Manchester is the heart of the north west and so this place is always in demand. In the article we have talked about rise of house rent in manchester.
Manchester is the heart of the North West and with a population increase of 149% from 2002 to 2015 it is becoming the fastest growing city in the UK with more homes being built and more companies moving from London to areas of Manchester. The development of Media City in Salford has had a huge impact on Manchester bringing hundreds of jobs to the area and helping to boost house prices especially around Salford and the city centre.
Manchester house prices overall are up by 34% in the last 3 year period but homes in Salford are up by 38% which is 8% above the national average. Property builders and investors are snapping up property in areas of Manchester with hopes that these values will keep increasing over the next decade as Manchester continues to grow.
The last few years have shown rental yields of 11% - 20% across Manchester which is great news for homeowners and those considering buy-to-let properties.
The Sunday Times' Places to Live survey lists the best places to live in the UK based on a number of factors including amenities, crime, schools, price etc. and named six different areas of Manchester as great places to live. These included Altrincham (posh, cosmopolitan and a haven for footballers), The Heatons (including Heaton Mersey, Heaton Chapel, Heaton Norris and Heaton Moor), Saddleworth (right on the edge of the moors with beautiful rolling countryside), Castlefield (modern city centre living), Ramsbottom (located in Bury with a great music scene and incredible pubs, bars and restaurants) & Chorlton (an ideal place for students and young professionals with a vibrant feel and great nightlife). House rental prices in these areas are more likely to increase at a higher rate purely due to demand.
With so many amazing places to live it is understandable why so many people are looking at moving to or renting property in Manchester. Around 70% of students attending Manchester University come from outside the city which is great news for city centre landlords and those renting out student flats. Even with rental prices increasing at a higher rate than other places in the UK this doesn't seem to stop people moving to the city. Compared to other Northern cities Manchester seems to do everything bigger and better. With an incredible nightlife, unbeatable shopping areas, award winning restaurants, jaw dropping museums and vibrant cultural activities, Manchester is a city that is constantly evolving and just getting better and better.
However with ever increasing property prices, it is becoming more and more difficult for first time buyers to get a foot on the property ladder. Many young people and couples who would ideally have bought a first home are ending up renting for much longer than they would like, and while this is good news for landlords it is not ideal for people looking to buy. This can affect people working in Manchester as it is likely that some may see their rent increasing at a faster rate than their wages.
Prices of houses to rent in manchester, uk look to continue increasing at a higher rate than the national average and businesses still seem to be looking at relocating to Manchester as a good investment so the next few years should be a very exciting time for Manchester and its occupants.
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