Best Buy to Let Areas in Manchester

Manchester has quickly become one the UK’s most desirable property investment hotspots and shows no signs of slowing down. With a thriving property market, and ever-increasing demand for quality rental properties there is no better time to invest in the city.

Considering all this, it is important to know which areas are best for your investment style and which areas of the city present the better investment opportunities. Now, with that said, lets dive into our guide into the best buy to let areas in Manchester.

Manchester City Centre

If you’re an investor who wants to be a part of the hustle and bustle in Manchester City Centre, there are various avenues investors can go down to find a suitable property investment that can offer great returns.

In regards to residential property, Manchester City Centre sells a high number of flats compared to semi-detached or terrace properties and in the last 12 months, 304 flats were sold at an average value of £234,064 (Zoopla).

This insight gives investors the edge they need to learn about their potential tenants. We can already assume that those purchasing flats within the city are potential graduates or couples looking for a city flat that can provide them with all the local transport links and easy access into the centre for work or play.

When it comes to the regeneration of Manchester City Centre, you can clearly see the transformation of the city by looking across the city’s skyline. A large number of projects were given the thumbs up in 2017 and have no better aim then to improve Manchester’s economy, housing demand and reputation which has gradually earned itself as a place where visitors want to live, work and invest.

As the number of regeneration projects continues to increase, Manchester City Centre is becoming a hive for property investment. As more investors from around the world seek profitable investment opportunities, Manchester City Centre can offer investors a range of property investment opportunities from student accommodation to buy-to-let property investment.

What investors need to keep in mind is that as the city continues to grow, so will property prices and rental yields in Manchester’s property market (which we’re already seeing). Keeping up-to-date with the latest developments in the Manchester property market is crucial in order to find that perfect property investment, regardless of whether you’re a first-time investor or an experienced investor looking to expand your property portfolio.

Castlefield

Based on the city’s south-west side, Castlefield has developed a reputation as a hub for property investment. Many period buildings have been given a new lease of life and have been transformed into modern living spaces or offices to cater to the demand of new residents and businesses entering the area.

As Castlefield is right on the doorstep to Manchester City Centre, it’s a fantastic area for those who may want to live outside the city but commute into the centre for work, or vice versa. The surrounding transport links make this incredibly easy, whether that’s by car or train.

The housing market in Castlefield is slightly more expensive then the city centre, with an average price of £251,338. Castlefield has long been popular with students and young professionals who enjoy the green spaces on offer but also the ease of which they can travel to and from the city centre. Castlefield gives residents the option to escape the hustle and bustle of the city and enjoy a day by the canal.

Spinningfields

If high-end property investment is more up your street, then Spinningfields is the place for you. The location has long been popular with celebrities and therefore caters to a particular lifestyle with up-market restaurants and bars that will transport you to other worldly places.

Naturally, with an area that attracts those with bigger pockets, property prices are much higher than your average property price in Castlefield for example. Back in 2017, those looking to live in Spinningfields would have expected to pay around £500,000 for a two-bed apartment.

For investors interested in luxury properties, average rents in Spinningfields can range from £850 per month and in some cases up to £1,300 per month. This high price tag is justified not only by the prestigious apartments but the lifestyle that Spinningfields will provide to those living in the area.

Continued investment into commercial and residential buildings in Spinningfields and Deansgate has transformed the area to become a haven for high-spec architecture, contrasting against the more traditional buildings that feature in other parts of the city.

The key to the appeal of the property in Spinningfields is the location, which is literally a couple of minutes’ walk to both the main commercial and retail hubs of Manchester city centre. With Manchester's most high profile street directly through Spinningfields, the area’s residents have easy access to the very finest that Manchester has to offer literally on their doorstep.

The high concentration of office and leisure units throughout the Spinningfields district has meant that residential space is limited, and therefore at a premium. As a result of this, some of Manchester city centre's most high profile property developments such as Leftbank and The Edge are located in the area, and apartments within are in high demand.

Ancoats / New Islington

If you haven’t heard, Ancoats is a pretty big deal at the moment. Over the past ten years the area has received a wealth of regeneration and has transformed itself into a place where people are proud of their independent high-streets and thriving community of Arts and Theatre.

It comes as no surprise that Ancoats has been granted the title as one of the best places to live in the UK in 2019, by The Times and although regeneration projects have sprung Ancoats back to life it hasn’t replaced the rich history that makes Ancoats a great place to be.

Old and new have teamed up to create modern developments with a twist as traditional materials are used to ensure the landscape is still in-keeping with the surrounding area.

Flats in Ancoats received the most sales in the past 12 months, with an average value of £274,158 (Zoopla). RightMove reports that average sold prices in Ancoats over the past year had risen 4% compared to the previous year, which indicates that the Ancoats property market is only growing stronger year on year.

Northern Quarter

Just a short walk away from Ancoats and New Islington is The Northern Quarter. Known for its music and fashion scene, The Northern Quarter is a hive for those seeking a lifestyle that’s both trendy and lively. Naturally, The Northern Quarter is popular among young professionals and students and therefore the area has a variety of quirky bars, clubs and cafes that both residents and students can enjoy.

The Northern Quarter may look deceivingly rundown on the outside but it’s actually a hidden treasure trove of modern apartments, some of which are the most sought after in Manchester.

There are many exciting employment opportunities in the Northern Quarter with the area’s popular finances centre and creative industry, giving students, graduates and residents plenty of opportunities to work in this area of the city.

One example of this is Amazon. With plans to open its first UK corporate office in 2019, 600 jobs are expected to be created. Situated between Victoria Station and Shudehill, those in the surrounding areas have an opportunity to work for this retail giant in a variety of roles.

This high volume of job creation will naturally extend itself to the housing market as more people wish to move and live in and around the Northern Quarter in order to be closer to work and transport links.

In regards to property prices, the M4 postcode has performed well over the past 12 months. RightMove reports that the current average value of property in the area is £280,087, an increase of 7% on the previous year.

Green Quarter

The Green Quarter is slightly different to its surrounding areas, as its more of a residential development than a district; however that doesn’t take away the fact that The Green Quarter is loved for its many independent food and drink businesses that bring the culture of Manchester to life.

Its high rise apartments give residents a great view of Manchester’s skyline and transport links are easily accessible to take commuters to and from the city centre, especially as The Green Quarter is situated so close to Victoria Station.

Commercial investment has been no stranger to The Green Quarter as it has received £100m worth of regeneration towards new office space for Co-op bank. Due to this investment, infrastructure has been improved to ensure professionals can travel around the area with ease.

Rental prices in The Green Quarter come in at around £700 per month for a 1-bedroom apartment, whilst 2-bedroom apartments start at £825 per month. The amenities and all-round excellent location of The Green Quarter supports the fact that even though there is less choice when it comes to property, the demand is still there for investors to take advantage of.

NOMA (a.k.a North Manchester)

NOMA is new to the city of Manchester but aims to create 20 acres of residential and commercial properties, which include homes, offices, retail space and more to help with the expansion of the city’s growth of both population and regeneration.

Although the dream of NOMA is still under construction, there are clear developments which show the potential that NOMA has to offer. One Angel Square is just one of many developments that will carve its way into Manchester as a sight to behold. Completed in 2013, the Co-op headquarters is a 15-storey building that is impressive in both scale and style.

Salford Quays

At the heart of the Manchester recent renaissance has been the new development at Salford Quays, as significant levels of investment have turned the area into one of the most desirable locations for young professionals in the north of England.

Far removed from the urban decay seen throughout Salford Quays in the 1970's and 80's, Salford Quays is now a thriving commercial and residential district, which is home to some of the UK's leading corporations including the BBC and ITV.

MediaCity, the catalyst around which Salford Quays has grown is a development put in place to counter balance the traditional media industries throughout central London. Today, a large number of corporations have chosen to make MediaCity and Salford Quays their home cementing the areas identity as one of the UK's leading commercial centres.

Arguably the highest profile of these corporate relocations was the BBC's decision to move over 2,000 staff from their offices in central London to the new stunning new Northern HQ offices on the banks of the Salford Quays.

Understandably, such a large increase in employment throughout the area placed a significant demand on the local property market, and today both short and long term rental accommodation in Salford Quays is in high demand, creating exciting opportunities for property investment in Manchester.

Whilst a number of high profile residential developments were launched in the Salford Quays district in the past two years, the demand for buy-to-let property in Salford Quays is today at an all time high, with investors both in the UK and overseas keen to capitalise on the increasing demand for rental accommodation.

The Village

You can find The Village down by the famous Canal Street, which is beaming with colour and life, especially as it’s one of the UK’s most popular gay quarters. Here you’ll find a variety of bars, pubs, clubs, cafes and restaurants to eat and drink to your heart’s content.

Over time, The Village has become a hotspot for culture and most notably, Manchester Pride. The history behind The Village and how it came to be is one of the many reasons people enjoy spending time in The Village and why property in the area is also highly sought after.

This spark of residential property purchases is most notable with young professionals who want to join the party and enjoy what The Village has to offer.

Piccadilly

In years to come the Piccadilly area will see a wealth of transformation especially as Piccadilly is the centre of the HS2 project. So for those who wish to live or invest in the Piccadilly area of Manchester, expect to see house prices rise as the area becomes a hotspot for commuters and residents.

As Piccadilly is also quite a central location within Manchester, rental prices tend to achieve a high price of around £750 per month. So if you’re in the market for a buy-to-let property investment, Piccadilly could provide you with great returns.

Deansgate Square

Over the course of the past ten years, the Deansgate Square and Great Jackson Street master development has redefined Manchester city centres skyline. Previously characterised by the iconic Beetham Tower building, the Manchester skyline has evolved in recent years as a growing number of high profile, high specification property developments have launched in the Deansgate Square district.

Initially, the South, West, East and North Towers were launched, simultaneously redefining luxury, high elevation living in Manchester city centre. Since then, other new buildings including Elizabeth Tower, Victoria Residence, the Blade and Three60 have joined them to create an entirely new region within the city centre. The high specification, luxury nature of the apartments in Deansgate Square has resulted in a considerable demand from both tenants and owner occupiers alike.

Many investors have since been attracted to the properties for sale in Deansgate Square and the surrounding buildings, primarily due to the higher rents being achieved across many of the buildings. In recent months, we at Pure Investor have rented out one-bedroom apartments for over £1,750.00 per month, with two-bedroom apartments often renting out for in excess of £2,500 per month.

With higher rents like these being achieved throughout the various buildings in Deansgate Square throughout 2023, it is understandable why the area has caught the interest of so many property investors looking to purchase an apartment in Manchester city centre.

Southern Gateway

The Southern Gateway is an area that’s flooded with modern developments and conversions that sit just outside of the busy city centre. The Southern Gateway is also perfectly located for students as the area is not far from both the University of Manchester and Manchester Metropolitan University, giving investors a great opportunity to provide housing and accommodation to students and graduates.

Due to its location, the Southern Gateway has excellent transport links and has several railway stations to pick from. Should visitors be travelling by car, the ring road is easily accessible by the Southern Gateway and there’s always a bus available just around the corner.

Another reason the Southern Gateway is popular among students and young professionals is that it’s just a hop, skip and a jump away from the lively streets of Oxford Road and Canal Street.