The Property Market in Manchester
Manchester is a prominent city in the UK that has become a hub for property investment. It offers a diverse range of attractions and opportunities that cater to professionals, students, and tourists alike. The city center features hundreds of buy-to-let apartments, while areas such as Ancoats, Media City, and Salford have also become popular with investors and residents.
As the second-largest city in the UK after London, Manchester has a flourishing property market that continues to attract buyers. Manchester has also been voted as the best city to live in within the UK, is one of the country's largest tourist destinations, and boasts job creation levels that have outpaced Tokyo, Berlin, and Paris between 2015 and 2020.
If you are looking for apartments in Manchester, you will find that the city offers a variety of options. The average rents for a new one-bed apartment in the city are £1,191 PCM, while two-bedroom apartments are £1,407 PCM, and three-bedroom apartments are £1,837 PCM.
Prime new build one- and two-bed apartments have outperformed larger three-beds over the past year, with rental growth of 18% and 19%, respectively, compared to 9% growth for three-beds. The rental prices for prime new build apartments range from £1,400 PCM for a one-bed, £2,000 for a two-bed, and £2,500 for a three-bed flat.
Property for sale in Manchester is also in high demand, with the average property price in the city standing at £261,765, which has increased by 14% in the last 12 months. This price increase has resulted in a good rental yield that is usually above 6%, which is the minimum requirement to maintain costs. Rents have grown by 26% since 2009, and prices overall, between 2022 and 2026, are expected to rise on average by 19.8% according to JLL. An apartment in Manchester is available for just £191,224 on average, which leads to strong rental yields.
Manchester's population growth is one of the significant factors contributing to the growing demand for apartments and properties for sale in the city. The population has increased by over 7% in the last 10 years and over 27% in the last 30. More than half-a-million city center residents are renting their homes, with about 37% of Manchester's population being part of what has been dubbed the "generation rent," between the ages of 18 and 34.
Investors in buy-to-let properties in Manchester can thus expect a stable rental demand and long-term capital appreciation, making the city a promising destination for property investment.
Developments Map View
Manchester’s population growth is, of course, a massive contributor to this growing demand, with the city’s population increasing by over 7% in the last ten years and over 27% in the last 30.
On average, rents achieved for new developments in the city centre increased 18% this summer compared with the same point a year earlier in 2021
With competitive prices and high rental returns, yield opportunities in Manchester property investment are exceptionally promising. Manchester offers some of the highest rental yields in the UK, sitting around 6.3% on average.
Several regeneration projects have also served to expand and place Manchester on the map. Spinningfields, NOMA, Mayfield, and MediaCityUK are some such areas, all of which are contributing to Manchester's overall appeal to potential investors