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Manchester Property Report 2023

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    Everything You Need to Know About Manchester Property

    As London property prices continue to drive many investors away from the capital, buy-to-let investors are looking to the North for cheaper property and healthier rental yields.

    Out of all the major cities in the region, Manchester is considered the unofficial capital of the North, and its reputation as an attractive place to invest is well-known in the property industry.

    Our Manchester property report will give you a complete look at the Northern Powerhouse’s current status when it comes to property.

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      Manchester Property at a Glance

      • Average Property Price – £230,967
      • Average Monthly Rent – £1367
      • Average Gross Rental Yield – 7.10%

      Northern cities are generally known for being affordable, and Manchester is a prime example of this trend. Manchester’s average house price is cheaper than the UK average, which is currently £289,824, according to the UK House Price Index.

      Although property in Manchester is on the cheaper side, rents have been rapidly climbing. 

      The nationwide average monthly rent stands at £1261 according to the HomeLet Rental Index, but the average Manchester rent calculated by is £1367. With this data, Manchester’s average gross rental yield can be calculated to be 7.10%, which is considered a high yield.

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      What’s Happening in the Manchester Property Market Currently?

      The UK property investment market has been sluggish recently, and transactions are down, adversely affecting growth, and sellers are lowering their asking prices.

      While some regions have registered negative annual growth in the past twelve months, the North West has continued positive growth, although it is modest compared to previous years. Manchester property was up 3.2% on the year before in July 2023, according to the UK House Price Index.

      Data collected by Rightmove through their website shows even higher averages than the UK House Price Index.

      See the table below for a full breakdown of prices by property type:

      Property TypeAverage Property Price
      Overall average£256,685

      Source: Rightmove, October 2023

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        Are Manchester Property Prices Going Up in 2023?

        According to the UK House Price Index, the property market has subdued in the past twelve months, and monthly percentage changes have displayed some negative growth in Manchester. This year’s worst month was February, with house prices taking a small dive of -2.2%. Despite these month-to-month dips, the overall trend is towards modest growth when the annual changes are considered.

        The worst of the stagnant market seems to have hit London and the South of England, with the North remaining stable. While growth isn’t as rapid as it has been historically in Manchester, the current stunted activity has been characterised by experts as the market correcting itself rather than a slump. It is unlikely to lead to a crash. For this reason, it is believed that Manchester house prices will return to healthier growth over the coming years. Learn more about property prices in the RWinvest London property report for 2023.

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        What’s Happening in the Manchester Rental Market Currently?

        Demand for rental properties in Manchester far outstrips supply, and this imbalance has been ongoing for several years. This has greatly affected rental costs, causing them to rise much quicker than in previous years.

        According to Home’s Manchester Market Rent Summary, the average rent in the city is £1806 per month.

        This summary gives a breakdown of average rents depending on different types of property:

        Type of PropertyAverage Rent
        Overall average£1,806

        Source:, Manchester Market Rent Summary 11/10/23

        The average rent for flats is more expensive than houses, suggesting high demand for apartments, especially luxury apartments with higher rents.

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          Manchester View

          Rental Demand in Manchester 2023

          So, what’s behind this massive demand for rental property in Manchester?

          Firstly, the city has seen substantial economic growth thanks to ongoing regeneration, transforming it into one of the UK’s most desirable places to live. Notable projects include MediaCityUK and Spinningfields, attracting interest and business growth.

          Recently, it has been reported that many young professionals are leaving London behind for cheaper rent, more affordable housing and a lower cost of living. Research from the Guardian in 2020 found that 13% of people moving away from the capital chose to live in Manchester. This is 12% higher than the number recorded in 2009, showing a massive and rapid rise in popularity in the past decade. Why not view some of the latest Buy to let properties for sale with RWinvest today!

          Another factor contributing to the current explosion in rental demand in Manchester is the student population. The amount of students in Manchester is substantial and growing all the time. This makes Manchester an attractive prospect for student buy-to-let. The area also has a high retention rate for students entering the local job market, adding to rental demand. In 2019, Manchester had the highest graduate retention rate outside of London, approaching 50%.

          This could be part of why Manchester is the second youngest area in the country, with a median age of just 31 years old. Around 37% of Manchester’s population is aged between 18 and 34, and people of this age are most likely to rent rather than own a house.

          Rental Growth in Manchester 2023

          According to Zoopla’s Rental Market Report for September 2023, Manchester is registering one of the highest rental growths when compared with other major cities, running at 14% per annum.

          This growth is due to the chronic supply-demand imbalance in the rental market, which can be observed across the country in major cities, not just in Manchester.

          It is predicted that Manchester’s population could grow massively in the coming years, exacerbating the supply-demand imbalance and exerting further upward pressure on rental costs.

          The good news for buy-to-let investors is that the affordable property and high rents in Manchester have set the scene for some generous rental yields. The average gross rental yield in Manchester is 7.10%, which is considered a high rental yield.

          Read our Buy-to-Let Investors Pros and Cons guide for the latest market insights.

          Manchester Property Forecast for 2023 and Beyond

          The UK property market is currently stagnating, with prices going down in some areas. But London and other regions in the South appear to be getting hit the worst. The North West has experienced modest growth this year, and Manchester has managed to register more of a house price increase than the average for the whole region. This is a promising sign of the resilience of the Manchester property market.


          Property experts Savills predict a return to growth for the UK market from 2025 onwards, but it’s unlikely to reach pre-2016 levels of growth. According to their Residential Property Market Forecast, mainstream capital value in the North West region looks set to grow by 11.7% in the next five years.

          Year20232024202520262027Five years to 2027
          Mainstream Capital Value Forecast for the North West-8.50%2.50%4.50%7.50%6.00%11.70%

          Source: Savills Research, January 2023

          Arrow increase in front of a house model with coins in the background

          Manchester Property Market Past Performance

          Despite economic and political upheavals such as Brexit and the COVID-19 pandemic, the UK property market as a whole has proved itself stable, and Manchester, in particular, has shown impressive capital growth over the last decade.

          Property owners in Manchester have made substantial gains thanks to capital appreciation. Manchester property prices increased by a mammoth 42.90% between 2016 and 2021, while the figure for the whole of the UK was only 23.47% in the same period.

          Thanks to massive regeneration projects over the years, Manchester has been transformed into a modern and exciting metropolitan area. This has caused a massive boost in popularity as a place to live and invest in property, leading to this significant capital appreciation over the last decade.

          Buy to Let Investment Guide

          Want to become a successful buy to let investor? Get our free investment guide today for all the latest tips!

          Download Guide Guide - Buy to let investment guide

          Liverpool Investment Guide

          Invest in the UK's most popular property market. Check out the ultimate Liverpool Investment Guide 2023!

          Download Guide Guide Liverpool Investment Guide
          Manchester aerial view

          Where Are the Best Areas to Invest in Manchester in 2023?

          Manchester City Centre is popular with young professionals who want good proximity to their workplace and the excellent amenities that being more central can offer. It’s pricier than many of the suburbs to be found further out, but high rental demand and the prime location can make up for it.

          As part of Greater Manchester, Salford is often in the shadow of Manchester City Centre, but thanks to big regeneration efforts like MediaCityUK, Salford Quays, and Greengate, the area has been displaying fast growth and increasing popularity as a place to live and invest. Salford’s impressive capital value increases have made it a top pick for property investment.

          Fallowfield is another Manchester hotspot in the buy-to-let field, particularly popular for student accommodation. In some cases, student rental properties can be much more profitable than residential properties, which may contribute to the high average rental yield observed in Fallowfield.

          AreaAverage Property PriceAverage Monthly RentGross Average Rental Yield
          Manchester City Centre (M1 postcode)£234,997£1,1976.11%

          Source: Average property prices taken from Rightmove, average monthly rents taken from Gross rental yield estimates calculated with these figures.

          Suburbs such as Harpurhey and Little Hulton in Greater Manchester are known for having particularly cheap property, much lower than the national average. For example, according to Rightmove, Harpurhey has an average price of just £145,483. However, these districts are some of the most deprived parts of Manchester, and social problems could make this area less attractive to potential tenants.

          In our latest buy-to-let overview, you can learn more about the best 2023 cities to invest in real estate.

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            Manchester Property Market Report Summary

            Manchester has cemented its reputation as a UK buy-to-let hotspot through impressive growth over the past decade, which has been spurred on by regeneration, economic growth, and an explosion in demand. Manchester has become a magnet for renters searching for a more affordable living cost without sacrificing amenities, job opportunities, or lifestyle.


            While the UK property market is currently subdued, the North West region has been spared some of the worst effects, registering modest annual house price increases this year. Healthy growth looks set to return in a few years, and the North West property market is predicted by experts to prosper compared to other less promising regions such as London and the South East.

            Take a look at some of our most recent buy-to-let guides below:

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            Jessica Ferris

            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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