As safe as houses in city?
that are that house prices aren’t too high and with the tram it’s great for people getting into the city.
“Being able to commute is a big factor for people.”
House prices have risen by over £4,000 in Droylsden and Denton in the past 12 months, so if you’re looking for a bargain you may need to move quickly.
If you’re working with a smaller budget then you may opt for a terrace, which will set you back an average of £107,862 in Droylsden, and a touch more, £111,450, in neighbouring Denton.
However, according to experts, the best money is in larger properties, which attract growing families who want to stay for several years.
If you’re looking for a longer term tenancy then with a higher yield then a three-bed detached house might be a good option.
The average semi-detached home in Denton goes to market for around £157,480 while you can pick one up in Droylsden for just £132,003. But like anything prices can vary on the state of the property to its location as well.
If you haven’t got the finances and the patience, then you should consider if it is really for you.
Despite both demand for properties and a high rental yield (7 per cent approx) nothing is a certainty, so as with all types of investment, do your research. Student rental: Fallowfield/Salford
When you have more than 70,000 students descending on a city each year, they are going to need somewhere to live.
Also students tend to live in larger groups, so instead of having one tenant or a couple in a flat, you could have anywhere from three to 10 in a property.
This is a massive incentive for investors as it means that you can make more money from less property. And because of the sheer volume of students, you will have a constant supply of tenants, leaving your property empty for a much shorter period of time.
Fallowfield, Rusholme and Withington are synonymous with student housing and attract the majority of the student population, year in, year out.
Fallowfield is home to different styles and sizes of property, such as larger, traditional Edwardian properties on Egerton Road to blocks of flats on Granville Road and elsewhere.
Students going to Salford University will, however, be looking at roads closer to campus, meaning streets off Frederick Road are popular.
Student rentals usually have fantastic financial returns but they do come with some drawbacks that any potential investor should look out for before jumping in, head first.
You need to be prepared for anything and everything to break on regular basis, including furnishings, doors and windows.
There is increasing competition from luxury student living, especially in cities like Manchester. Vita Student and Lambert House offer free breakfast, wifi, Netflix and even bowling alleys in some cases.
This isn’t for everyone though, most students still prefer things in Fallowfield and Withington, a bit rough around the edges, which you can’t recreate in other parts of the city. Off plan: City Centre/Salford
Our city’s skyline has changed dramatically over the past ten years, with a new apartment block or office tower popping up seemingly everyday.
There is a buzz around they city centre, which has seen the population mushroom.
As a result, demand for property in Manchester has never been greater.
Also, off-plan can sometimes give investors the chance to get a property for cheaper than they would if they bought it after completion.
This is, of course, a gamble, but depending on the success of the site can save you thousands.
We recommend the NOMA development close to Victoria train station. It’s an area which has undergone an incredible transformation, seeing around £800m pumped in to develop the area. With the Co-op being based there and a host of transport links, including trams and national rail lines, it’s perfect for commuters wanting to live in the city centre, but also the freedom to get out.
At the other side of the Irwell, Middlewood Locks is set to be built, with more than 2,000 homes planned.
This is a case where being a bit further out of the city can actually work in its favour.
That’s a bit like asking how long is a piece of string - it really depends on what you’re willing, and able, to pay.
Prices vary from scheme to scheme, based on multiple factors such as the build cost and the location, so it’s hard to get an average.
You could purchase a two-bed flat in Halo Apartments, right in the heart of NOMA, for around £210,000.
If you were to invest in St John’s Quarter, on the site of Old Granada Studios, you could be looking to pay almost triple that.
Similarly, Angel Gardens is planned to be built there, with approximately 466 flats and will no doubt be a draw if completed.
Off-plan developments are fraught with risk.
It might seem like a safe bet - a new build with modern appliances and a city centre location.
But there can be problems such as delays and increases to the build cost. Perhaps most importantly - will people want to live there when it is complete?
You are putting a lot of money and trust - into a developer to do a good job on the property, so it is vital that you research their company and its history thoroughly.