Greater Manchester Property Is Thriving – And Receiving Praise From The Capital
We all know the north, and Greater Manchester in particular, has a lot going for it. We also know that it isn’t common for places like Manchester to receive praise from the media, and people in general, from down south.
However, the events of the past year or so has brought about many changes. There is a difference in the way people perceive the London housing market, and as such, attitudes have changed with respect to the rest of the country too.
You can imagine our surprise when the MyLondon site had a page focused on the Greater Manchester property market, and how it represents a fantastic opportunity for investors.
Now, we know these articles are often little more than advertisements, but seeing Manchester spoken about so warmly in an article aimed at readers in London and the south of England is hugely positive.
There is a growing awareness that Greater Manchester is thriving, and the property market offers something for buyers, landlords and property investors.
Some quick points highlighted in the article:
The population of the Manchester local authority area, between 2006 and 2016, grew by 16.7%
This growth is double the UK growth rate for the same time
Outside of London, Greater Manchester is the largest city region economy
The gross value added (GVA) of Greater Manchester stands at £62.8 billion
Savills predict a 28.8% rise in North West property prices over the next five years
Simon Ismail, co-founder of a property development company, spoke to the MyLondon site, and said; “Prime London property will always have its place but Manchester does outperform most of London's boroughs. It is the second largest economic city region in the United Kingdom and at the heart of the digital revolution driving today's economy. That in turn is driving the growth and high-occupancy level we see in the city right now.”
There is a big impact in the rental market
If you are looking for a quick overview of the difference in London and Manchester, the rental market is a great place to start. The UK rental market has picked up this year, and according to urbanbubble research, there has been a 34% increase in rented properties in the first quarter of 2021 compared to the same period of 2018 and 2019.
Average rental yields are always worth consider and in Manchester, the average is regarded as between 5 and 6% at the moment, compared to the 2-4% seen in London. When you consider property in Manchester is more affordable than most of London, you are enjoying a greater return on a smaller outlay.
Benjamin Ashcroft, also spoke to MyLondon, saying; “With more than 1,300 homes sold, our teams receiving over 200 enquiries a week and new developments seeing high occupancy levels. This demand is one of the reasons why Greater Manchester remains a large focus for us.”
Brentwood Lettings can call on more than 19 years’ worth of experience in the Moston and surrounding areas letting sector. We are a non-franchise and independent lettings and property management agency in Manchester, and we are here to serve you. To arrange an appointment, a rental property valuation or to discuss your options, give us a call on 0161 681 3724.