Media City, Salford Quays, Manchester

N

Nice Day

Guest
Has anyone invested here [broken link removed]
Due for completion 2010/11.
It seems promising for investment in terms of renting, with the BBC relocating from London.
1 bed apartments start at £175k.
What are peoples views on this, long/short term.
How is the UK property market at the moment?

Other useful links:
http://www.youtube.com/watch?v=rQfzNW-ETdQ

[broken link removed]
 
The Manchester market aint going anywhere. It may sound cheap compared to Ireland but £175k for a one bed is way too much.

Even top spec there is not much of a market for such apartments.

Salford Quays is in my opinion not a nice place to live. Soul-less.

The BBC move will no doubt put the place on the map but you would be better off buying a bargin city centre flat in about 18-24 months once the correction in prices is fully completed.

You could probably buy the same spec flat in the city centre for £120k at the moment.
 
Thanks for the advice ringledman.. I'll take that on board..
I have been told that once finished, property most closely to the BBC studios are likely to increase by 7-10%.
Theres a lot of employment due to be created but I suppose the area is going to be awash with apartments.

On the other hand, Albert Dock, Liverpool, was in a similar position some years back and prices have soared..

Much appreciated..
 
Take 7-10% with a pinch of salt.

My flat in Manchester has gone up around 3-4% a year for the past 3years.

Manchester is awash with apartments. Those in the city centre are falling.
 
ringledman said:
The Manchester market aint going anywhere. It may sound cheap compared to Ireland but £175k for a one bed is way too much.

Even top spec there is not much of a market for such apartments.

Salford Quays is in my opinion not a nice place to live. Soul-less.

The BBC move will no doubt put the place on the map but you would be better off buying a bargin city centre flat in about 18-24 months once the correction in prices is fully completed.

You could probably buy the same spec flat in the city centre for £120k at the moment.
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thats changing
 
Personally with the limited knowledge I have of the manchester market i believe it to be swamped with apartments and has been for the last while.

Best avoided would be my advice.
 
qwertyuiop said:
Personally with the limited knowledge I have of the manchester market i believe it to be swamped with apartments and has been for the last while.

Best avoided would be my advice.
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To over supply is finished. Your knowledge appears a little out of date
 
ydontu said:
To over supply is finished. Your knowledge appears a little out of date
Click to expand...

Four weeks or so :eek:

Glut of new flats leaves regional markets on verge of collapse
The filling of city centres with “Identikit” apartments has left the price of such developments in danger of collapse. Housebuilding analysts are giving warning of price falls next year in some regional cities, saying that declines might be followed by years of stagnation.
Alastair Stewart, of Dresdner Kleinwort, said: “The proportion of new-build properties that are apartments has gone up from 21 per cent in 2000 to 49 per cent in the latest quarter. In various cities in the UK, such as Leeds, Manchester, Ipswich, Norwich, Leicester, Nottingham and Birmingham, there’s a vast oversupply.”
Click to expand...
http://business.timesonline.co.uk/t.../construction_and_property/article3048591.ece
 
ydontu said:
To over supply is finished. Your knowledge appears a little out of date
Click to expand...


Where about in Manchester do you live and how long have you been there?

The city is awash with empty apartments. There are developments built 2/3 years ago that developers are still trying to shift which leave the current residents with huge holes in their management accounts.

I have worked as an external project manager for some of the biggest developers in the city centre and they are s*** scarred of not selling them all or making a loss on their developments.

It would be a buyers market if there was anyone wishing to buy a city centre apartment at the moment.

I predict a real term fall of 30-40% off Manchester city centre flats in the coming 3-4 years.
 
ringledman said:
Where about in Manchester do you live and how long have you been there?

The city is awash with empty apartments. There are developments built 2/3 years ago that developers are still trying to shift which leave the current residents with huge holes in their management accounts.

I have worked as an external project manager for some of the biggest developers in the city centre and they are s*** scarred of not selling them all or making a loss on their developments.

It would be a buyers market if there was anyone wishing to buy a city centre apartment at the moment.

I predict a real term fall of 30-40% off Manchester city centre flats in the coming 3-4 years.
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Are they scared of selling them because of the current economic climate of because of the oversupply!

30 - 40% drop - based on what exactly?
 
I have property in Manchester City. It is a nightmare to get the properties let. Manchester (together with Leeds) ares actively reported as been over developed. Drive around and see. There are dozens of apartments without curtains - a sure indication of a market ready to decline. If you are hell bent on buying a property in the UK try www.assetz.co.uk, where you will get a property up 30% off list price. The UK market is under severe pressure at the moment. By the way have you tried an Irish Bank for a mortgage of a Buy to Let in Manchester City. They are not that keen on lending for this area in question and strict criteria has to be met before they will lend.
 
Have purchased myself in Media City and the price you have been quoted for a 1 bed seems very high

There are several developments in the area but i have bought in the middle of media city and not the surrounding area

I paid approx £150,000 for the 1 bed unit on the 16th floor of a 5 star development which is still 2.5 years off plan and i expect to get approx 5% growth per year on this investment (This area will change dramatically over the next 5 years)

£175k seems very high indeed and i would not purchase at that price
There is better value to be had

Hope this helps
 
Nice Day said:
How is the UK property market at the moment?
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Panorama had a progrogramme tonight on mortgage fraud in British property market. Amateur landlords seem to be particularly vunerable. The problem with the scams shown is that if you buy a property and it is either reposessed or you sell it for a loss, it is up to you to make up the shortfall. The developer already has his money.

One investor paid 200,000 stg on paper in 2006 for a 2 bed flat (she actually paid 170,000, the deposit was imaginary -gifted to her by the Developer). When she wasn't able to let the flat for the 1,200 pm, as she was assured she would be able to do, and she was unable to service the debt, it was reposessed. The exact same property has just now been bought by another investor for 75,000 stg. She may now end up homeless herself, having to sell her own house, in order to repay the shortfall to the bank.

Here's the link
http://news.bbc.co.uk/player/nol/ne...mp=wm&news=1&ms3=6&ms_javascript=true&bbcws=2

Tread very carefully, or better still don't tread at all.


Murt
 
Murt10 said:
Panorama had a progrogramme tonight on mortgage fraud in British property market. Amateur landlords seem to be particularly vunerable. The problem with the scams shown is that if you buy a property and it is either reposessed or you sell it for a loss, it is up to you to make up the shortfall. The developer already has his money.

One investor paid 200,000 stg on paper in 2006 for a 2 bed flat (she actually paid 170,000, the deposit was imaginary -gifted to her by the Developer). When she wasn't able to let the flat for the 1,200 pm, as she was assured she would be able to do, and she was unable to service the debt, it was reposessed. The exact same property has just now been bought by another investor for 75,000 stg. She may now end up homeless herself, having to sell her own house, in order to repay the shortfall to the bank.

Here's the link
http://news.bbc.co.uk/player/nol/ne...mp=wm&news=1&ms3=6&ms_javascript=true&bbcws=2

Tread very carefully, or better still don't tread at all.


Murt
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to be fair those purchasers featured on the programme fell into categories somewhere between niave and moronic.

One women who never made an investment in property before then bought a conversion development for £2m, yet she never did any research on the area, didnt know the values, didnt know what rents she would be getting (apart from what the developer told her, duh!) and the icing on the cake - she never visited the property before purchasing the property!!

The she didnt manage the property properly and was "shocked" when the value of the assest she purchased not what she thought it should be.
 
how do you visit something that could be(at least) 2.5 years off plan?
 
You at least should visit the area to check out the infrastructure, transport links, general state etc.
 
BigRog said:
You at least should visit the area to check out the infrastructure, transport links, general state etc.
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exactly - you dont buy something of that magnitude without undertaking research - if you do then more fool you (that wasnt meant to rhyme)
 
Do not touch this with a barge pole.

GBP 175k for a 1 bed in Manchester - somebody must be having an absolute laugh?????

How in hell's name would anyone hope to cover a 90% mortgage plus associated costs via rental on this?

Believe an investor would struggle to break even if they owed the bank GBP 75k here.
 
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