Manchester has seen a 100 per cent increase in buy to let investor interest in both December and January
Upad, which claims to be Britain’s larges online lettings agency, says Manchester has seen a 100 per cent increase in buy to let investor interest in both December and January, as measured by landlord registration on its site.
The agency says overall rental yields of around 6.2 per cent are possible in the city, and reports that the Royal Institution of Chartered Surveyors claims rents in the city are predicted to rise some 25 per cent by the end of 2018.
A spokesman for the agency says investors are being lured to the north from “the overheated market in London and the south” and can benefit from capital appreciation which in percentage terms is forecast to be higher in Manchester than in the capital.
Upad predicts that Manchester and other northern cities such as Liverpool and Leeds will continue to attract increasing interest from landlords, looking for better returns on their investment, especially as financial pressures continue to mount.
“It’s no secret that landlords are faced with another tough year with further demands and tax relief measures soon to be removed. It’s not surprising that these mounting financial pressures will result in surviving landlords looking for locations that offer better yields” says the spokesman.