The Greater Manchester town of Stockport has come on leaps and bounds in recent years, and its growth as an investment hotspot is only expected to accelerate.
In 2022, the Sunday Times highlighted the once-industrial town of Stockport as one of the best up-and-coming areas to invest in. More than a year later, the secret is well and truly out, but that doesn’t mean the town’s potential for growth is about to slow down any time soon.
Some parts of Stockport are almost unrecognisable now, with major regeneration projects already completed or well underway in areas such as the town centre and Underbanks, among many others. The major economic growth that has been sparked by these changes has also boosted housing demand.
For many property investors, Stockport ticks all the boxes when it comes to finding a location with strong capital appreciation prospects and excellent rental demand, and here we list five of the best things about the town for investors at the moment.
1. Stockport: something for everyone
A recent survey from Which? rated Stockport as the best place to retire in the north west, thanks to its good healthcare offering, affordable house prices, and wealth of green spaces. The happiness of its residents also stood out for many people.
But what about young people? In a separate study by The Times, the Greater Manchester town was also recognised as being one of the 12 best places in the country for first-time buyers, while a further survey named it as simply “one of the best places to live” for all buyer types.
The town was recognised by The Times for its “spectacular transformation”, attributing the town’s “change of fortunes” partly to the £1bn investment programme currently underway there.
2. New businesses boosting employment prospects
Business confidence in Stockport has been soaring recently, with a number of companies moving to the town from central Manchester and further afield. According to the local council website, the town is now home to more than 13,000 businesses, and this number is set to continue to grow.
The £1bn investment project mentioned above is certainly behind much of Stockport’s attractiveness as a business destination, with major infrastructure improvements in the pipeline, and more than 5,000 jobs are expected to be created alongside thousands of new homes.
3. Ongoing and planned regeneration projects
There are countless regeneration projects taking place in the town at the moment, from the brand-new multi-million-pound modern transport interchange to the vast improvement to the Merseyway shopping precinct and the creation of a Merseyway innovation centre as part of a drive to diversify the town centre.
The Market Place and Underbanks have both been overhauled in recent years, with the latter even being branded “the Soho of the north” thanks to its eclectic mix of unique and independent shops, eateries and bars. The area’s newfound status has also seen it become a key property investment hotspot.
4. It’s still underrated
Stockport can definitely still be classed as “up-and-coming”, compared with the neighbouring city of Manchester, and this makes it a slightly cheaper place to buy. Stockport’s average property price at the moment, according to Zoopla, is around £277,368.
The north west has also been touted as one of the regions in the UK expected to see the most resilient pricing levels over the coming years, and those who invest off-plan in one of Stockport’s brand-new schemes under construction at the moment could see even greater gains.
The ongoing regeneration efforts also mean that more is expected to come from the town, pushing it towards being a go-to destination in Greater Manchester, while also being attractive to those who work in the city and commute from Stockport.
5. Investment opportunities
Thanks to everything that’s going on in Stockport at the moment, investment opportunities in the town are on the rise as developers are increasingly seeing the appeal of the area. That being said, demand for property continues to outstrip supply, particularly in more central areas, keeping pricing afloat.
At BuyAssociation, we are working with a number of developers who currently have some exciting new projects underway in Stockport. In particular, we have a number of opportunities available at the moment in the much sought after Underbanks area.