Manchester has been one of the UK’s most popular property markets for many years. For both investors and homebuyers, city centre apartments in Manchester offer an opportunity too good to miss.
House prices in Manchester – are they growing?
One of the most appealing aspects of buying property is the potential for capital appreciation over time and a strong return on investment. Manchester’s average house price has gone up by more than £200,000 since the year 2000 and that trend is continuing today.
The latest data from the Office for National Statistics shows that house prices in Manchester increased by 3.9% in the last year.
That compares favourably to the national average of 1.4% recorded by Zoopla and the regional average of 3.7% seen in the North West year-on-year.
What’s more, Manchester’s house price growth has also occurred during a period of uncertainty in the market due to the high inflation, growing interest rates and a cost of living crisis which impacted confidence and market activity.
To see continued house price growth of almost 4% in a year with all of those challenges is remarkable. It makes Manchester apartments for sale a valuable commodity and a great option for both homebuyers and investors.
In the future, property values are expected to keep growing in Manchester. The city centre alone is forecast to see population growth of 5,000 people a year according to the City Council. All of those people will need somewhere to live, and increasingly their preference is for luxury apartments in Manchester city centre which suit their ambitions and lifestyle.
The influx of people will increase competition in the market and push house prices up even further in the future. Why invest in Manchester? It doesn’t get much more compelling than the speed of current property value and population growth.
Are rents growing in Manchester?
Another area affected by population growth is rents. In Manchester, rental properties often get snapped up as soon as they go on the market. As with property values, the most desirable homes are the luxury city centre apartments which are in such short supply.
The same report from the Office for National Statistics shows that the average private rent in Manchester is now £1,241 per month. That’s 12.5% higher than the same time a year ago, compared to growth of 8.6% across the UK as a whole.
That rapid rental growth explains the popularity why Manchester buy to let property for sale is such a valuable commodity for investors from around the world.
Additionally, the growing population and high level of competition in the market means investors buying Manchester city centre property are also unlikely to face void periods. Not only are rents growing fast, but you are very unlikely to face any long breaks in your income.
Where is the best location to buy property in Manchester?
Manchester offers many appealing locations for investors and homebuyers alike. The wide range of regeneration areas across the city means there are plenty of new neighbourhoods and business districts to choose from.
However, arguably the best place to buy property in Manchester is the Old Trafford waterfront. Located close to MediaCityUK, Pomona Island and with direct transport links to the city centre, this is a popular area with an extremely limited supply of housing.
It offers the best of everything you can get from city centre life, but in a more tranquil waterfront setting. By choosing a property which offers that on top of being close to highly in demand employment locations, you can be assured that there will be a huge number of potential tenants waiting to move in.
Want to learn more about investing in Manchester property? Talk to our experts today for advice and to learn about our available opportunities.