The Northern buy to let property markets are widely regarded as the strongest in the UK. Even though this is a relatively new sector, the sheer number of cranes over cities like Manchester tells its own story.
The North West city can safely be considered the leader in the field at present with a booming economy which is puts the region on the shortlist for any company looking for a new base outside of London. Big names as diverse as the BBC, Amazon, WeWork, GCHQ and Booking.com – amongst many others – have all chosen the city in recent years.
And with a growing economy comes the need for more workers – all of whom need somewhere to live. With predicted population growth of more than 15% by 2036, of which much will be close to the city centre, Manchester’s housing market is on the up.
In 2018, JLL estimated that Manchester house prices would go up by 15.3% and rents would rise by 13.6% by 2022.
However, it is not just Manchester that is making strides. Sheffield is another city which is attracting serious interest from investors thanks to a growing economy and a sustained programme of serious public and private investment.
Young professionals are moving to the city in droves thanks to the outstanding lifestyle and job opportunities on offer. Major multi-national companies as varied as Boeing, McLaren Automotive and HSBC have chosen the city for either regional or national headquarters, and major foreign investment from the USA and China is pouring into residential developments across the city centre.
With house prices having grown more than 28% in the last five years, the competition for the best rental homes is growing fiercer each year. The conditions in Sheffield are perfect for buy to let investors looking to get ahead of the game and invest in the UK’s next big up-and-coming market before the crowds arrive. Five years ago, Manchester was being talked of in similar terms to Sheffield now – this is a city you do not want to miss out on.
Overall, the North is the place to be for buy to let property investors. Urban city centre markets are an ideal option for providing high returns, and the future of buy to let can be found there.