Manchester Overview

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Located in Greater Manchester, Manchester is one of the most exciting places to live and work today, with many young professionals flocking to the city for excellent employment prospects. Experiencing the fastest growth outside the capital and leading the way in property investment, Manchester has a very promising future ahead.

The city’s population continues to grow at an incredible pace, benefitting from the rise of people leaving London for a more affordable lifestyle. Today, Manchester is considered as the UK’s top rental hotspot with house prices increasing at a rapid pace. Buy to let properties in Manchester are in huge demand, and have some of the highest occupancy rates in the UK.

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Manchester really does offer something to all residents and visitors. From walks in the peaceful and idyllic countryside to all-night dancing in local clubs, and everything in between, Manchester is a perfect lifestyle city. In fact, it was named as the most desirable UK city in which to live in the 2023.

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Surging Rental Prices 

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Rental demand in Manchester is at an all-time high in 2024. The average monthly rent now stands at £1,241, marking a significant 12.5% rise from the previous year. This surge is seen across various property types, with one-bedroom units experiencing a 13% increase, now averaging £902 per month. Larger properties, like four-bedroom homes, are commanding even higher rents, with an average of £1,863 per month. These rising rents reflect the city’s growing population and its status as a leading economic hub in the North of England.

For investors, this trend presents a lucrative opportunity. High rental yields combined with strong tenant demand make Manchester a prime location for buy-to-let investments. Whether you’re considering single-family homes or multi-unit properties, the city’s rental market promises strong returns.

 

Property Prices on the Rise

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Not only are rental prices climbing, but property values in Manchester are also on an upward trajectory. The average price for first-time buyers has now reached £223,000, indicating a healthy appreciation in value. For those purchasing with a mortgage, the average price has risen to £248,000, up from £239,000 a year ago.

This growth in property prices underscores Manchester’s appeal as a long-term investment. The city’s robust economy, coupled with ongoing regeneration projects, is driving demand for housing, making now an excellent time to invest.

 

Why Manchester?

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Manchester’s property market offers a compelling combination of affordability, growth potential, and rental demand. Its diverse economy, cultural attractions, and world-class universities continue to draw people to the city, further fueling the housing market. For investors, this means not only steady rental income but also significant capital appreciation over time.Due to this imbalance between supply and demand, JLL has predicted that house prices in Manchester will rise by 22.7% by the end of 2028. Rental growth projections are also positive. Following 19.6% growth in 2023, predictions in the latest JLL Big Six annual report show that a further 21.6% rental growth may be in the pipeline by the end of 2028.