According to the latest buy-to-let data, Manchester is among the UK’s top 10 places for rental growth, so if you are a landlord it is worth considering investing in the city.
Manchester is the hub of the ‘northern powerhouse’ and as such there has been plenty of investment in the local infrastructure. If you are a buy-to-let landlord there are 4 up and coming areas within the city that are worth looking at as they are giving an excellent rental yield.
A guide to some of Manchester’s buy-to-let hotspots:
The M6 postcode includes Pendleton, Claremont, Langworthy and parts of Salford. It’s close to the centre of Manchester and the University of Salford, so it’s a popular area for students.
This is the best area in Manchester in which to invest, with average rental yields close to 9%.
The M14 postcode lies to the South of the city centre and includes Fallowfield, Rusholme and Moss Side. As it is close to the main University of Manchester campus, this area is extremely popular with students.
Moss Side has received a lot of investment which has helped to put its notorious reputation for riots and gang violence in the past. The area has a good cycle network and the city centre is only a 10 minute bus ride away.
The latest figures from TotallyMoney.com indicate that this postcode is averaging over 8% rental yields, making it another popular choice amongst buy-to-let investors.
The M38 postcode is found to the North West of the city centre. It includes Little Hulton where the average asking price for properties is just over £90,000 and it is possible to buy a terraced house for as little as £70,000. It’s not one of the smartest parts of the city but it averages rental yields of almost 7% making it a popular area with buy-to-let investors.
The M5 area of Manchester is another top pick for buy-to-let investors, with rental yields averaging almost 8%. Its close proximity to both Manchester city centre and Salford makes it popular with both students and professionals.
Peter Robinson & Co is based in Oldham and has a good knowledge of the local property market. We can provide advice on investing in buy-to-let property.