Buy to let property investors are flocking to the Northern Powerhouse. The leading city of the Northern Powerhouse, Manchester, is a buy to let property hotspot. This city offers low starting costs and high rental yields for investors who have wised up to the fact that there is serious money to be made in the Northern Powerhouse.
But what is the Northern Powerhouse? It is a project initiated by former UK Chancellor George Osborne, aiming to kickstart the economies of the North. The initiative combines the Northern Powerhouse Investment Fund, the European Regional Development Fund and Local Enterprise Partnerships (LEPS).
Both of these great cities have grown exponentially, enjoying notable and prosperous booms and boosting their economies. From small businesses to individual investors, to swelling workforces with more disposable income than ever, the Northern Powerhouse is a success. The cumulative effects of such economic prosperity have had an incredible impact on the property market of Northern cities. Those wise enough to stake their money in the Northern Powerhouse property market will reap the rewards.
So why invest in the Northern Powerhouse? Because there are plenty of incredible Northern Powerhouse investment opportunities to take advantage of. Whether you are located in the North, elsewhere in the UK or overseas, there are enough reasons to become a buy to let property investor in the North West.
Manchester has been the recipient of extensive, ambitious and large-scale regeneration work in the last decade alone. The determination from this Northern city to become a viable global economic contender and magnet for investment and tourism has seen the vast reshaping of iconic waterways, byways and highways.
Amongst the regeneration in store for Manchester is Manchester Waters. Manchester Waters is set to regenerate 26 acres of Greater Manchester dockland located between Castlefield and Salford Quays. The £1 billion scheme will create 2,500 new homes and swathes of retail, commercial and office space.
House Prices and Rental Yields in The Northern Powerhouse
With property, there are plenty of Northern Powerhouse investment opportunities. House prices have grown faster in the Northern Powerhouse than any other region. Property prices have spiked by 5.6% in the area over the last 12 months, while prices in London fell by 0.7% during the same period. Property prices in the South West and West Midlands grew by 4.4%, the North East experienced 2.8% growth, and the South East region only increased by 1.8%. The national average growth from July 2017 to July 2018 was 3.1%.
The growth of Northern Powerhouse property prices hasn’t diluted the attractiveness of Manchester to developers and investors. The highest average house price in Manchester currently stands at £232,365, while the average price in London is £484,926; over double that of their Northern Powerhouse competitor.
When it comes to Northern Powerhouse investment opportunities, the region offers some of the best rental yields in the country. RW Invest developments are some of the most enticing, worthwhile and profitable Northern Powerhouse investment opportunities available.
The Manchester properties offered by RW Invest are extremely lucrative for buy to let investors. Northern Powerhouse investment opportunities such as our Hollywood Luxury Manchester apartments offer net rental returns of up to 8 per cent and come with affordable prices.
Northern Powerhouse Investment Opportunities
An ever-increasing number of people are flocking to the Northern Powerhouse to live and work. As more people than ever are leaving London, beset by a spiralling cost of living and slumping property market, they are heading to the Northern Powerhouse for a fresh start in the UK’s boom region.
The number of residents in Manchester city centre has grown by 7,000% since the turn of the century, with the majority of these people being young professionals, graduates and students. A massive 60% of Manchester’s entire population is aged between 20-29. They are the main components of Generation Rent, the demographic who make up the vast proportion of private tenants in the UK.
With more people renting and living as private tenants than ever before, and with that number projected to grow to 25% of all homes in the UK by 2021, there has never been a more fortuitous time to take advantage of Northern Powerhouse investment opportunities.