Manchester is the place to be when thinking of investing in property, but what is the reasoning behind this, and more importantly, where are the key areas we should be focussing on?
Let’s look at some of the more important cultural and residential areas which are going from strength to strength.
Just off busy Piccadilly, Ancoats was at one time considered to be a less than desirable area to live in. However, this area which borders on the Northern Quarter has emerged as a huge focus for developers and investors alike, who are renovating quality buildings into retail, office and residential property, and was also named as one of the best places to invest in student accommodation.
Being just minutes away from the city centre, this area is now a fine example of industrial heritage, with many of the buildings renovated into high end residential properties. With all of the necessary amenities, such as excellent restaurants, Ancoats is now a real hub, and a superb showpiece for Manchester.
The Sunday Times Best Places to Live in 2018 recently named Altrincham in South West Manchester as the best place to live, and is therefore very quickly becoming one of the UK’s most prestigious locations to live in.
However, being in such a premium location does not come cheap. With mid-range properties just below £500,000 and a family home around the £1 million mark, you will need some serious cash to have an address here.
Even rental properties in the area would start out at around £700 per month, and that would be just for a starter-type property, which relates back to the above. The area is definitely more suitable for those who have already made their wealth rather than those just getting on to the property ladder.
The area boasts some of the most enviable boutiques and cafes, showcasing jewellery shops and high-end designer clothes shops, much sought after by the locals who live here. You won’t find a plethora of takeaways and pound shops in this area.
Dunham Massey Park is close and there is also the Altrincham Market which prides itself on bringing in crowds from the city and further with its offerings of good street food stalls and craft beers which are now very much in vogue.
There has been a regeneration programme of some £6 million into this area. Local estate agents declare any new properties coming onto the market in this area like “gold dust” – they sell very quickly.
Salford & Media City UK
Once described as up and coming, the areas of Salford Quays and Media City UK are booming, as Salford is on par with its neighbour Manchester due to property investment and business thriving here.
The Quays is now home to even more upmarket restaurants and bars, alongside apartments offering the young and upcoming professionals the opportunity to live in one of the most exciting areas in the country, without the London price tags.
New projects such as Bridgewater Wharf are now being built, and are able to provide premium accommodation, showing that the area is now set to soar.
In 2021, Salford and Media City UK are still exciting investment prospects. Award-winning property investment company RWinvest – who opened a new office in the area towards the end of 2020 – state that “those seeking the best place to buy an investment property should not hesitate to explore Manchester investments further”. Media City UK in particular they say “has attracted a lot of interest to Manchester over recent years, boosting the demand for property and thus aiding house price growth”.
Remaining one of the most exciting areas in the city, Deansgate is home to some of the top-class night spots, shops, bars and restaurants running along both sides of the main road which enters the heart of Manchester City.
The fact it plays host to the Beetham Tower does the area no harm, with the very impressive architecture which dominates the skyline being a cultural sight not to be missed.
Manchester has a lot to offer and is leading the way, with UK property investment companies working very hard to keep up with demand from both domestic and international investors.