With all of the uncertainty that the coronavirus has caused in the UK housing market you may be wondering where you will find the best investments in buy to let when it is all over. One of the strongest cities in the country for buy to let investing after the coronavirus is very likely to be Manchester.
According to Residential Estates, an established agency based in the North West in Chester, they believe that Manchester will beat other UK locations hands down when it comes to buy to let investments for a lot of different reasons.
Strong House Price Growth
The first thing that Residential Estates points out is that Manchester has seen excellent growth in house prices over recent years. With the average for the United Kingdom likely to be around 2.9% growth, they believe that Manchester will achieve record growth of 4.1% this year.
Not only that, but Manchester has seen amazing house price growth of more than 22% since 2014 and this singles out the city as a very stable and ideal location for long term investment. It has certainly performed well over the last few years in this regard.
Northern Powerhouse Project
The government has introduced the Northern Powerhouse Project with the aim of making the North of England great through boosting local economies, driving innovation in the North and focusing on transport and culture. The programme backs businesses across Northern cities and provides them with the resources they need to achieve their potential.
Spearheading this programme is Manchester. This puts them in a great position to attract businesses to the city which in turn will lead to higher demands in the private rental sector which of course is good news for buy to let investors.
Big Businesses and others moving to Manchester
A number of big businesses moved to Manchester about 6 years ago. This included giants such as Amazon, Microsoft and Google. They all opened up new offices in and around Manchester city centre.
The reason that these big businesses chose Manchester is because they saw it as a very good location for the supply of labour, supply chains and the city offered considerably cheaper rates than London did.
Also in the last few years some 250 digital business and media companies have decided to make Manchester their headquarters. All of this has had a very positive impact on the reputation of Manchester as the place for companies to choose as the ideal location.
This also explains the growth in the housing market which has also lead to an increase in demand for private rental properties. Employees of these businesses need a place to live and most of them prefer to rent rather than buy at the moment.
Take a Serious Look at Manchester for Buy To Let Investing
You do not need to wait until the coronavirus pandemic is over to start taking a look at what Manchester has to offer. Start doing your research now to find out what is available so that you can be ready to take things further as soon as the pandemic is over.
Other property investors will be aware of the potential that Manchester has to offer and will not be waiting until everything has opened up again to plan their move. So don’t be left behind and miss out on a great opportunity.