Savvy property investors and professional landlords are edging their bets further north than ever before as rental yields across the North West of the UK boom.
Whilst property values in London continue to rise faster than the rest of the country (a staggering 19.1% jump year-on-year) and the average house price stands at £514,000, in Manchester the average price for a house is just £211,748. Despite a 58.8% decrease in the average property value, rental yields are actually higher in Manchester and the North West!
Recent data has revealed that yields in respect of London rental properties were approximately 4.3%. Yields in the North West of England however were approximately 7.1%, a huge 2.8% higher.
A cheaper purchase price coupled with high rental market demands means property investors are consequently looking to expand their portfolios in the region. The North West is experiencing a massive investment boom and now seems the time to capitalise on attractive property prices:
- Manchester has agreed a devolution deal with the Government worth £1bn which will see it control its own finances in respect of housing, health care, transport and more.
- The, albeit controversial, HS2 high speed rail will connect the North West to the capital in just 68 minutes and with further rail investment in the planning across the region, business growth in the area is expected to follow.
- The expansion of Manchester Airport further increases the attractiveness and accessibility of the region as a place to do business.
