Manchester - property

[dingdong]

Hi

What does everyone of think of manchester - houses at moment. Are they good medium term investment even though interest rates are high.

Entry rate for an 2nd hand ground floor - mews house is 139,000 with rents of 550.00 stg per month( Pretty sure i will rent this!!. This is in good area of suburb of manchester not city centre.

so what i am asking is , is there better places to invest my money in the UK other than MaNCHESter.

tHANKS

 

[auto320]

Yes, but not at small money. Good buys in East manchester from 70k to 90k in 2-bed terraced houses in the better areas, renting at about 425 per month unfurnished to private tenants.
Probably best to avoid expensive apartments in city centre; there is a glut of these on the rental market, and investors have paid too much to allow them to rent at this level.

 

[ringledman]

Higher yields in East Manchester, but goes with it the crime, dodgy tenants, DSS, unpaid rent, etc.

It was recently reported that East Manchester is the third most deprived area in the UK. Not surpirising, just take a drive there and its clear.

I would only buy in Manchester in the Southern suburbs - Chorlton, Didsbury, Withington, Fallowfield, etc. These are greenfield areas, where people want to live and will have difficulty to build too many new builds around due to the lack of available land.

The city centre is a no go, too many apartments, mostly empty. If you buy in the city centre make sure it is top end and very central. The places on the fringes of the city - castlefield, ancoats st, northern quater are hugely oversupplied.