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Salford Buy-to-Let Guide

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    Everything You Need to Know About Salford Buy-to-Let

    Greater Manchester is an increasingly popular destination for property investment. Salford has possibly had the most impressive journey of all the areas included in this region, with expansive regeneration schemes completely transforming the city and reversing its fortunes.

    On the back of this, Salford has become one of the UK’s most profitable cities for buy-to-let property investments in recent years. So how does it currently stack up to the rest of the country, and is buy-to-let a good investment in Salford?

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      Salford river view

      Buy-to-Let Property Prices in Salford

      According to Rightmove, the average price of a property sold in Salford over the past year was £222,535. According to the UK House Price Index, the UK average property price is £284,691, meaning Salford is still affordable compared to the rest of the country. It is also cheaper than property to buy in Manchester City (£242,523), making it a cheaper alternative for those who want to invest in this region.

      Salford’s average property price is 12% down on the previous year and 9% down compared to 2021. This is characteristic of the UK property market in 2023, as it was a challenging year with sluggish growth and modest price dips in some regions. But is this set to continue?

      Most property market forecasts predict a return to healthy growth for the UK. In particular, Savills Residential Property Forecast states that the North West is set for growth of 20.2% leading up to 2028, which is higher than the UK average of 17.9%. This is promising news for Salford property investors.

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      Buy-to-Let Rental Market in Salford

      According to housesforsaletorent.co.uk, the average monthly rent in Salford is £1,550. This is more expensive than the UK average of £1262, per the HomeLet Rental Index.

      In an article from last year, the BBC states that rents for new lets in Salford grew by 16% in one year – the 8th largest rise in the country. This demonstrates the massive demand boost Salford has recently experienced from renters. A chronic supply-demand imbalance in the UK rental property market suggests that rental inflation will continue rising quickly.

      Due to convenient transport links, Salford is a popular residence for renters who work in central Manchester and other parts of the North West. The University of Salford also attracts a student population that can be targeted for student accommodation investment.

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      Investment Properties for Sale in Salford

      Salford has diverse types of properties with investment potential. This includes terraced, semi-detached, detached houses, bungalows, cottages, apartment blocks, and purpose-built student accommodation.

      Apartment buildings make up a significant portion of the properties in Salford Quays due to the area’s popularity with young professionals who rent.

      According to Rightmove, flats were the most popular type of property in Salford last year, selling for an average price of £197,906—terraced properties sold for an average of £216,951. In contrast, semi-detached properties went for £257,577.

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        Buy-to-Let Investment in Salford: Area Breakdown

        The city of Salford consists of five districts – Salford, Eccles, Worsley, Irlam and Cadishead, and Swinton and Pendlebury.

        Parts of Central Salford, such as Salford Quays, Blackfriars, Broughton, and Ordsall, are close to Manchester City Centre, so it is a desirable place to invest in. However, less central areas of Salford are also in-demand from those seeking a more suburban lifestyle. This includes areas like Swinton and Pendlebury.

        Further out, there are semi-rural areas like Worsley Village.

        Salford Quays

        Average Property Prices in Salford Quays

        The average property price in this area is £198,888.

        Average Rental Yield in Salford Quays

        The average rental yield in this area is 7.62%.

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          Swinton

          Average Property Prices in Swinton

          The average property price in this area is £246,809.

          Average Rental Yield in Swinton

          The average rental yield in this area is 7.23%.

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          Pendlebury

          Average Property Prices in Pendlebury

          The average property price in this area is £244,410.

          Average Rental Yield in Pendlebury

          The average rental yield in this area is 5.51%.

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            Worsley

            Average Property Prices in Worsley

            The average property price in this area is £270,562.

            Average Rental Yield in Worsley

            The average rental yield in this area is 5.03%.

            (Average property prices taken were from Rightmove in early 2024; rental yield estimates were calculated with figures from housesforsaletorent.co.uk in the same period)

            What is the Best Area of Salford to Invest in?

            Areas further away from Manchester are popular residential areas but are bound to have less demand than central districts when it comes to renting, and the average rental yield is lower compared to other parts of Salford.

            Suburban areas like Swinton and Pendlebury can offer good rental yields and are popular with commuters into central Manchester. But central districts of Salford, such as the Salford Quays area, are more affordable and have high rental yields, making Central Salford property one of the best things to invest in.

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            Why You Should Consider a Buy-to-Let Investment in Salford

            Regeneration

            Regeneration is a key indicator of future demand for an area and capital growth, so it’s worth taking notice of planned schemes for towns and cities of interest. Salford is one of the biggest regeneration success stories in the UK, and it has shown phenomenal growth in a short space of time. But does that mean the city is past peak growth?

            Not according to Salford City Council, which considers Salford’s growth to be ‘unfinished business’. They plan to deliver 40,000 new homes and 40,000 new jobs across strategic growth locations by 2040 through ambitious regeneration schemes. The local economy is forecast to grow by over 46%, with £3 million of growth.

            Location and Travel Links

            Salford residents benefit from proximity to central Manchester and excellent transport links.

            There are two nearby train stations, Salford Central and Salford Crescent, with frequent trains to Manchester and other cities such as Liverpool and Leeds. Salford is also part of Manchester’s tram network and is well-served by buses. Some areas of Salford are also within walking distance of Manchester City Centre.

            When it comes to travelling by road, Salford is also well located for the A6, A580, M602 and M60. Conveniently situated cities like Salford are bound to enjoy popularity with commuters, adding to rental demand.

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            Salford New-Builds

            According to Salford City Council, the area will need new homes at a rate of 809 affordable homes each year to meet the current demand. The undersupply of housing is a national issue, and calls for new-build properties to help fill the gap are increasing.

            Salford’s reputation as a lucrative property location has also attracted plenty of private developers. The city is often targeted for new-build projects, including houses and apartment buildings. In particular, Salford Quays is popular for luxurious waterside apartments.

            To get a complete picture of the type of developments in the region, it could be worth expanding the search to other Greater Manchester areas. This could involve exploring Wigan, Oldham, and Rochdale new-builds.

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              Off-Plan Property in Salford

              New builds are growing in popularity as property investments in recent years. However, a new-build property will typically be more expensive than an older one. So, as the property investment trends have shifted towards new builds, off-plan is gaining more attention as a way to acquire a new-build property at a lower price point.

              As mentioned, Salford is a popular location for new-build properties, and there seem to be off-plan investment opportunities in the area. Off-plan options are usually more concentrated in major cities, so investors may also take a look at other North West urban centres such as Manchester and Liverpool to see what other off-plan opportunities are on offer.

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              How Does Salford Compare to Other UK Regions When It Comes to Buy-to-Let?

              Salford seems like a safe choice for a buy-to-let investment, but how does it stack up to other areas?

              Salford can offer above-average yields and affordable property. It has already shown incredible growth and stands to grow even more.

              Other North West cities are still worth exploring, as more established areas have property prices and yields similar to Salford. Investing in Manchester property may also be a good choice, with a huge student population to consider.

              Liverpool property is also more affordable than Salford, with some of the best buy-to-let yields in the country, according to Zoopla.

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                Want to Invest in Salford?

                Salford has much to offer a property investor, and it’s easy to see why it has become one of the UK’s top buy-to-let hotspots. Salford can be a wise investment choice, as it is located in the up-and-coming region of Greater Manchester.

                Other North West locations, including Manchester City and Liverpool, are worth exploring as investment options.

                To learn more about other property hotspots, take a look at some of our buy-to-let area guides:

                Map of Salford

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                Author

                Jessica Ferris

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                Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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