MARKET INSIGHT
Why Manchester, Why Now?
9.2% annual returns forecast for North West!
February 7, 2024 • Author: Richard Bradstock
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Inflation is easing, lending rates are dropping which means that buying off-plan property is the perfect opportunity to take further advantage of these market conditions.
WHY?
Because buying now means capitalising on a buyer’s market whilst knowing that by the time you come to get your mortgage in a year’s-plus time, lending rates will have plummeted even further and it will firmly be a seller’s market. And to say that Manchester is the UK’s second largest economy it offers investors a surprisingly affordable capital outlay – and excellent long-term gains.
What’s happening in the UK property market at the moment?
Firmly, it’s a buyers market. According to The Intermediary, this month saw the highest number of product options in the UK mortgage market for 15 years. We’ve seen consecutive reductions on average two and five year fixed mortgages and those with deposits of 10%+ are attracting the best deals.
Why is Manchester a good property investment?
Savills kicked off their first report of the year by announcing that Buy-To-let in the North West, London industrial and retail warehouses would be the top performing sub-sectors in 2024/25, which means if you’re looking at Manchester properties you need to buy NOW. The fantastically located One Victoria (insert hyperlink) completes in 12 months time and is an excellent and affordable investment for those looking at The Northern Powerhouse.
“Residential buy-to let in the North West, London industrial property and retail warehouses are set to the the UK property market’s to performers from next year according to Savills, all experiencing annualised investment returns of between 8.5% and 9.2% between 2024-2028…
Despite tougher conditions for landlords, with Savills forecasting rents to grow by a further 18.1% by 2028 there is still significant opportunity for those less reliant on debt, particularly for those with a portfolio furthest from London, with Savills forecasting 9.2% returns for North West.”
That’s 9.2% returns for the North West!! Get in touch with us today to see we can help you.
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About the author
RPA’s founder, Richard has worked in residential development investment for 20 years and oversees the general running of the business ensuring the RPA Group retains true to its founding principles. Over his career Richard has built an incredible network of international property investors and like-minded industry professionals.
Founder & Managing Director
