After being named as one of Europe’s fastest-growing cities by Deloitte earlier in the year, Manchester has continued to impress this year as it has now been named a buy-to-let hotspot, making it the best place to be a landlord in the UK.
The popular online comparison portal GoCompare recently compiled a list which ranked the UK’s most popular cities regarding buy-to-let investment. The list was based on criteria such as average property price, rental yields, housing supply, number of available properties, number of letting/management agencies and rental price growth.
Manchester claimed the number one position with the UK’s highest average yield at 5.55% which clearly pinpointed them as the leader against other regional cities across the North and South of the UK.
What helped Manchester reach the top spot? Well, the low average property prices of £173,381 combined with the strong yields of an average 5.5% are the factors that helped contribute to the top position according to GoCompare. Not only that, but the impressive rental price growth of 5.76% alongside the 689 new housing developments also helped give Manchester a push to number one.
2018 has seen Manchester leading the UK property market, receiving prestigious titles such as best place to be a landlord, and being one of Europe’s fastest growing cities. Not only that, but others are taking a significant interest in Manchester with the city receiving a £1bn investment earlier this year as part of the Northern Powerhouse scheme.
Economic factors have also contributed to Manchester’s boom with population growth, rising employment and strong house and rental price gains helping push the Northern city to the top.
We are thrilled to see Manchester named as the best place to be a landlord in the UK and as specialists in the UK buy-to-let market, we are available to answer any questions you may have regarding Manchester buy-to-let investments.
You can read the full report from GoCompare here.