Manchester

5 of Buy-to-Let Hotspots in Manchester

30 July 2020 Simon Banks Read time: 2 min
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Simon Banks

Whether you're an established landlord or venturing into your first buy-to-let, you'll want to make sure that you nail your investment on every level. From buying in an area where there's room for house-price growth to finding a property that appeals to renters, there are plenty of boxes that need ticking.

London is the buy-to-let mecca of the UK, but rising house prices and low yields have priced many out of the market. Enter Manchester, England's second city and an established buy-to-let area with an overflow of demand.

Regeneration, along with mega-companies like the BBC setting up shop, has increased its appeal. And there are a plethora of exciting neighbourhoods that more than rival some of London's hottest of hotspots. But which areas should you think about investing in Manchester?

Here are five neighbourhoods that are worth your consideration. 

Deansgate

The primary hub of Manchester, Deansgate is a mile-long thoroughfare that connects every part of the city centre. It's one of the city's busiest areas and commands the attention of professional renters who love living in the heart of the action.

Deansgate

Prices are slightly higher in Deansgate compared to some Manchester neighbourhoods, but that also means properties can command higher rents. Most of the apartments here are situated in modern buildings, with units on higher floors offering sweeping views across the Manchester skyline.

Average rents in Deansgate: £1,180

Average house price: £250,000

Average yields: 5.5%

Castlefield

Castlefield is another city centre location, yet it feels like it's 100 miles away from the hustle and bustle. Expect to find cobbled streets, scenic waterways and quaint canals with plenty of charming red-brick buildings and converted warehouses.

Castlefield

As the oldest part of the city, Castlefield was declared England's first Urban Heritage Site in 1992. Its charm and stature make it a popular spot with professional renters who desire a form of escape from the big-city lights while staying close to the action.

Average rents in Castlefield: £1,000

Average house price: £225,000

Average yields: 5.3%

Salford

Just a hop and a skip away from the city centre, Salford's status has surged over the last few years. Regeneration has transformed the area into a hotspot, and there are a plethora of new-build apartments to choose from, many of which provide amenities like concierge services, gyms and spas.

Salford

Salford Quays offers scenic riverside settings and is the home to MediaCityUK, a 200-acre mixed-use property development that is the home of the BBC in Manchester. Professionals love Salford, thanks to its proximity to work and entertainment.

Average rents in Salford: £1,050

Average house price: £230,000

Average yields: 5.4%

Northern Quarter

The cultural hub of Manchester, the Northern Quarter isn't too dissimilar to London's Shoreditch – albeit a little more lowkey. Expect creativity galore in the Northern Quarter, plus vibrant apartments from converted warehouses.

Morthern Quarter

There are independent restaurants, local bars and tons of street art to admire in this Manchester neighbourhood. It has hipster vibes in abundance but has also become a popular place with people from all walks of life. That makes it particularly in demand with renters.

Average rents in the Northern Quarter: £1,200

Average house price: £268,000

Average yields: 5.3%

Spinningfields

Everything is new and shiny in Spinningfields, which makes it sought after by investors and renters. The area is one of Manchester's newest neighbourhoods and features many restaurants, shops, bars and shiny skyscrapers.

Spinningfields

Spinningfields contributes to Manchester's growing skyline with buildings that mirror the city's famous Beecham Tower. It's a place where business, leisure and pleasure all mix – three components that contribute to its status as a rental hotspot.

Average rents in the Spinningfields £1,200

Average house price: £250,000

Average yields: 5.7%

Living the Manchester life

Manchester's popularity makes it an appealing city for investment. Plenty of job opportunities with large media companies, as well as three universities, means rental properties don't stay empty for long. If you're looking for an investment opportunity away from London, Manchester should be right at the top of your list.

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