I’ve just returned from a short break in Manchester and it appears that the buy-to-let sector in Manchester is well and truly booming. There are cranes from Spinningfields adjoining the City Centre to Media City in Salford. Every where there are signs advertising buy-to-let opportunities. So are the streets of Manchester paved with buy-to-let gold?
Manchester buy-to-let opportunitiesIt’s true that Manchester has a young vibrant population with two massive universities and one of the largest student populations in Europe and the relocation of staff from London to the new Media City means that the place is awash with generation renters. A recent report highlighted Manchester as top of the buy-to-let league table for rental yields with gross rental yield approaching 8%. This is partly because of strong rental demand and low house prices averaging just over £100,000. The percentage of private housing renting in Manchester is higher than the average at 26.85% reflecting the demand from a young footloose population ideal to rent to. Average rents across the city do vary widely so as always it pays to do your research. For instance according to latest Valuation Office Agency figures a one bed apartment in the City Centre would go for £600 ppm where as across the City in Salford the same flat would only achieve £495. In Wigan rents on a 1 bed flat would be as low as £370.
So its a no brainer... fill your boots with buy-to-let booty!!!