With reports of recent Chinese interest in investing in the area and rumours of upgrades to the M62 motorway, along with a high-speed railway HS2 planned, is the property market in the North set to flurry and finally cement the northern powerhouse?
As London’s property market continues to bloat and buy to let mortgages become harder to come by for first time investors, buyers are looking beyond the capital for inspiration in where to buy. Championed by the chancellor as a dynamic area of economic prosperity, Manchester and soon Liverpool are expected to see property prices pushed up, as eastern interest increases.
Earlier this month the Royal Institution of Chartered Surveyors (Rics) reported that prices in London are expected to fall significantly over the next three months, while prices in the North West are expected to soar.
In 2016 alone a company called Hong Kong property has sold more than 400 flats in Manchester, Liverpool and Sheffield to Chinese clients.
In contrast with London, growth in the North was slower and the market far more subdued after the 2009 crash. There are of course some parts of the North of England that are not as likely to prosper, but Manchester has the strengthening economy to be the second city in the UK, when it comes to property. Its economy is expanding at twice the national average and there is strong business growth in the area too.
Last year, Manchester was named in a survey, conducted by HouseSimple, as the number one place in the UK to invest in property, with property prices in the city more likely to ‘boom in the next 10 years’ than anywhere else in the country, thanks partly to a rapidly growing population.
The area has a thriving student population and for this reason rents can be guaranteed all year round. The area has seen huge investment in recent times also. It’s a young city, with fantastic transport links and a growing population. In short it has all the foundations to be a great place for buy-to-let property.
Despite all these new restrictions, investing in property and renting it out it is still a smart move. Here at Waltham Estates we offer a comprehensive property management service. We provide maintenance on your property, through our professional network of tradesmen when needed and we also offer a guaranteed rent scheme. Call us today for more info on: 020 8509 0444