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Property Investment Manchester – Everything You Need to Know

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    Investing in Manchester Property

    A melting pot of culture, business, and leisure, the stunning North West city of Manchester is delivering some of the highest returns ever seen in the UK property market.

    With property prices significantly below the UK average, and thousands of students and professionals flocking to the city every year, Manchester property investment is quickly becoming one of the best investments possible in the UK.

    If you are looking to invest in Manchester and want to learn more about the city, the property market, the best buy-to-let areas in Manchester and why the region is such an exciting location for investors, this guide to property investment in Manchester contains all the information you need!

    Let’s get started.

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      Investment Property for Sale in Manchester in 2024

      Whether you want to buy property in Manchester or find the latest apartments to buy in Manchester city centre, RWinvest is currently offering some of the best Manchester buy-to-let opportunities in 2024. Learn more by reading our guide on how to buy properties in Manchester.

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      The Manchester Property Market in 2023/24

      Thanks to low property prices and high rental values, Manchester’s property market is quickly becoming the perfect place for property investors to spend their cash in 2023

      In January 2022, average Manchester property prices were valued at just £211,773 by the Land Registry. This is over £55,000 cheaper than the UK average and is more affordable than places like Leeds, London, and Edinburgh.

      The most recent Land Registry data from February 2023 shows an average Manchester house price of £231,110, which is still below the average in many UK cities, while showing a growth of 9.13%.

      This affordability is emphasised when you compare central city-centre locations.

      The average Manchester city centre property can be purchased for around £279,028 as of March 2023, according to Zoopla data on recent listings in the area.

      For comparison, Central London house prices are around 591% higher than property to let in Manchester.

      In context, that means you could buy nearly six Manchester city centre properties for the price of just one in Central London.  Investing in Manchester is incredibly affordable considering the popularity, size and growth of the city.

      Significantly for property investors targeting long-term house price growth, average property prices in Manchester are soaring at an incredible speed.

      In the last five years, the average Manchester property has increased by a whopping 36.31%, with a 20-year growth rate recorded of almost 390% – the highest out of every major UK city.

      Savills expects that Manchester, along with the rest of the North-West, will see a further growth of 11.7% by 2027, so Manchester property investment will benefit more than other cities it could compare to.

      These growth levels mean there’s a considerable opportunity for capital appreciation in Manchester, giving even more reason to invest in Manchester buy-to-let.

      This suggests a lot of promise for 2023 and beyond with property prices after Brexit in Manchester.

      Manchester Rental Market Data

      Alongside the booming Manchester property market, Manchester’s rental sector is also seeing huge growth.

      According to Home.co.uk data from April 2023, the average rental income per month in Manchester lies at around £1,498.

      This is £314 higher than the UK average, despite average UK property prices being 24.61% more expensive than in Manchester property investment.

      Due to massive rental returns and low prices, investment properties in Manchester can generate average gross rental yields of 7.78% – higher than the average rental yield in Birmingham, Leeds, London, and Newcastle!

      These statistics are only going to get better, too. A recent report from JLL has predicted a rental price growth in Manchester of 3% in 2023 – higher than the UK average (2.5%). As well as this, there’s a predicted 5-year growth of 21.6%, a huge rise.

      As such, there’s likely never been a better time to invest in Manchester buy-to-let property.

      Manchester Rental Market Undersupply

      A big reason behind the massive growth seen in Manchester’s property market is down to a huge undersupply of properties in the city.

      Across the UK, tenant demand has hit a record high, with a 2022 report from Rightmove finding that the number of buyers enquiring about UK homes is 15% higher than at the same time last year.

      This demand is even higher in Manchester. A study from Zoopla in 2020 found that the ratio between supply and demand in Manchester is around 1:5. This means for every single property, five people want a home.

      Manchester Evening News also reported that rental demand in Greater Manchester rose by 20% annually from 2021 to 2022, showing that there is continued rental demand in the area.

      These figures continued into 2021, with Manchester rental market demand so high that property supply reached its lowest-ever level, according to Urbanbubble.

      It’s not surprising that this is the case when you look at how much the Manchester population has grown over the last two decades.

      According to the Manchester Evening News, the Greater Manchester population increased by 7.7% between 2006 and 2016 – double that of the UK average.

      This growth was higher in the city of Manchester, with the population now 27.8% higher than 30 years ago.

      More people than ever need a home in Manchester, which is good news for buyers looking at tenanted property for sale near Manchester. Not only can you expect consistent rental demand, but long-term capital growth is also huge.

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      Manchester Buy-to-Let Property Price Predictions

      Predictions for buy-to-let in Manchester show a bright future for the local housing market.

      According to industry experts JLL, Manchester prices are set to fall by 6% in 2023.

      This is followed by a 1% rise in 2024, a 4.0% rise in 2024, and a 5.0% rise in 2025 and 2026.

      Overall, between 2023 and 2027, JLL expects property prices to have a cumulative growth of 8.9% in the next five years.

      It’s a similar story according to Savills, who outlines regional house price growth predictions by 2027.

      They found that the North West region will see the joint-highest growth in the UK alongside Yorkshire and The Humber, with prices expected to rise by 11.7% by 2027. London, in comparison, is expected to see -1.7% growth due to huge decreases in property values.

      These figures reinstate that the North is looking a lot more promising than the South when it comes to property market growth, with Manchester buy-to-let property out in front as a key investment area.

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        Manchester Population

        There are currently over half a million people living in the city of Manchester, with a large part falling under the ‘generation rent’ age group.

        Based on data collected by the Office of National Statistics in 2021, around 37% of Manchester’s population is aged 18-34.

        In fact, the average age of a person living in Manchester is around 37, which is incredibly young, and is a big factor behind why Manchester buy-to-let is such an attractive investment strategy.

        Since young people are statistically more likely to rent – with one in three millennials said to never own a home of their own – a high population of young people can dramatically boost the demand for a rental property in Manchester.

        This is great news for investors looking to buy an investment property in Manchester, and a young population also opens the door to buyers making a student property investment.

        The population is predicted to increase even further, too, with estimations that the population in Manchester will increase by 56,000 by 2034.

        According to Cushman & Wakefield, job opportunities are a driving factor for this growth.

        It’s anticipated there will be 3,100 new jobs per year, many of which will be high-salary jobs in the city centre.  This will help draw in young professionals seeking work, a key demographic in the Manchester buy-to-let market.

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        Manchester Buy-to-Let Student Market

        With over 100,000 students in Greater Manchester and a large bulk focused on the city of Manchester, the region is a fantastic choice for both residential property and student property.

        Offering a much-loved student scene filled with world-class restaurants and nightlife opportunities, the city is known throughout the world as a student city.

        The likes of Manchester Metropolitan University, the University of Salford, and the University of Manchester are some of the best in the world, with the latter voted the 8th best university in the UK for 2023 by The Times

        Student accommodation can be a compelling option for property investors looking at Manchester city centre, with higher rental yields and lower average house prices than residential property.

        If you want to learn more about Manchester property investment opportunities in the student sector, then read our guide to Manchester student property investment.

        High Manchester Buy-to-Let Demand From Young Professionals

        Students are a mainstay in Manchester, with around 51% of graduates choosing to stay in the city to work, which is the second-highest in the UK.

        This has led to a considerable sector of young professionals working in the city, which has continued to propel the housing market even further.

        These young professionals have been attracted to the city for three key reasons.

        • Living in Manchester is incredibly fun thanks to a lively nightlife scene, a wide range of cultural attractions, and plenty of things to see and do.
        • The city boasts a thriving business scene in areas like Spinningfields and Salford.
        • The city is incredibly affordable for young professionals.

        The second and third points are huge contributors to the rising population.

        A whole host of major businesses and start-ups reside in Manchester, offering young professionals lots of opportunities to succeed in the city.

        In fact, Manchester and Liverpool were voted in the top 25 locations in the UK for business start-ups by Startups.co.uk.

        Record numbers of young people have reportedly been leaving London for Manchester as of late.

        London was once considered the place to be for young professionals, but the high cost of living in the capital has led many to look elsewhere.

        According to GradTouch, Manchester consumer prices, including rent, are 18.27% lower than in London. This has led to 38% of people leaving the capital to move up North or to the Midlands in 2022, as reported by Landlord Knowledge.

        This rise in the Manchester city centre population makes young professionals one of the best tenant groups to target for Manchester property investment.

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          Why Invest in Manchester?

          Thousands of investors are choosing to invest in Manchester property.

          But why is property to let in Manchester such a popular option? Why do investors choose the North West city over the likes of London and Birmingham?

          Well, property investment in Manchester isn’t just an excellent choice when factoring in rental yields, house prices, and rental demand, but the city also offers world-class infrastructure, regeneration, employment opportunities, and economic growth.

          For these reasons, you can find some top property to buy in Manchester. By finding a Manchester investment property for sale, you can set yourself up for huge success.

          Manchester’s Infrastructure and Transport

          Voted ‘the best city to live in the UK’ on numerous occasions, Manchester boasts excellent transport links and connectivity for its rapidly rising workforce.

          The world-class transport links in Manchester make it easy for residents to commute between other key cities in the UK.

          The city’s high-quality rail network and motorway network means that those living in Manchester can easily travel to nearby cities like Liverpool and Leeds in less than one hour.

          Other major cities like London, Glasgow and Cardiff are also easy to reach, with a train ride to the capital taking around 127 minutes.

          Notably, the new HS2 expansion to Manchester Piccadilly will reduce travel time considerably.

          It will halve travel to London to 67 minutes and reduce travel time to Birmingham from 88 minutes to just 40.

          This is great for the city’s young professional crowd of renters, increasing the appeal of living in Manchester and boosting opportunities for Manchester investment.

          Along with transport links to other cities, Manchester city centre also boasts a sophisticated tram system.

          The Manchester tram system allows residents and tourists to travel around the city centre with ease and reach other parts of the city like Altrincham, Bury, East Didsbury, Ashton-under-Lyne, Eccles, Rochdale and Manchester Airport.

          Manchester’s Amenities

          You may be asking “Is Manchester a good place to live?” before you decide to invest in the area.

          And the simple but effective answer is: Yes.

          Manchester is a great UK city to live in, offering residents an excellent quality of life.

          With a famous shopping scene, eclectic nightlife, an endless range of leisure attractions and plenty of restaurants and bars, Manchester is one of the UK’s biggest tourist spots.

          Floods of people head to this Northern city each year for music events like the Warehouse Project or Parklife Festival, amongst cultural events such as the Manchester International Festival.

          Manchester’s thriving business scene also regularly attracts high numbers of visitors.  Trade shows, exhibitions and conferences are commonly held at Event City and other spots in the Manchester area.

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          Manchester Economy and Employment

          A major factor behind property investors choosing a property investment in Manchester is the incredible economic growth on offer in the city.

          Acting as a global investor community, Manchester property investment offers incredibly profitable investment opportunities thanks to an expanding economy supported by massive levels of high-skill employment.

          Here are six reasons you should consider a real estate investment in Manchester.

          1. Manchester is Europe’s second-largest cluster of media businesses, the bulk of which is centred around MediaCityUK in Salford Quays – home to the likes of the BBC and ITV.
          2. Centre for Cities found that job creation in Manchester outpaced the likes of Berlin, Tokyo, and Paris between 2015 and 2020.
          3. Greater Manchester is the largest city region economy outside of London, with a GVA of £62.8bn.
          4. Alongside Liverpool, Manchester was voted in the top 25 UK locations for business start-ups.
          5. There are over 1.3 million people employed in Greater Manchester, with major industries in manufacturing, life sciences, energy, digital, and finance.
          6. Businesses like the BBC have moved to Manchester from London due to the lower running expenses, with Invest in Manchester estimating that Manchester operating costs are 40% lower than London.

          All these factors mean that the Manchester buy-to-let market has one of the most exciting futures. As the economy continues to grow, average property prices will rise along with tenant demand, making Manchester’s property market an unrivalled opportunity in 2023.

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            Manchester Regeneration

            Manchester is constantly evolving, with ongoing regeneration projects transforming the city and pumping millions into the economy.

            Major projects that are set to transform the city include:

            • The Northern Powerhouse initiative
            • St Johns development
            • HS2 Expansion of Manchester Piccadilly
            • Ancoats and New Islington Regeneration
            • Greengate Manchester

            Regeneration in Manchester has helped provide a huge economic boost to the region and create more diverse options for investment property in Manchester.

            Property investment in Manchester is thriving partially because of regeneration efforts, as new build buy-to-let properties are constructed as part of these schemes.

            But these aren’t the only major projects, past and present, that have transformed the region.

            The city’s three major projects have been Spinningfields, NOMA, and MediaCityUK.

            In the following section, we will take a deep dive into these three projects to explore the impact they have had on the city.

            Spinningfields

            Located between Salford and the city centre lies Spinningfields, a regeneration project that has been named Manchester’s answer to London’s Canary Wharf.

            First introduced during the early 2000s, Spinningfields saw £1.5 billion go into creating around 430,000 square meters of residential, commercial, and retail space, along with being home to several banks, including Barclaycard and HSBC.

            For property investment, Manchester areas that are up and coming with business opportunities are key, which is why Spinningfields is a great Manchester buy-to-let location.

            The Spinningfields Manchester postcode of M3 offers some incredibly sizeable yields, with prices starting from around £246,639 and massive returns of 7.30%.

            If you want to invest in the future, investing in the Spinningfields Manchester postcode of M3 could be worth your while.

            NOMA

            A 20-acre mixed-use development that adjoins Victoria Station to the city centre, NOMA is one of the city’s most extensive regeneration zones.

            The project involves creating four million square feet of retail, residential, office, hotel, and leisure space.

            Backed by the Co-operative Group and driven by a vision of sustainability and urban regeneration, the NOMA scheme has been created to attract more companies to the Manchester area and encourage more investment.

            MediaCityUK

            At the forefront of Salford’s newfound business focus is MediaCityUK – a thriving business network ranging from major corporations to start-ups and a top area for purchasing buy-to-let property in Manchester.

            Once a run-down docklands, MediaCityUK has created a booming investment property Manchester market with plenty of opportunities to cater to local tenant demand.

            Ever since the first phase of construction began back in 2007, MediaCityUK has gradually welcomed several organisations like ITV, BBC, and BUPA.

            Thanks to the significance of MediaCityUK as a top business destination, those looking to invest in buy-to-let in Manchester are naturally drawn to this Salford area, taking full advantage of the opportunities available.

            If you want to learn more about Manchester’s regeneration, or regeneration in other UK cities, be sure to check out the UK regeneration guide.

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              Best Buy-to-Let Areas to Invest in Manchester

              The Greater Manchester region is the perfect place to build a diversified property portfolio, with several top buy-to-let areas worthy of a real estate investment purchase.

              Whether you’re looking for residential or student buy-to-let properties, the following areas are delivering a top property investment prospect this year.

              These include:

              • Manchester City Centre
              • Salford and Salford Quays
              • Old Trafford
              • Fallowfield
              • Castlefield
              • Ancoats
              • Northern Quarter
              • Piccadilly
              • Wigan
              • Greengate

              All these areas offer huge buy-to-let investment potential, with massive regeneration potential and significant rental yields on offer.

              If you are looking to invest in Manchester, these areas are ones you should put on your radar quickly.

              To learn more about all these areas in detail, plus a breakdown of the best buy-to-let postcodes in Manchester, check out our guide to the best buy-to-let areas in Manchester.

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              RWinvest: One of the Best Property Investment Companies in Manchester

              If you’re considering property investments in Manchester, then RWinvest is one of the best property investment companies Manchester has to offer.

              Here’s why:

              • We are a property investment company with over 18 years of experience in residential and student property.
              • We were voted the North West’s Best Property Business in 2020 and were nominated as Business of the Year 2021 in the Echo Regional Business Awards, and also won Best Property Agency in Merseyside at the 2022 International Property Awards.
              • Our property portfolio is worth over £1bn, with current opportunities offering prices for less than £150,000 and assured rental yields of up to 7%.
              • We’ve helped over 75,000 investors and have gained over 1,000 five-star reviews.

              If you want to explore the latest Manchester property investment opportunities and want to do so with the best property investment companies Manchester offers, then RWinvest is the clear choice for you.

              You can contact one of our property consultants today to see what Manchester off-plan property for sale we have that meets your budget.

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              Author

              Reece Pape

              Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

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