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The Best Buy to Let Areas in Manchester Every Investor Should Know in 2024

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    Want to Know The Best Places to Invest in Manchester?

    Manchester is a fantastic place to invest, with a thriving rental market, affordable property prices, and sky-high rental demand.

    Topics we’ll cover include:

    • What are the best areas to invest in Manchester?
    • Is buying property in Manchester a good investment?
    • Where is the highest rental yield in Manchester?

    Let’s dive right in:

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      What Criteria Are We Using?

      When it comes to figuring out the best areas in Manchester for buy to let, you might be wondering:

      What even makes an area worth an investment?

      To help answer this, there are some important statistics you need to keep in mind when deciding on the best Manchester buy to let areas.

      1. Rental yields – This shows the return on investment you’ll get through rental income, and is usually the benchmark for any good investment property.
      2. Affordability – After all, what’s the point in making a property investment if you can’t afford it in the first place?

      Sounds simple, right? You choose an area with these factors, and you’ll make a successful investment.

      But here’s the kicker:

      While these statistics are a good benchmark, they don’t tell the full story.

      Factors like employment opportunities, excellent transport links, nearby amenities and future regeneration can all influence tenant demand and capital growth potential, which is far harder to quantify than the other statistics mentioned.

      This is all-important to keep in mind, as just because a property offers good statistics, it doesn’t mean it will generate the tenant demand needed for a successful investment.

      With that disclaimer covered, and in no particular order, let’s get into our list.

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      Manchester aerial view

      1. Manchester City Centre 

      Average House Price: £249,845
      Average Rental Yield: 8.75%

      The heart and soul of every city, the city centre is often the busiest for rental demand, with most young professionals eager to find accommodation close to their work.

      This is especially true for Manchester city centre, which offers excellent employment, world-class leisure facilities, a city-wide tram system, and more regeneration projects than you can shake a stick at.

      Thanks to these opportunities and features, Manchester was voted one of the youngest cities in Britain, with 37% of the population aged 18-34 – a perfect age group for buy-to-let investments.

      So, what’s the catch?

      Well, thankfully, there isn’t one! Manchester city centre offers all the statistics property investors need for a successful investment.

      Firstly, Manchester city centre offers some excellent affordability.

      According to Zoopla, average property prices in Manchester City Centre are £249,845.

      And thanks to the high average rent of £1,822 per month, you can expect average rental yields of 8.75% gross.

      It gets better:

      Manchester property prices have increased by almost 290% since 2003, according to Land Registry data – one of the highest growths out of every major UK city, with the city centre a major part of this.

      As such, if you’re thinking of good buy-to-let areas in Manchester, Manchester city centre should be at the front of your list.

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      Salford, England / United Kingdom

      2. Salford

      Average House Price: £236,558
      Average Rental Yield: 7.16%

      The home of MediaCityUK, Salford is often forgotten about by property investors in favour of the hustle and bustle of Manchester city centre.

      But this is a mistake.

      With plenty of regeneration ongoing in areas like Salford Quays and Greengate, Salford is the perfect place to target Manchester’s property market at a more affordable price.

      You can find an average Salford property for just £229,086 in 2024, according to Zoopla – a price that increased by a whopping 11% over the last 12 months.

      Factoring in the average rental income of £1,699 PCM, you can get average yields in Salford of 8.90%.

      There are also plenty of exciting opportunities that have gone under the radar in Salford, with several key areas that could be ranked amongst the best upcoming areas in Manchester buy to let.

      For example, Greengate is fast becoming a key property investment area and has been on the rise in recent years thanks to huge regeneration efforts, including the brand-new Embankment Exchange property development.

      The best part?

      Areas like Greengate are minutes from Manchester city centre, meaning you can take advantage of the Manchester buy to let market and its young professionals at a fraction of the cost.

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        Fallowfield Manchester

        3. Fallowfield 

        Average House Price: £281,099
        Average Rental Yield: 11.56%

        Affordable, with a huge average rental income far beyond the city average, Fallowfield is an ideal hotspot for a property investment outside the city centre.

        Fallowfield, and much of the M14 postcode, is a hotspot for students, with easy links to the University of Manchester and Manchester Metropolitan University.

        Due to this, the student market is absolutely thriving here, with a tonne of purpose-built student accommodation and HMOs popping up each year.

        Located just three miles south of Manchester city centre, buy-to-let investors can make an absolute steal in Fallowfield, with property prices of around £281,099 and monthly rent of £2,708 generating rental yields of 11.56%.

        Yes, that’s right, 11.56%!

        With so much scope for rental property in the area, and a wide array of property types like terraced houses, purpose-built student accommodation, and higher-end apartments, you can get a lot of bang for your buck in Fallowfield.

        Just keep in mind that if you’re tempted by an HMO conversion (which you probably shouldn’t be, something you’ll know if you check out our guide on student property investment), you’ll need special planning permission for a new HMO conversion.

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        Old Trafford, Manchester

        4. Old Trafford 

        Average House Price: £290,623
        Average Rental Yield: 4.65%

        I know what you’re thinking. 4.65% doesn’t seem impressive, right?

        Well, while rental yields are one component of a buy-to-let investment, capital growth is another factor you should consider.

        According to Rightmove, house prices in Old Trafford have increased by 5% on the previous year and 19% up on the 2008 peak of £130,000

        For context, Manchester as a whole has seen prices rise by a commendable 6.49% during the same period.

        Although rental yields fall a bit behind other places on this list, those thinking of a long-term investment could make considerable profit here further down the line.

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          Ancoats Manchester

          5. Ancoats 

          Average House Price: £237,860
          Average Rental Yield: 9.77%

          Ancoats is one of the more culturally diverse areas in the North West.

          Home to a mix of fantastically diverse eateries and Japanese teahouses, Ancoats was voted one of the best places to live back in 2019 by The Times.

          This reputation has continued into 2023/24, with the area’s quality of life as one of the biggest selling points.

          Located near the huge student scene of the Northern Quarter – another top spot you should consider in Manchester city centre – Ancoats real estate is available for around £237,860, according to Zoopla.

          These prices have increased by nearly 195% over the last 20 years, making it a top area for capital growth.

          With rent sitting at a sizable £1,936, you can expect huge returns of around 9.77%

          Manchester

          What Are the Best Upcoming Areas for Manchester Buy to Let? 

          While we’ve already mentioned a few of them, there is plenty of amazing buy-to-let areas in Manchester that could soon be making this list properly.

          These include:

          1. Castlefield
          2. Piccadilly
          3. Wythenshawe
          4. Levenshulme
          5. Droylsden
          6. Wigan

          All these areas have growing rental markets, with strong rental yields to boot.

          And while they may not have the headline growth seen in the five areas mentioned on this list, they can still deliver you a significant investment if you choose the right properties.

          To maximise your chances of success, you need to think about your tenants. Offering spacious apartments with room to work from home and outside space can massively increase your chances of success.

          This is vital to keep in mind, as even if you invest in one of the best Manchester buy-to-let areas, if you don’t have an attractive apartment, you’ll likely struggle to make a good investment.

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            View of Manchester

            Is Buying Property in Manchester a Good Investment? 

            Manchester is currently one of the standout locations for UK property investors. 

            Not only does the city boast the highest capital growth rates over a 20-year period compared to any other major city in the UK property market, but it also has the tenant demand to support a buy-to-let investment. 

            You can learn all about the ins and outs of making a Manchester investment and why it could be the best choice for you in 2024 by checking out our guide to Manchester property investment in 2024. 

            Where Is the Highest Rental Yield in Manchester? 

            Based on our research, the area with the highest rental yield in Manchester is Fallowfield, which currently generates gross returns of 11.56%. 

            This is an incredible level of return, with the UK average estimated at around 4.75%.

            The biggest takeaway is that many higher-yield properties are located in northern areas, like Manchester.

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              How to Buy Properties in Manchester With RWinvest? 

              After making our list of the best places to invest in UK property, Manchester is undoubtedly well worth an investment in 2024.

              And if you think this city is the right place to put your cash, then RWinvest is the perfect company for you.

              RWinvest is a property investment company with 18 years of experience in residential and student property.

              We have world-class property investments across Greater Manchester, with residential developments in Manchester, Salford, and Wigan.

              You can find our Greater Manchester investments from just £38,950 today, with up to 6.5% NET returns projected.

              Learn more about our investment properties by taking a look at our guide to find out how to buy properties in Manchester. You can also discover some of the best buy-to-let areas in the UK with our helpful guide to the top buy-to-let towns and cities.

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              Author

              Dale Barham

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

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