With the city of Manchester experiencing the biggest percentage rise for nine months in a row, the index shows the average price for a house in Manchester is now £211,748. Studies predict that by 2020, Manchester will have experienced the most dramatic rises in property prices along with other leading UK cities Bristol, Leeds and Edinburgh. This is largely due to people relocating to these areas given the fantastic job prospects and rising wages – but also the magnetic, lively scenes that pan out across these leading cities.
Manchester in particular is renowned for a world-class education system, making it home to over 80,000 students that sweep in shoulder to shoulder with young professionals – each as keen as the other for a slice of Manchester’s top music scene, the wealth of arts and culture establishments, the booming casual dining sector and of course, so much more.
Bearing in mind the fact that the city reels in the largest student population in Europe, a significant number of landlords set about tailoring their properties to let in Manchester to attract this particular demographic – particularly if their properties are located in the student corridors of Fallowfield and Withington, where properties available to rent are marketed from around £75 per week.
Spacious, stylish apartments and houses with up to 3 bedrooms can secure rental yield of £100 per week in Greater Manchester hotspots Chorlton, Didsbury, Sale and Salford, with this figure climbing with the more well-presented accommodation benefiting from features such as large gardens, patios and balconies. Families will also sense a great pull to Prestwich and Whitefield, due to the reasonably priced nature of family homes to rent.
Landlords can secure £650 per month with property in the more affluent areas of Manchester – particularly in the borough of Trafford – where the average price of a detached house stands at £437,464. This makes the area the most expensive to live in Manchester. Altrincham in Trafford is one area many prospective tenants have their eye on, especially given that it now houses a number of MediaCityUK workers who have relocated from London. Often Altrincham is labelled the “Kensington” of Manchester given the beautiful Victorian and Georgian properties on picturesque streets, the friendly families dotted around the area, and glittering array of exceptional schools. Altrincham also benefits from being close to the M60 and M51, and links into the City Centre via the metro trams.
The Northern Quarter area is a popular spot for wealthy young professionals and students to rent apartments. It’s certainly a magical spot, boasting colourful street art and grand apartments in close proximity to the most well-attended hipster watering holes. It’s a thriving area – even named Britain’s best neighbourhood in 2010 due to the renewal of the area which is now largely considered a vibrant extension of the City Centre, which grants many glimpses into its musical heritage and industrial roots.
While this guide acts as a top level source to consult for letting in Manchester, it is essential landlords seek the services of a professional and reliable estate agency like Hunters who can offer more thorough advice in person. The independently owned estate agency branch in Manchester can also adopt market-leading strategy to ensure boosted rental yield, and peace of mind in tenant selection and property management.
To find out more, get in touch with Hunters in Manchester today, where one of the lettings specialists will be on hand to confidentially discuss your options.