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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.