Manchester's buy-to-let prospects 'are very good'

by Sarah Ashcroft

Landlords who are struggling to enjoy good returns due to the current financial troubles being felt across the country may want to branch out their property portfolio to more northern parts, where the buy-to-let sector is performing well.

According to Julie Twist, managing director of estate agents Julie Twist Properties, Manchester's rental market is enjoying a great deal of activity at the moment after short supply drove up the cost of leasing.

Ms Twist said the earlier parts of 2012 saw a lot of stock return to the market - as is expected in June and July when students return to their home towns - while the sector has picked up again, as people move back to their new dwellings after summer.

She went on to note an increase in landlords purchasing homes in the northern city to be used for student accommodation, allowing youngsters to share properties with their friends.

Her comments were made after Knight Knox International revealed interest in its Manchester buy-to-let buildings have continued to soar in recent months.

The urban location is currently undergoing a regeneration project after plans for a new £100 million town hall complex and a £113 million scheme throughout Greater Manchester were submitted.

In addition, the new Media City site in Salford Quays has provided a further boost to Manchester, with the introduction of a £70 million establishment containing shops, bars, restaurants and cinemas.

Recent data released by LSL Property Services Index suggested property in cities including Manchester are becoming a much savvier investment for landlords in the long term.

International property specialist Knight Knox currently has two buy-to-let opportunities available in the city, which are in prime locations and generated higher-than-expected returns.

"The market is at the rock bottom with asking prices on the sales side and the returns on rentals are good, so it is all good for the landlords," Ms Twist explained.

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Published on: September 7, 2012

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