Manchester’s Northern Quarter has become a vibrant hub in the UK property market, attracting property investors and students alike. People know this area for its lively nightlife, unique shops, eateries, and a range of cultural and artistic venues. But did you know that the Northern Quarter is also a property hotspot that offers a high rental yield? Buy-to-let Manchester investors can benefit from investing in off-plan properties such as this Northern Quarter new build development.
Discover why Northern Quarter’s real estate market is on the rise and explore investment opportunities in this thriving Manchester district.
Where is the Northern Quarter in Manchester?
The Northern Quarter, nestled between Piccadilly and Ancoats, is situated in Manchester city centre. Located near major roads like Great Ancoats Street and High Street, this vibrant district offers convenient and easy access. Its central location and lively atmosphere make it a sought-after destination for those looking to experience the city’s cultural pulse.
The Regeneration of Northern Manchester: NOMA and New Cross
North of Manchester’s city centre just above Northern Quarter lies the ambitious £800m NOMA development on the outskirts of the bustling city heart. This regeneration project aims to revitalise lesser developed areas in the northern districts of Manchester.
NOMA, the largest development project outside of South East England, aims to transform 4 million square feet of land into a vibrant blend of offices, leisure facilities, residences, and retail space. Being close to the NOMA regeneration zone makes it an excellent option for buy-to-let property investments. It attracts those who want to be near the lively Northern Quarter, famous for its captivating entertainment and bohemian atmosphere.
One development in Manchester’s property market that has garnered significant attention is New Cross Central. This project is an integral part of the extensive regeneration efforts in the area.
New Cross Central offers a variety of one, two, and three-bedroom apartments, making it an ideal choice for a wide range of tenants. With its modern design, high-quality finishes, and attractive amenities, this property is an excellent investment for buy-to-let investors in the UK market.
Booming Property Market in Manchester City Centre
The North West region has seen a significant rise in property prices, with Manchester’s city centre market leading the way. Experts predict continued growth, fueled by young professionals seeking better job opportunities and an improved quality of life.
A recent survey conducted by JLL predicts that house prices in Manchester are set to rise by over 5% in 2023, with some projections even suggesting growth of up to 8%.
The latest data from the Land Registry House Price Index in May 2023 reveals that the average property prices in Manchester currently stands at £231,656. Greater Manchester property prices have increased by almost 290% since 2003, according to Land Registry data. The thriving Manchester property investment market, great property values, coupled with these compelling statistics, clearly illustrates why the Manchester buy-to-let market is highly sought after by investors.
Vibrant Lifestyle Amenities
The Northern Quarter offers a variety of lifestyle amenities that attract young renters and buyers. With its lively social scene, cultural attractions like The National Football Museum and Contact Theatre, independent shops, eateries, and street art, tenants can fully experience Manchester’s offerings. This area is a hub for creative and entrepreneurial types which adds to the uniqueness of the locale.
Convenient Transport Links
The Northern Quarter has excellent transport links, making it a popular choice for young professionals who work in the city center. In addition to being close to the city center, it has excellent transport links to the wider region via motorways, buses, and trams.
Proximity to Manchester Metropolitan University
The Northern Quarter’s location is particularly beneficial for students studying at MMU, which is only a short distance away. The area’s proximity makes it an ideal choice for those wanting to stay near the university. This not only saves commuting time, but also gives students easy access to the vibrant social and cultural lifestyle of this district. Properties in the Northern Quarter have a high rental demand, making it an attractive prospect for Manchester buy-to-let investors.
High Rental Yield
The Northern Quarter in Manchester is a popular area with high rental yields compared to other locations. Rental yield represents the return on investment based on the property’s annual rental income.
In addition to its high rental yield, the Northern Quarter also demonstrates strong potential for future capital growth, making it an attractive choice for buy-to-let properties. With consistent rental yields, steady house price growth, and an average property price in the area, it’s an appealing option for investors and homeowners alike.
Calculating Rental Yield in Manchester
To calculate the gross rental yield of a property in Manchester, follow a simple formula. Divide the estimated annual rental income by the likely purchase price. Multiply the result by 100 to get the gross yield as a percentage.
For example, let’s consider a property in Manchester valued at £350,000 with a monthly rental value of £1,900. Multiply the monthly value (£1,900) by 12 to find the annual rental income (£22,800).
To calculate the gross rental yield. Divide the annual rental income (£22,800) by the purchase price (£350,000), then multiply by 100. The result is a gross annual return of 6.51%.
This means that for every £100 invested in the property, expect a £6.51 return each year before any costs. Consider this calculation when evaluating the potential profitability of a property investment.
Property Investment Opportunities
The Northern Quarter has a range of property investment opportunities available, including new build apartments, converted warehouses, and commercial spaces. These off plan properties can offer a good return on investment, with yields as high as 7% in some cases. However, it’s essential to seek professional advice before investing in property.
Partnering with Rothmore Property for Success in Investing in Manchester’s Booming Property Industry
Looking to invest in Manchester off plan properties? Rothmore Property is a Manchester-based property investment company. We provide exclusive investment opportunities for buy-to-let investors in the thriving Manchester property industry.
Invest in off-plan properties and buy-to-let developments with potential returns ranging from 10% to 15% NET. We provide the gateway. We understand the importance of security in investment properties, so we diligently curate our portfolio.
Our carefully chosen off-plan properties in prime Manchester locations offer great potential for capital appreciation and high rental yields. Our meticulous due diligence guarantees successful investment properties. When you choose Rothmore Property, you’re not just investing in a property; you’re investing in a promising future in the Manchester property market for buy-to-let investors.
Rothmore Property can help you find the best Manchester property investment opportunities and guide you every step of the way to finding the perfect investment.
In summary, Manchester’s Northern Quarter is a property hotspot with high rental yield. It offers a booming property market, vibrant lifestyle amenities, convenient transport links, and various investment opportunities. The area’s unique character attracts young professionals, driving demand for rental property. Manchester’s Northern Quarter is indeed a burgeoning hub of property potential.