Manchester’s fast-track evolution into one of Europe’s most prosperous cities has seen it become a magnet for property investment.
It has been in a state of acceleration for the last decade and that skyward trajectory doesn’t appear to be showing any signs of slowing. That’s according to a recent report from JLL, which forecasts that Manchester will experience the highest sales and rental price growth of any UK metropolitan area over the next five years (despite a higher volume of development).
As Manchester has become the destination for opportunity in the UK, and demand for properties has increased consequently, its up-and-coming city centre areas continue to feature as some of the most investable locations in the country.
Here we reveal the Manchester postcodes with the fastest growing property prices (based on the last five years) using data and market estimates from Zoopla’s Property Index.
Price Growth (Since 2015): 19.29%
Average Property Price: £136,166
Manchester Evening News put Cheetham Hill and Crumpsall at number one for house price growth in Greater Manchester back in May 2019. Almost 18 months on and the M8 postcode is still in its ascendency as a leading light in already favourable market conditions.
Cheetham and Crumpsall are part of a North and East Manchester market surge that’s helping to drive up prices across the city. A short distance from the sought-after city centre, the area offers low-cost, high-yield investment opportunities with the price of the average house in the area rising by a massive £21,158 in the past five years.
Price Growth (Since 2015): 16.61%
Average Property Price: £219,752
The regeneration of Ancoats has transformed a once under-utilised part of the city into a trendy area to live, work and socialise. It’s now one of the most in-demand postcodes in Manchester for young professional renters and buyers as a result, having been named in the top 50 ‘coolest neighbourhoods in the world’ by TimeOut.
This year, the City Council announced fresh plans to further invest in nearby New Islington, and deliver a brand new central retail park, affordable housing and quality green spaces.
Sir Richard Leese, Leader of Manchester City Council, said: “Ancoats, including New Islington, should be considered in the top ranks of urban regeneration anywhere today”.
Price Growth (Since 2015): 16.21%
Average Property Price: £196,880
One of the most desirable residential locations in the city, the M15 postcode includes Castlefield, a picturesque pocket of urban living located in the heart of Manchester’s canal network, and has been subject to a recent transformation of its skyline.
The area is a measure of what Manchester’s future could look like, with new developments helping to meet demand for housing stock and setting the standard for modern living in the city.
Price Growth (Since 2015): 15.71%
Average Property Price: £235,361
The M1 postcode brings a spectrum of opportunities to renters, buyers and investors, comprising the up-and-coming Piccadilly Basin district, Oxford Road’s student and residential developments and the well-established bohemian Northern Quarter.
Piccadilly Basin, in particular, is one to watch. The area has been earmarked for extensive development and regeneration with a range of luxury and affordable housing projects, including the 32-story Oxygen, helping to create a brand new Manchester neighbourhood.
Manchester is desirable, liveable and investable – and the city’s ambition to fulfil its potential is at its most visible in its changing skyline and buoyant property market. Growing demand for housing stock is pushing up average prices at some of the fastest rates in the UK and helping to drive contemporary development of under-utilised areas.
The city centre remains the focal point of this transformation and is the most obvious route for property investors looking for new opportunities – for more information about why you should invest in Manchester buy to let property, contact us today >>
All data correct as of 20th September 2020
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