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Our easy-to-digest guides on all aspects of residential operations.

Manchester in the spotlight


02/09/2020

Author : Mary-Anne Bowring


New research from commercial agents Cushman & Wakefield revealed last week that the Manchester property market really is the place to invest for buy-to-let landlords and institutional investors alike.

Second only to London, Greater Manchester has a dynamic, rapidly expanding economy which continues to attract both large and small businesses to the area. In turn, this is bringing talent into the region, with people looking to relocate for work and creating ongoing demand in both the housing and private rental markets. The booming economy is certainly turning Manchester into a buy-to-let hotspot and, according to one local estate agent, the city offers some of the most attractive yields and rental returns in the country, outperforming all other core UK cities when comparing house price inflation. London and Leeds ranked poorly compared to the 9% rise in Manchester.

If you're looking to invest, Cushman & Wakefield says properties in the M14 postcode can be expected to deliver yields of 10%, with current asking prices averaging at £194,733 and rental prices averaging at £1,636 per month. The M19 postcode - which includes Levenshulme, Burnage, Heaton Mersey, Heaton Chapel and Reddish - and M20 area also came out well in their report, showing yields of up to 8.6%. The other success story for the buy-to-let market is the student factor. Landlords in Manchester really benefit from the substantial student population which is attracted to the city by its four highly sought-after universities. Properties located near to any of the universities are in high demand, creating a very dependable local student market. As noted above, Fallowfield in M14 has such high yields because it is heavily populated by students, meaning that you can buy a house and rent it out per person per month.

All these factors also add up to make the city a build-to-rent hotspot. The British Property Foundation said recently that BTR development in the regions is now out-performing London and Manchester is really pulling out ahead. More than 11, 000 residential units are currently under construction in the city centre, with BTR dominating the market. At Ringley we have joined forces with Manchester-based JP Hay and we are working together to expand their BTR offer in the city. Together, we believe we are delivering a winning offer to clients in the region - combining our considerable block management, proptech and lettings experience. We will also be building on our success in the Manchester market to deliver these services to BTR clients further south.

The future certainly looks bright for Manchester's property market. The city has been a popular area for property investment for years and according to a recent report in Landlord Today, Despite punishing tax changes and political uncertainties, Manchester remains as resilient as ever Cushman & Wakefield predict house price growth of up to a staggering 57% in the city by the end of 2028. The agent believes that rising demand combined with the popularity and affordability of new properties will continue to make Manchester a great proposition. So now could be the perfect time to invest.

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Glossary of Terms
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Our parent company The Ringley Group has the following accreditations: ISO9001, ISO14001, ISO27001, ISO45001, and is a GOLD standard Investor in People and is regulated by the FCA and the RICS
Glossary of Terms
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.

Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.

Let: This term signifies an established binding rental agreement between the landlord and tenant.

For both lettings and sales, the guidance addresses additional terms:

New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.

New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.

New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.

New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.

Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.