One of the most important concerns for any UK property investor is to provide what renters want in order to access a larger pool of potential tenants. It sounds simple, but it is often overlooked. By investing in properties that suit how people live their lives, you can cut down on the risk of void periods and enhance your long-term returns.
Nothing has impacted what people want more than the Coronavirus pandemic in recent years. It has given the entire property market a shake, and one of the most significant changes it has inspired is to make renters rethink what is most important to them.
Many people have spent the last year and a half working from home, and that has altered what they want from their home. For example, the need for more space has been clarified by the rise of hybrid working, and larger apartments are instantly more desirable to many renters for this reason.
Likewise, where once commuting into a city centre was considered the norm, the last year has made many realise that the extra cost of living in a city centre – and being closer to all of the bars, restaurants, shops and cultural sites they hold – is worth the extra expense, and are therefore proving more likely to want a luxury home in the heart of it all where they may not have before.
We have taken a look at recent data and current trends and highlighted some types of UK property which are in demand with renters in 2021.
The increasing normality of flexible working, including portions of the week working from home, has impacted the type of properties that are proving to be the most popular. Home office space is more important than ever, making 2-bed apartments the most highly in demand among couples – particularly where both are working from home.
In this case, the extra bedroom can be turned into a home office which makes life a lot easier for all involved.
Nadia Aghtarafi, Lettings Manager at Alliance City Living, has noticed this trend, saying: “Every day we are getting more enquiries about 2-bed city centre apartments from people who have the same needs – more space.
“Since the beginning of the year, our larger apartments in buildings like AXIS have been rented out almost as soon as they arrive on the market, and we don’t expect that to change in the future. We are already starting to receive strong interest in the 2-bed apartments in Oxygen which are scheduled to be completed in Q4 this year.”
The final 2-bed apartments at Oxygen have been released recently and interest is already high, from both homebuyers and investors who recognise the benefits that a larger apartment will bring in the post-pandemic age. This is the perfect time to buy property in the UK, and developments like Oxygen with such outstanding facilities – including a swimming pool, sauna, steam room, gymnasium, spin room, residents’ lounges, cinema room and more – are a rare opportunity.
City centre family homes
The demand for more space is also fuelling the market for family homes in the city centre. In Manchester, this property type is extremely rare and rents are increasing accordingly. What’s more, the supply of new townhouses to the market simply is not there.
According to research from Alliance City Living, of the 15,500 new homes which have been delivered in Manchester over the last five years, only 125 of these new homes were houses or townhouses, representing less than 1% of the total.
In spite of this, the demand for large family homes of 3-beds or more in the city centre is growing all the time – particularly those which are within walking distance of top quality schools and local universities, as well as having features which distinguish them from apartments and offer a sense of privacy even in the busiest neighbourhoods.
Richmond Street Townhouses is one such example of city centre family properties that are becoming hugely popular among renters. They provide a refined take on luxury city centre living, combining a timeless style with thoroughly modern sensibilities.
Furthermore, each of these premium four-storey townhouses includes a stunning private roof terrace and garage - providing the space, comfort and elegance you need to live without compromise in the heart of Manchester.
Ronald Garrett, Managing Director at Alliance Investments, said: “Large townhouses are more popular than ever in Manchester city centre right now. The combination of extra space and rarity makes them a fantastic investment opportunity for any investors looking to the future.”
In conclusion, this is the perfect time to buy property in the UK – our team of experts would recommend that you think carefully about what renters actually want, and take into account how the market has changed over the last year.
For more information on your next property purchase, get in touch with us today >>
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