Manchester has gone through a number of changes over the years as billions of pounds have been spent on the city thrusting it into the 21st century. This regeneration has a positive effect on the housing market as property prices increased by 7% in 2015, with 2016 looking like it is heading in the same direction.
The regeneration work has been huge, with one of the largest projects being focused on Manchester Victoria station which opened late last year. The refurbishment included three new tracks as well as four new platforms as the majority of the building was redeveloped. This work shows the direction in which Manchester is heading and all of these improvements have help demand for property to rise at an incredible rate.
Manchester is known as a Northern Powerhouse and investors have been looking beyond the inner city and showing an interest in the likes of Salford Quays. Here, land values are lower than the city centre and with the regeneration taking place; developers have turned their attention to the area. However, Salford is still waiting for the same kind of growth as the city centre as the price of apartments remain steady and rental income is slowing down as there is an oversupply of property.
In the city centre there are a number of areas that are in demand as buyers look for high quality homes. Investors who are clever with their money are keen to remain as close to the city as possible and some believe they should stay away from the likes of Salford.
When it comes to growth developments in Salford, it could be expected to go through a cycle of almost ten years to compete with the growth of the city centre. Some areas of the city cannot keep the level of supply up with demand and that proves how much the city is changing.
The city is still being developed and the regeneration of Manchester’s Space TV and film centre is part of a £14m plan that will create jobs. As jobs are being created the demand for property grows further and the city council are doing all they can to develop and build homes.
For investors looking for a prime city centre location, then the area around Manchester Victoria Station is where they should be looking. Here, the apartments have been designed to offer a high standard of living that is boosted by brilliant transport links as well as being located close to the city centre. These are expected to be completed by the middle of 2017 with investors expecting to see a net yield of 6.2%.
Wilburn Wharf is another area that investors should be looking at as this is the location of the luxurious Waterside Rivergate House development. Here, property can be purchased for £158,000 right up to £350,000 and its location is perfect as it is just a stone throw away from Spinningfields, which is a large business district. The area is more proof of the success of the transformation Manchester has been undergoing. The area was once dull and grey but now it is vibrant and growing – all of which has been achieved in just a few years. Office blocks stand proud while the restaurants and bars offer great food and a cosmopolitan lifestyle. This is an area that shows what Manchester is all about at the moment as the area has attracted many people who want everything that the city has to offer.