27
Jun

Manchester is currently the most promising property hotspot in England outside of London, with the highest net rental yields of 7%.

The Manchester-China Forum, a business-led initiative aimed at increasing Greater Manchester’s commercial connectivity with China, estimated £2.1bn worth of development projects that had Chinese involvement in 2016.

Property investors are particularly keen on Northern cities thanks to the lower cost of properties, compared to London and their high rental yields. Additionally, the Northern Powerhouse concept is making the North of England, particularly Manchester, increasingly attractive to investors. With HS2 set to provide faster, better connectivity between Manchester and other Northern cities and improved transport links between London and the North, the Manchester city region is expected to be at the heart of the initiative.

Rhys Whalley, executive director of the Manchester-China Forum said that he was “cautiously optimistic for outlook at 2017”, and that the devaluation of the pound had meant “a number of investors see the UK as an excellent option”.

The Northern Powerhouse vision to date has made more than 8,000 new jobs in recent years with a pledge for a further 850,000 by 2050. Following Prime Minister Theresa May’s August pledge that she will continue with former Chancellor, George Osborne’s аrrаngеmеntѕ to continue to allot energy into the city, Manchester is viewed as an appealing investment location to both overseas and residential purchasers.Manchester Central

Mr Whalley added: “The property sector has been one of the most active recipients of growing connectivity between China and the UK”. Part of the reason for this growth is Manchester’s future growth, as it plans to add 227,000 homes and 200,000 jobs by 2035.

Over the last twenty years Manchester’s economy has almost doubled in size, with its populace having increased by 26%. The 6.6% average annual growth rate outpaces the UK’s 5.1 per cent. This crucial redevelopment will continue to fuel the buoyant private market where demand from the 2.5mіllіоn population is exceeding supply.

Beyond property and economic growth, the city’s tourism industry is picking up pace, turning it into a popular destination for voyagers from the Middle East. The city saw a 33% growth in guest levels between 2011 and 2015, with tourists from the UAE alone contributing over £18 million to Manchester’s economy, highlighting its developing profile as a desirable location for affluent holidaymakers.

Liquid Expat Managing Director, Start Marshall comments: “Since the result of the EU referendum, the falling value of the pound has brought about a renewed interest in financial investment for the UK, especially among foreign investors. Whilst we have seen interest in London dwindling, due to reports of costs falling outside of the capital, Manchester is proving to be a much better performing city. It’s one of the best areas for buy-tо-let in the UK, consistently beating reports from banks and other authority outlets as an emerging area for high rental yields.”

 

Take a look at our Manchester properties and register your interest, or speak to one of our Property Consultants today on +44(0)161 871 1216

0 No comments

Comments are closed.