It is beyond question that Manchester is one of the most successful city regeneration stories in the UK, if not the whole of Europe. As the city has been transformed areas such Deansgate, Ancoats and Salford Quays in neighbouring Salford have become bustling, thriving communities and some of the UK’s most successful property investment hotspots.
Smart investors continue to be attracted to Manchester because of the city’s strong fundamentals, which provide a solid foundation for continued growth and strong returns. Manchester was recently crowned as the top spot for buy-to-let investment opportunities in 2023, with 1 in 3 residents in the city renting.
Likewise, Manchester also claims the top spot in JLL’s Big Six Residential Report for the fourth consecutive year, with the highest future growth forecasts in both the sales and rental market. Offering investors the strongest capital growth (19.3%) and rental growth (21.6%) over the next four years, domestic and international investors alike are seeking out opportunities to benefit from Manchester’s continued growth.
So, which are the neighbourhoods that offer the best property investment opportunities in the Manchester?
Over in east Manchester Ancoats has long set the benchmark for urban hipster cool, with the combination of independent eateries and historic mills and warehouses, seeing it recently named as one of the Sunday Times’ 2023 Best Places to Live. Nestled on the edge of Ancoats and the New Islington marina, Victoria House is a prime investment opportunity. Residents of this 25 storey development will benefit from a rooftop terrace, co-working spaces and top of the range city living a stone’s throw from Cutting Room Square (named as one of the “coolest streets in the world” by Time Out) and all of Ancoats’ trendy bars and restaurants.
The regeneration of Deansgate was kick started with the iconic Deansgate Square – whose four skyscrapers tower over the city’s skyscape – and is continuing at pace with the redevelopment of the Great Northern Warehouse into 150,000 sq ft of new offices and 746 new homes. Right next door is Viadux, an exclusive luxury development boasting a swimming pool and spa, cinema and top of the range apartments offering breathtaking views right across Manchester. Situated in the heart of the city, Viadux residents will be able to enjoy easy access to Manchester’s business and financial district in Spinningfields as well as enjoying Deansgate’s lively nightlife scene and Castlefield’s canalside watering holes right on their doorstep.
Just over the River Irwell from Manchester city centre lies Salford, where according to Zoopla rents are increasing quicker than anywhere outside of London. The city has undergone huge regeneration in the last decade including the £550m MediaCityUK development on Salford Quays, home to the BBC, ITV and a whole host of digital and media companies. Located on the quayside, Northill Apartments is the fourth phase of the landmark Fortis Quay development and, with previous phases selling quickly, demand is expected to be high. Or closer to the city centre action and just over the border into Salford is Pavilion Wharf overlooking the River Irwell on Ordsall Lane. Another stunning waterside location in what’s becoming the prime location in the area.
Demand is likely to continue to far outstrip supply for the foreseeable future. Alongside the new residents who are won over by the unrivalled lifestyle offering, more and more major employers are setting up bases in the city and attracting a growing young professional workforce. Already a market-leading property hotspot offering yields of 5% or more, Manchester’s growth story is only just beginning, this is not one to miss out on.