Now is the Time to Invest in the Buy-to-Let Manchester Property Market!
As reported in Residential Landlord earlier this month, the number of tenants registered with Thornley Groves, Manchester’s leading Estate Agent, has increased 117 percent since the start of the year, propelling demand for rented property in the City Centre to an all time high.
This large pool of registered applicants is good news for the city’s rental market, which is currently in high demand ahead of the start of the new University academic year in September.
Demand also looks set to be given a further shot in the arm with the swelling of MediaCityUK, when the BBC finally relocates to the north in earnest later this year.
There is a common misconception about the Manchester property market that too many homes were built too quickly in the peak of the pre-economic crisis years. In fact the number of unoccupied Manchester apartments is relatively low, and even at the height of the downturn in 2008 the city never really struggled for demand for tenants.
As explained by Thornley Groves’ Managing Director, Michael Groves, it is the scarcity of these new developments – rather than a lack of consumer funds – that has caused an increase in demand for rented accommodation in Manchester City Centre in recent years.
“What the period of illiquidity did bring was a halt to new investment in the City Centre, with the real hangover of this being a lack of new development schemes and consequently new homes,” said Groves. “So while demand has grown organically thanks to the increasing affluence of the city and a strong network effect brought about by an influx of tenants seeking to live and work in the City Centre, the stock of available homes to cater for them has not grown at the same rate.”
“There is however, an attractive pool of existing stock available, and the current combination of high demand and affordable homes means that now is the perfect time to invest in the buy-to-let market in Manchester. An investment for example in a City Centre apartment valued at £100,000 could likely be rented out for around £700 a month, providing a total annual income of £8,400 and representing an 8.4% return on investment. This is obviously significantly higher than the 3% return that buy-to-let investors have become accustomed to in the area in recent years, making the current market look very appealing.”
If you are thinking of investing in buy-to-let property in Manchester City Centre, call Andrew Seldon, Associate Director responsible for Manchester City Centre operations for Thornley Groves – Manchester’s leading Estate Agents – on 0161 245 1100 or email [email protected].
As the leading provider of property management services in Manchester for the private buy-to-let investor, Thornley Groves have a large team of property managers providing a full property management services to over 1,500 landlords.
This is designed to take away the headache of managing buy-to-let property and is ideal for new investors who are looking to move into the market. If you are interested in this service please contact us directly at http://www.thornleygroves.co.uk/valuation-request/.