Manchester: Best places to invest in property in 2018
2018-02-05
House prices, rental values and property transactions in Manchester have all shot up again this year. This is due to a growing number of homebuyers, from home movers to property investors, put their money into England’s northern regions where prospects for further capital growth in 2018 look promising.
According to the Hometrack Cities Index which measures the rate of property price growth across 20 of the UK’s major cities, Manchester currently leads the way as the fastest growing city with an annual home price increase of 7.9%. This takes the average price of a home in the city to £158,800, rather affordable compared with the UK average.
Supported by a new BBC Media City, a major extension to the MetroLink tram system, expansion of the local airport, a new trendy Northern Quarter, not to mention the fact that it is at the centre of plans to create a Northern Powerhouse, Manchester continues to attract widespread investment across the city and this will inevitably lead to further growth.
Manchester also attracts its fair share of buy-to-let investors, which is understandable given that properties in the city generally offer higher than national average rental returns.
In fact, Manchester has just topped the latest LandInvest Buy-to-Let Index. This ranks postcode areas around England and Wales based on a combination of four critical metrics: capital gains, transaction volumes, rental yield and rental price growth.
With demand from tenants outstripping supply, we forecast that rents in the city are likely to rise further 2018, while house prices remain affordable. This suggests they offer room for growth.
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