The Changing Demographic of North Manchester Renters
Those who follow my posts will be as excited as I am about the ever changing landscape of the M9 postcode area property market. As an investor these are both interesting and exciting times, as day in day out I am seeing Moston, Harpurhey and Blackley transforming before my eyes.
Earlier this week I was lucky enough to get out of my office for lunch, and finally get a chance to check out the latest buzz of Harpurhey, The Pasta Project . Fresh handmade pasta dishes, simple yet delicious and as I sat outside enjoying my lunch, I almost for a moment forgot I was in Harpurhey, and could easily have been sitting in the City Centre, in one of the trendy South Manchester neighbourhoods or as the weather was so nice somewhere in Napoli. The food was delightful, and i certainly recommend it, but what struck a chord with me was the clientele.
I talk to a lot of people from all over the city almost every day, and when I mention the areas I work in there is sometimes an undercurrent of snobbishness, as if the areas I work in are somehow less desirable or worthy of other places in the city. These stigmas and emotional beliefs are holding back, otherwise savvy investors, from taking advantage of what I see as one of the best opportunities in the Local, Regional and possibly National property market at the moment- North Manchester!
Lets look at some facts:
- Average M9 Property Price is £96,736
It is widely reported that the average Manchester property price is significantly lower than the £200,000 UK average, with latest figures putting Manchester Property at £147,400, but extracting data from the past 12 months of sales in M9 shows the average M9 property is currently just £96,736 (65% the cost of the Manchester average and 48% the cost of the National Average)
- 62% of Manchester Residents cannot afford to buy
With property values increasing exponentially and wages remaining stagnant, Manchester as a whole is heading towards a housing crisis where renting from private landlords will become the only option, making our market a landlords market. I wrote about this trend at length a few weeks ago, you can read more here
- North Manchester Rent Rates are Increasing
The recent investments in infrastructure, parks, education and services are seeing M9 become a sought after area for young professionals. A very short commute via tram to the city, outstanding schools for when theyre ready to start a family and ample green space to enjoy their weekends. As more and more city centre workers are moving in to M9, we are seeing the rent rates increasing at 4 times the rate of wages, you can read more here
The social landscape is changing and the most savvy of North manchester landlords are spotting this and adapting to it.
So sat outside The Pasta Project eating, and thoroughly enjoying, the napoli dish beautifully presented in its takeaway box I smiled, i'd paid the best part of £5 for something my wife could make at home for 5 of us for less than £1 all in, and I enjoyed the food as the experience I received told me it was good value. The modern shop, the open kitchen, the smells, the atmosphere, the presentation, my buying experience was spot on and I will be going back.
The reason I smiled was because this small symbol of gentrification, I think has marked for me the begining of something special and exciting for the North Manchester property market. Investing a small amount in cosmetic changes to my empty properties, improving prospective tenants experiences and first impressions of a property and highlighting the good of M9, I know, will see me able to command and achieve higher rental rates, higher yields, longer term tenants and more success as an investor.
All from a box of handmade pasta
I write for M9 Property News Online, which has an extensive library of articles like this one, where I talk about what is happening in the Blackley, Moston and Harpurhey property markets, what our local trends are and whats hot and whats not in terms of property in North Manchester and everything else that is important to know as a landlord. Please visit the M9 Property Blog at www.M9.propertynews.online .