Manchester is the best city in the UK to become a landlord, according to price comparison website Gocompare.
Although the city has an average property price of £173,391 - modest compared to other parts of the country - it also had the highest UK average yield of 5.55%.
Cities across the country were ranked based on a range of criteria including average property price, rental yields, housing supply and rental price growth.
Manchester’s key stats, according to Gocompare:- Average property price: £173,381
- Average yield: 5.55%
- Population under the age of 35: 322,122
- Number of properties available: 4006
- Number of new letting/maintenance agencies: 191
- Number of new housing developments: 689
- Properties currently available for rent: 548
- Rental price growth: 5.76%
London came in second behind Manchester, with the research reaffirming the capital’s high house prices and high rental costs.
The city deemed the worst for landlords was Belfast. Although it benefits from low property prices of £122,434 on average, rental yields stand at just 3.77%.
The top 10 UK cities to be a landlord are as follows:- Manchester
- London
- Nottingham
- Liverpool
- Leicester
- Cardiff
- Birmingham
- Sunderland
- Newcastle Upon Tyne
- Glasgow
Oxford was also low on the list, with one of the highest average property prices at £411,108 and an average yield of just 3.61%.
Property prices in Manchester have been on the rise for many months now, seeing the city consistently outstrip average forecasts for the UK property market.
In fact, in the three years to July 2017, property prices in the city grew by 34% compared to the national average of 30%.
It’s thought that Manchester’s vibrant economy and abundance of FTSE 100 companies is one of the key driving forces behind the growth, with investors flocking to the area in their droves.
Teamed with the city’s reputation for good schools, strong transport links and diverse choice of job opportunities, it’s unsurprising that so many people want to live in Manchester.
If you’d like to own a piece of Manchester’s blossoming property market, please get in touch with TaylorMade. We have a talented team of mortgage brokers in Manchester with many years’ experience helping both experienced investors and new landlords obtain the perfect buy-to-let mortgage deal for them.
