Find out how to take advantage of rising property prices
New data has revealed that Manchester’s property growth is rising at a rate faster than the national average, with a 34% rise in property prices recognised between July 2014 and July 2017. The average growth level is at 30% for other cities in Britain, demonstrating that Manchester is way ahead of its urban neighbours and up 4% on property growth.
The city’s high student numbers and rapidly rising population have created a dynamic workforce employed by Manchester’s booming businesses which include over 100 companies listed with the Financial Times Stock Exchange. These factors have been named influencers of the enormous growth levels currently being experienced throughout the city which are due to continue over the next ten years. Manchester will maintain its status as an exemplar for growth, outperforming the likes of London and Birmingham over the next decade.
This is not just a spontaneous boom but a steady and stable progression for the Manchester economy which has witnessed the average price of a two-bed apartment rise to £250,000 after unheard of growth of 8.7%. So, as an investor in buy to let property, how can you take advantage of the surge in prices on property?
Although growth is being noted all around the city, research the best post codes for investment in Manchester to ensure that your property will benefit from biggest jumps in property prices. City centre zones such as Deansgate, Castlefield and the Northern Quarter are a hit with tenants, whilst areas on the outskirts such as Ancoats and New Islington are slowly becoming go-to destinations for Manchester residents. Salford is another part of the city making the headlines with its business hub situated on the Quays.
Linking to this, it’s useful to look for regeneration in areas taking place at the moment as these will be the districts worth more in years to come. MediaCityUK is doubling in size in Salford Quays, residential apartment blocks are going up by the day in Ancoats, and the N.O.M.A is transforming the North of the city. It’s all about working out where the up and coming areas are and investing now whilst prices are lower, and with Manchester property growth assured to prosper over the next ten years, it’s a no brainer that you’re going to make a profit on your investment. Luckily, companies such as RW Invest do all the hard work for you by sourcing locations of interest and delivering them directly to investors.
Another method to take advantage of Manchester’s property growth is to opt for new build properties as they are more likely to be worth more in a few years times. Modern structures, stylish interiors and state-of-the-art facilities are more desirable for young tenants who will be renting for the foreseeable future, so these properties will naturally increase in value next to older, refurbished builds. Energy efficient buy to lets are also attractive to the newest generation of renters and will put your investment in good stead for a greener future.
To make the most out of the current market in Manchester, the most important thing is to plan your exit strategy wisely. You want your property to increase in value by the time you’ve sold it so that you can look forward to maximum capital appreciation on your investment. The great thing about Manchester is that if you want to cash out in three years or ten, you can rest assured that your property will have a strong potential for capital growth so you can sell your stock for a healthy profit.
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AFP
