Property in the North West continues to rise. It is now seen as the best place for investors in the buy-to-let market
The northwest has seen the largest jumps in house prices in the country over the past 12 months. With this, it should be no surprise that according to the latest Zoopla house price index, properties within the cities of Manchester and Liverpool have seen the strongest yields.
Manchester has seen a positive rise of 9.5% overall, whilst the heightened demand for rental property has seen the market grow by 6.36% in the region. The Zoopla index also explains that it is currently the affordable markets which are seeing the biggest gains. This indicates that investors should be focused on both affordable housing and rental properties, as they are high in demand.
When compared to London a known market for consistently becoming more unaffordable for investors and buyers- property prices have risen 3.6% overall, with rental properties such as flats rising by only 2%. Respectively, the northwest property market has tripled the growth of its southern counterpart within the same timeframe.
However, some investors will find increased competition when securing properties, as demand is up 58% when compared to the five-year average as recorded in April 2022. Although this is a great sign for property investors who either own or want to extend their portfolio into the hotspot cities, it is recommended that investors search for a bargain to compensate for this demand. A great example of the arising area is Greater Manchester’s Stockport. The town is currently turning investor heads as the area develops into a strong commuter town with easily accessible transportation into Manchester City Centre.
Those investors contemplating their next investment should be encouraged by the current demand for property in the North West as the market is set to remain strong. With rising rates and rapid growth in Manchester and Liverpool, now is the time to take advantage of the surge in demand.