Manchester rent prices have increased by 38% in the past five years, and during that time, the greater area has seen a significant amount of regeneration, especially in Salford Quays.
The average rent in English cities that have seen substantial regeneration has increased by 21% since 2014, while the national average rose by 16%. Bunk, a letting platform, examined rental prices across the past five years in 12 English cities. Manchester led the way, followed by Cambridge, Newcastle, Bristol, Portsmouth, and Liverpool. The research revealed that regeneration is driving up property and rental prices, which presents opportunities for investors and landlords.
Tom Wollard, co-founder of Bunk, commented: “These transformations are positive in terms of the level and quality of housing stock being provided and there is certainly an appetite for these developments and for housing in areas to have seen drastic improvements.
“For landlords this maintained demand pushes up prices and these areas provide a very good return on investment in a landscape that is currently rather tough.
“So for those looking to invest, the best option is to get in early to an area that has been earmarked for regeneration but is still affordable at present, and you should see a healthy return despite the changes to the sector of late.”
Regeneration in Salford Quays
Regeneration in Salford Quays and the relocation of numerous tech and media companies are likely responsible for much of the growth in not just Salford but Manchester as a whole. BBC and ITV have large operations at MediaCity, and TalkTalk announced last year that they are moving their headquarters to Salford. Greater Manchester has even become the UK’s tech capital outside of the London area.
As Salford has seen the creation of thousands of jobs and homes, more investment and upgrades to infrastructure are on the way. The development of Port Salford, the UK’s first tri-modal inland waterway port, will link Greater Manchester to new international trading routes, which will bring further growth to the area.
Growth in Manchester
Manchester has seen huge regeneration and investment in the city centre and the greater area. More housing, especially build-to-rent accommodation, new jobs, and transport upgrades continue to bring more growth to the thriving city. As Manchester boasts a diversified economy and jobs in a wide range of sectors, record level job creation and office take-up are boosting the city’s property market.
With young professionals flocking to this city full of employment opportunities, rents and demand are likely to continue to rise. This brings plentiful opportunities for buy-to-let investors. As the population is forecast to increase even more in Manchester, there’s expected to be further room for growth in the rental market in the coming years.