Manchester is growing in popularity with investors. Not only is it one of the most significant economic hub outside of London, it’s also being revitalized with numerous job opportunities for residents. With low property prices and good rental yields, it can be a stable investment for buyers that want to let their properties.
These are the best places to invest in Manchester as per Property Investments UK.
The Amazon distribution centre and the new Government Communication Headquarters (GCHQ) office, along with numerous well-paid sectors like law and media hubs and the university located in the city, ensure that rental demand is high. The city has multiple buying options, particularly around Levenshulme and Newton Heath, that could offer a 5-6% rental yield. When targeting the student market, properties around the Manchester campus could yield up to 7%.
Like Manchester City, Salford is a university town with numerous buy-to-let options. Properties are cheaper than Manchester City by about 12%, and yields around suburbs like Ordsall, Weaste and Eccles can reach the 6.5% mark.
Stockport is a commuter town well-served by bus and rail. The Heatons are popular, as are Maple, Hazel Grove and Bramhall. While there have been retail declines, a regeneration plan is in progress, making it a potentially good buy for patient investors. Yields are around 3-4%.
Trafford is synonymous with football, but it’s also home to one of Europe’s most prominent business parks. Greater Manchester’s most affluent borough and yields around Altrincham aren’t as high as the inner areas like Stretford, which offers up to 6%.
A diverse neighbourhood with Britain's largest market, Bury can offer yields of around 5% in the northern districts. House prices in the southern side of Bury are steeper but still offer 4.5% yields.
Bolton lies on the M61 and has the benefit of the superfast rail connecting it to Manchester and other cities. It also houses a university with competitive rents, and yields are around 4%.
Rochdale is well connected, with the Kingsbury Business Park offering expansion and opportunities for renters. Plans for a smart waterfront have renewed interest in the town, and while yields are at 3.5-4.5%, it is expected to climb.
Tameside is a cheap and diverse borough with a mix of suburban and rural neighbourhoods. The suburb to watch is Stalybridge, which may soon receive a tram line. Yields are fair at 3-4%, and climbing, with the average price of a three-bedroom house at £166,000.
Wythenshawe is a good purchase for investors looking for growth potential. It’s close to the Manchester Airport, with numerous developments and well-connected railway lines. Yields are around 4.4% for the average 3-bed house, but savvy investors can reach up to 7%.
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