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More woes for those people who bought flats in Manchester.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
An article about the best postcodes for investment in Manchester:Research found that properties in the M14 postcode would deliver a yield of 10%, with current asking prices averaging at £194,733 and rental prices averaging at £1,636 per month.
The M19 postcode, which covers areas such as Levenshulme, Burnage, Heaton Mersey, Heaton Chapel and Reddish, also ranked well in the report, with yields of up to 8.6%. Properties in the M20 area also delivered attractive returns, alongside properties in close proximity to any four of the Manchester universities, making the student market in the major city extremely dependable.Full/source article
Millennial Manchester: Why young people are snubbing London and moving to our city
The latest annual Deloitte Crane Survey shows record breaking residential development in an area covering Manchester city centre, the northern and southern fringes of the city and the area of Salford directly over the river.
In total, there were 31 schemes completed in 2018 comprising 16 residential developments, six offices, five hotels and two educational facilities. Overall, the total number of schemes in construction grew by 34% when compared to 2017 – demonstrating that the strength of the region is not confined to only one or two sectors. Instead, Manchester is becoming a modern, metropolitan city in which whole new mixed-use neighbourhoods are being created.
Almost 14,500 residential units were under construction across 2018 – more than double the number of units which were under construction in 2016. Furthermore, the anticipated level of residential delivery in the next three years is due to exceed the previous 10 years combined.Full/source article Could over-saturation be on the horizon as well as all those cranes?!
Same as skip theory. The more skips outside houses means economy strong and buy property.More cranes means high levels of building and stronger economy but over time this results in over supply which means price falls eventually.Most large scale building starts in times of prosperity and completes in time of a down turn. May be opportunity to buy distressed property within the next year or so.
Manchester City Council recently released its annual State of the City Report for 2018, which officially confirmed that Manchester’s economic growth is now on a par with the top-performing European cities. Full/source article
Any idea why the area up Bury New Road lags house prices elsewhere near the edges of the city centre. I'm talking about this sort of thing?:
It's walkable to the city centre and Northern Quarter in 30 mins, and there are plans to redevelop the bit immediately to the north of the city centre around Strangeways. 120k buys some pretty mediocre terraces elsewhere....? I'm aware of a very similar house nearby having rented (furnished) at £775pcm, which seems like a reasonable enough yield. What's the catch?
Bury new road near to the city center is mainly commercial property's
Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester email: email@example.com Call: 0161 681 3724
Hi Michael, thanks for your reply. That's true, but are you saying that's a bad thing because it means fewer amenities, hence lower prices or was your point something else...? Not as close to the centre as the commercial stuff, but a little further towards Prestwich off Bury New Road there are plenty of houses. They are still quite close to the centre (walkable) so seem well located for the prices they're going for...
Manchester as a tech hub