Manchester is named the best UK city for buy-to-let property investment
Aldermore Bank’s City Tracker has recently found Manchester to be the best location for buy-to-let investment in a list of 50 cities, including London and Oxford.
The City Tracker assesses each city based on their average total rent, the best short-term returns through yield, long-term return through house price growth over the past decade, the lowest number of vacancies as a proportion of total housing stock, and the percentage of the city population in the rental market.
The main attractions and selling points to Manchester for private landlords sit within its potential for rental returns and long-term house price growth.
Manchester’s rental market is one of the biggest in the UK, with 31% of Manchester’s population being private renters, and with an average rental ability of £428 per room, it’s no wonder investors are flocking to the North Western city.
In keeping with the UK’s latest property boom despite the Covid-19 outbreak, property prices have increased in Manchester by 4.1% annually on average over the past 10 years. Throughout the two lockdowns, Manchester’s purchases and enquiries have remained constant, although bolstered by the Stamp Duty Land Tax holiday announced in July.