Is your money
WE LOOK AT THE BEST AREAS TO MAKE YOUR INVESTMENT IN PROPERTY
YOU only need to look up at the cranes which dominate the Manchester skyline for evidence of the region’s booming property market - but it is not all about big developers.
Investing in property - whether it is a run down terrace house or a ready-made purchase to let out straight away - is a fantastic way to make money, whatever your budget.
To break it down, we have split it into four different models; student lets, immediate return, long term investment and off-plan developments.
Here is everything you need to know if you’re thinking of becoming the next Sarah Beeny. Long term rental investment: Wythenshawe
South Manchester has a combination of good schools, great transport links and a variety of housing stock, which makes it a good option for anyone looking for a relatively stable place to invest. And our experts suggest looking at Wythenshawe, in particular.
The extension of the Metrolink service to the area is already causing increasing demand for property there.
Rob Jones, director of Property Investment UK, said: “The infrastructure in business and commerce near the airport is certainly having - and set to continue to have - a ripple effect on demand and house prices are continuously increasing.
“Wythenshawe I would definitely say is part of that and should get growth as well.”
A spokesperson for Manchester Airport said: “The growth of Manchester Airport also brings benefits to the surrounding communities and the wider region as a whole in a number of ways.
“From job creation, increased inward investment/tourism and economic benefits from our annual dividend, a growing Manchester Airport is a positive for millions of people.”
Wythenshawe has undergone a massive shift in recent years. With increasing transport infrastructure in the area by way of the Metrolink as well as the £280m airport expansion scheme, the town is definitely on the way up.
According to the experts, the staples of investment will always be transport links, schools and amenities. Roads running along the tram line, therefore, are proving particularly popular with buy-tolet investors, such as Simonsway in Woodhouse Park, or Hollyhedge Road in Benchill, both of which were singled out by local estate agents, Callaghans.
A three-bed semi will cost you between £110,000 and £160,000.
At current market prices you can expect a return - depending on what part of Wythenshawe you buy in - of anywhere from £600 to £1,000 per month.
If your budget isn’t quite as flexible, then you might be tempted by a more modest terrace house, which are available for around £90,000 to £115,000. Immediate rental yields: Droylsden/Denton
Droylsden and Denton are our top tips for an immediate profit.
Charlotte Puddy, from Abode Property Management, said: “They are really great. You can buy a three-bed property there and you will rent it out straight away.
“People that live in these areas are generally those who have always lived there and have family roots there.”
That, combined with the expansion of the Metrolink network through to Ashton-under-Lyne in 2010, has helped join towns like Droylsden and Denton up with the city centre, making them great commuter options.
You don’t have to be a property expert to know that WHERE you buy is probably more important than WHAT.
People want to be close to everything; shops, bars, coffee shops and transport links. If they are too far away from them it’s only going to affect what people are willing to pay.
Unsurprisingly, then, you want to be right in the centre.
If you’re looking at Droylsden, that means roads coming off Market Street and Manchester Road, where trams run regularly down to the Etihad campus.
For example, Tame Road in Denton has a wide selection for semi-detached properties, close to the town centre and recreational pitches.
Laura Dawson, office manager at Sleigh and Son in Droylsden, said: “It’s true, rentals are booming here. A couple of reasons behind