Manchester already has impressive stats on the rental market including the highest rental rate in the UK and rental growth 13 times faster than London1. So how does the North-West city stack up again Miami and Melbourne in off the plan investment property?
There’s no question, the English borough is a popular place for investment property, named the UK’s best buy-to-let hotspot by HSBC in 20151. With the number of universities in the area and the high rental rate in the city at 25% which is more than any other city in the UK1, demand remains strong off the back of Brexit. Forecasts for the affects post-Brexit even show continued growth for the city.
According to Deloitte’s Manchester Crane Survey 2017, the volume of residential construction has more than doubled year on year. With a residential pipelines extension expected to in 2020, the cities development growth across residential, education and commercial is exponential.
Investorist’s Sales Director of Europe, Richard Eglinton commented on the future of the property market, saying “Despite Brexit, we’ve recently seen a spike in interest in Manchester projects from agents and I expect this to continue well into 2018.”
Eglinton stated “The city offers a brilliant investment landscape with exponential growth in retail, commercial and residential areas on the horizon and with more projects expected to come onto the market, the competition for great investment opportunities in the area will grow.”
Value for money
Using Investorist’s data to compare price per square metres with like-for-like apartments, Manchester shows outstanding value for money. Miami came in at £6086 per square metre, making it the most expensive of the three centres. Melbourne was next, at £5449 per square metre, while Manchester offered the best value for money at just £3195 per square metre.
- Miami apartment £366,385
- Melbourne apartment £310,612
- Manchester apartment £185,000
The figures compared off-plan one-bedroom/one bathroom apartments in the three centres. The closest in amenities and size were considered.
While there are certainly other factors at play when looking at investment property, such as lifestyle, location, living amenities, proximity to public transport and more, looking at the value for money and the upcoming growth of the area, Manchester is an outstanding choice for investment.