Manchester tipped as property hotspot

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by Kay Murchie

Estate agents Savills has tipped Manchester as a property hotspot with potential for first-time buyers to get a foot on the property ladder.

For example, a mortgage for a one-bedroom apartment in the city centre can be acquired for approximately £100,000 said Savills, making it an attractive investment for first-timers.

Tom Rogers of Savills said Ancoats, an inner city area, is having millions of pounds injected into it.

Furthermore, the city is quite condensed so anything in the centre is accessible for wherever you live.

Savills added that Manchester is also attractive to buy-to let investors. The city is the second most visited in the UK with tourists spending around £2.9 billion annually.

In addition, there is a huge student base in Manchester which adds further impetus to invest.

Mr Rogers concluded that Manchester is a great vibrant city with a lot happening. The market is weakening currently but as far as property prices go, I think they are quite fairly priced in Manchester.

Late last year, estate agent Knight Frank said it was confident that the future of the Manchester property market.

The agent said that in the early 1950s the population of Manchester was 700,000, it is currently 440,000, consequently, there’s room for another 300,000 people.

In addition, the International Property Investment Network (IPIN) acknowledged Manyoo, in the heart of Manchester city’s docklands, as a strong investment.

A spokesperson for IPIN commented that many property investors are looking to invest in the UK and Manchester is the second major financial centre outside London and its cost of living is lower than the UK average.

Last month, a survey by propertyfinder.com established that Manchester was the second most sought after property region, after Brighton.