With house prices beginning to stagnate in the south of the country, investors and homebuyers alike are beginning to look to the north for more affordable properties with a greater promise of growth.
Whether you’re looking to take your first step on the ladder or find an investment property with the potential for high yields, Manchester can be a great place to buy. Here are just a few reasons to invest in the capital of the North.
Affordable properties
Although Manchester is experiencing record growth, it’s still one of the most affordable places to live within the UK.
According to the UK House Price Index, the average property price in the North West was £156,392 in June 2017. This was cheaper than the average property price in Yorkshire and the Humber (£157,762), East Midlands (£182,166), West Midlands (£185,082), South West (£246,159), East of England (£286,623), South East (£320,168), and of course, London (£481,556). Only the North East was more affordable at £130,065.
The UK’s media hub
Manchester has gained a reputation for being somewhat of a media hub in recent years, with TV production companies, digital marketing agencies, and revolutionary tech startups flocking to the city.
According to housing company Properties of the World, Manchester is home to 52,000 tech workers and 40% of office space enquiries are from the tech sector.
And with areas such as the Northern Quarter and Salford Quays offering businesses trendy and innovative work spaces at a fraction of the cost of London offices, it’s no surprise the city is benefiting from tremendous growth.
The growth of technology businesses in the northern city could be partially to thank for climbing Manchester house prices, with Hometrack research showing that house prices in Manchester are climbing faster than any other part of the country.
With the average price of a house in Manchester currently standing at £153,600, this shows an 8.8% growth compared to the previous year.
A diverse choice of up-and-coming areas
Boasting countless leafy suburbs and trendy urban districts, Manchester’s city centre isn’t the only place to invest. From Didsbury and Chorlton to Prestwich and Monton, you don’t have to venture into the middle of the city for a good time.
Ancoats is another example of a place experiencing tremendous investment and growth. The district was once home to some of the largest mills in the city but it fell into disrepair after the slump of the cotton industry. But in recent years this neglected corner of the city has received plenty of TLC from creatives, entrepreneurs and investors alike. It now boasts a diverse selection of bars, restaurants and cafes, and with a skyline decorated with several cranes, the number of apartments and trendy offices in the area are on the rise.
Are you looking at buying a property in the North? Manchester mortgage brokers, TaylorMade can help. Please get in touchwith our team to find out more today.
