education (courtesy of the University of Salford, which is renowned for its excellent links with local companies).
Investors focussing on the student market can hedge their bets somewhat with Salford, since it is not only convenient for the University of Salford but also for the universities in Manchester.
At this point in time, Wythenshawe is one of the most affordable areas in Greater Manchester and, as you would expect, there is a reason for this, which is that years of economic stagnation have left the area with high unemployment and undesirable schools.
This is, however, finally being addressed and there are two key developments which are set to make a huge difference to the area.
The first is the extension of the Metrolink (which will make Wythenshawe much more attractive to commuters) and the second is the expansion of Manchester Airport, which is expected to increase the number of long-term, secure local jobs.
Wythenshawe Civic Centre has also been refurbished. Overall, Wythenshawe is definitely a place which should only be considered by property investors who are sure that they can dig in for the long term, but investors who do have time and patience could be rewarded with excellent capital growth to go with their rental yields.
It doesn’t take much research to work out that Manchester’s key student destination is Fallowfield (although there are a few more minor student hotspots), and if you’re interested in the student market, then there are certainly good returns to be made here - as any investor interested in the Greater Manchester area can easily discover for themselves.
A standard university course, however, lasts three years, after which, students become graduates and these days many of the graduates from Manchester’s universities, choose to stay in the city to start their career as young professionals.
Some of these will, of course, take advantage of their new-found earning status to move to Manchester city centre (Oxford Road is a popular destination), but others will look to areas which offer a balance of affordability and convenient access to the city centre. Tameside fits the bill nicely.
Indlu are estate agents in Denton offering a no sale, no fee estate agency service in the North West as well as a free online house price estimate to find out how much your property is worth.