Reason 1 – A High-Performing Property Market
The Manchester property market is booming, displaying signs of even further growth on a global scale.
Just one look at the investment opportunities Manchester offers, and the appeal of buy-to-let investment in this city becomes even more apparent.
Affordable yet growing property prices and high housing market demand have all put the North West’s top city in the spotlight compared to other cities for UK property investments.
Manchester is your go-to city when it comes to buying investments within a top UK housing market.
When compared to other UK areas, particularly London, Manchester property prices are highly affordable.
While not as affordable as their Northern neighbour, Liverpool, which has an average property price of £164,550, Manchester has average house prices of just £203,835, according to the latest Land Registry House Price Index report.
London’s average is more than double this figure, standing at £525,893.
Investors who want to own a lucrative property without spending above their budget will often invest in Manchester due to the affordable prices and fantastic opportunities on offer.
Growing House Prices
One of the most significant pieces of Manchester investment news lies with property price growth.
From March 2022 to January 2023, capital appreciation in Manchester had grown by 5.72% – almost double the national average and 12 times higher than London, according to the UK House Price Index.
Manchester property market forecast predictions show that further growth of 20.2% is predicted for the North West by 2028, making now the perfect time to get started with a new Manchester investment.
Property Market Resilience
The UK has faced a lot of uncertainty over recent years, but the Manchester economy and market remain as resilient as ever.
While cities in the South, like London, continue to struggle following the EU referendum result back in 2016, Manchester’s property market has overcome these difficult times.
Even during the Covid-19 pandemic, when many predicted house prices in the UK to plummet, Manchester’s property market has continued to thrive.
In 2021, a year the pandemic began, Manchester house prices had increased by over 12%.
A lot of factors led to these growing property prices. Of course, the stamp duty tax holiday played a big part in this growth, with a lot of people opting to invest in Manchester during this time to benefit from tax savings.