Manchester ranked as the best city to be a landlord in the UK
Manchester has been ranked as the best city in the UK to be a landlord according to a new report.
The research, carried out by price comparison website GoCompare, ranks Manchester just above London as the go-to hotspot for investors, followed by Nottingham, Liverpool, Leicester and Cardiff.
Two crucial factors that helped Manchester top the other cities was its strong average rental yields of 5.5% – the current highest in the UK – and the rate of rental price growth, which the report notes is also the fastest.
The report ranked cities on a number of factors, from average property prices and expected yields to the youthfulness of the population and rental price growth.
See below the data breakdown for Manchester:
Comparing all the data, Manchester ranked as the following across all analysed factors compared to other UK cities:
- Average property price: 14th
- Average yield: 1st
- Population under 35: 4th
- Number of properties available: 3rd
- Number of letting/maintenance agencies: 3rd
- Number of new housing developments: 7th
- Properties currently available for rent: 3rd
- Rental price growth: 1st
Investors turn to Manchester as long-term London alternative
And the promise of Manchester’s booming property market hasn’t just been noted by local landlords. Foreign investors have also taken note, with China’s largest international property portal, Juwai, reporting that interest in Manchester property on its site has increased by 255% in just 12 months.
Many investors are looking to Manchester now as a real alternative to the capital too. Despite London coming in second on GoCompare’s report, data from LendInvest shows that Manchester investors could start to see returns around 65-70% higher than landlords in London, thanks in part to a population surge, strong business growth and a development and regeneration-friendly building climate for developers.
Read more about the latest Manchester property news here.