LIFESTYLE

London’s buy-to-let pain has become Manchester’s gain says Jean Liggett 

It’s fair to say that uncertainty has been the order of the day in the UK’s buy-to-let property market at the hands of government for the past year.

2016’s shock Brexit decision followed by a hung parliament this year combined with stamp duty hikes, the removal of mortgage interest relief and imminent introduction of tougher lending criteria for portfolio landlords has created an aura of uncertainty and caution in the buy-to-let market.

The UK’s capital, the ever-shining star of London seems to also be fading with house prices down 0.6% and private rental prices behind the national 12-month growth rate according to the latest ONS data.

Jean Liggett

Jean Liggett

So, has the last 12 months permanently dampened the appeal of the UK buy-to-let market? Should buyers be investing their funds elsewhere? Critics are divided.

“The uncertainty that the UK buy-to-let market has experienced over the past year has undeniably impacted investor confidence but it seems to be primarily aimed at London.

With interest rates remaining so low, investors still see the merit in purchasing bricks and mortar but those seeking maximum returns in 2017 are increasingly looking at other areas than the Capital.

By keeping an eye on regeneration plans and new transport links, it is still possible to find great areas to invest in.”

Jean Liggett, CEO, Properties of the World

Indeed, despite splutters in the London buy-to-let market, buoyant activity is being witnessed in other parts of the UK. Greater Manchester has become a key destination for property investors and thanks to its strong demand from buyers and renters alike, the city continues to register a strong house price growth rate of 6.7%, according to Hometrack.

“As we have seen the capital’s market decline, other UK cities have stepped up and taken its place. London’s buy-to-let pain has become Manchester’s gain!”

Jean Liggett, CEO, Properties of the World

Due to its proximity to both MediaCityUK and Manchester city centre, Salford Quays in particular is leading the way when it comes to buy-to-let growth.

2017 marks 10 years since major transformation began in the area, kick started the BBC’s decision to move many of its jobs from London to Salford Quays. This £650m regeneration project has boosted the area’s credentials for buy-to-let investment and Manchester has ascended to one of the top 10 buy-to-let areas in the UK according to a recent report by LendInvest.

The latest HM Land Registry data paints a positive picture for Salford with a 5.9 % growth in house prices recorded between June 2016 and June 2017. Whilst savvy investors will be watching with glee as news of more A grade office space is being snapped up in Manchester (law firm Freshfields Bruckhaus Deringer is taking space in Salford) indicating a thriving local economy and growing rental housing demand.
Jean Liggett, Founder and CEO of investment agency Properties of the World is convinced of the merits of Manchester with her latest buy-to-let offering to investors launching this week.

Manchester Waters in Salford Quays is comprised of five phases and a total of more than 500 apartments, ranging from studios to three beds. All properties will be furnished to the highest standard, and most will benefit from the spectacular view of the waterfront.

The location of this development is unparalleled, with two Metrolink stops located within a 5-minute walk, residents can reach Manchester’s city centre with ease. Additionally, with Manchester Waters being situated right in the heart of Salford Quays, home to MediaCityUK, it is perfectly placed to house local workers and students attending the nearby university campus. Apartments are available to purchase from just £109,995 for a spacious studio apartment and returns of 6%.

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