Despite a steep fall in home ownership in Greater Manchester over the past couple of decades, the city is finally on the rise again, with 68% of property professionals recently voting Manchester the best city to invest in from all the cities in the Northern Powerhouse.
The Northern Powerhouse is the ongoing government proposal to boost the economy across the North of England, especially in what are considered the core cities - Manchester, Leeds, Liverpool, Newcastle and Sheffield. There is no doubt that the attention Manchester has received from the Northern Powerhouse initiative has had and will continue to have great benefits for the city's property market.
This was further highlighted in December 2016, when the latest economic forecasts revealed that Manchester is expected to achieve 2% Gross Value Added growth between now and 2019, a significant rate of growth and the highest of the all the major cities in Northern England in this period.
There are many reasons that Manchester was chosen by so many property investment professionals as the best northern city to invest, including the huge variety of businesses that already exist in the city, the enormous talent pool and excellent national and international transport links.
Impact on buy-to-let properties
What all this means is that there this is a really great time to invest in property in Manchester. 2016 has seen strong 2.2% growth in employment in the city, which was significantly more than other towns and cities in the north west and throughout the rest of the UK. This is expected to continue throughout at least the next three years, with especially significant growth in real estate, the arts, administration, support and the professional services sectors.
This confidence in the employment market is now being reflected in property prices. Following what was described as a 'post-Brexit tumble' in house prices, the latter half of 2016 has seen an increase in property for sale in Manchester, which means an increase in the number of transactions, as well as an increase in prices.
There are huge investment incentives in the buy-to-let market at the moment, with city centre residential properties starting at around only £160,000. If you're able to move out of the centre of town, into Greater Manchester as a whole, the number of incredible offers increases exponentially.
There has never been a better time to invest in properties for students in Manchester. The student property sector in the UK has seen the highest performance of any asset class since 2011 and it amounted to more than £3 billion worth of property investment in 2016.
The right time to invest, the right agency to invest with
Choosing a property investment agent that you can trust is more important than ever and Barrows & Forrester can provide you with the best, most reliable investments in Manchester, resulting in a regular rental income.
To discuss your individual investment requirements and discover how we can help you, give us a call on 0333 3001 888 today.