22 May 2020
Manchester is still on track to become one of Britain’s top buy-to-let investment locations, despite the global uncertainty caused by the coronavirus pandemic.
Chester-based Residential Estates said that the city in the northwest of England will likely surpass all other British cities in terms of hotspots for investment.
Manchester’s property prices indicate that the city is on track to record 4.1% growth this year, versus a much lower UK average of 2.9%.
The real estate agency also pointed towards Manchester boasting more than 22% price growth since 2014, setting it apart from other cities in terms of stable and long-term investments.
Manchester is also home to the government’s Northern Powerhouse Partnership – another reason which attracts investors, tenants and business.
"About six years ago, it was Manchester where companies such as Google, Amazon, and Microsoft opened new offices in and around the city, as they identified Manchester as a strong location for supply chains, labour, and cheaper rates than the capital," says Jason Guest, business and marketing manager at Residential Estates.
With over 250 media and digital businesses opting for Manchester as their base location in recent years, Guest believes that the city’s reputation has improved as the prime location for companies and businesses to settle in northern part of England.
"This has had a big effect on the property and investment market, boosting prices, but bringing with it the demand for rental housing from employees," he adds.
"This will provide a solid base for investors for years to come."