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Investing in Manchester and Salford


joe collins

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Hi everyone

 

I'm looking at buying a buy to let property in the Manchester/Salford area and would love to hear from anyone who has any knowledge/experience of these areas.

 

I've contacted several estate agents and seem to get differing views of where best to buy and areas that are in high demand. So I'd be really interested to hear from anyone on here who has knowledge of the area.

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Hi Joe, 

 

I have just agreed to buy a repossession property in Gorton, which is East Manchester for a very reasonable 42k - it needs work but even after refurbishment i estimate a double digit yield being achievable. 

 

Manchester IMO has great fundamentals but some areas of town are nicer than others and attract different tenant groups. However that being said the rental values for bog standard two up two down terraces don't actually differ hugely across town - between 425-550 PCM, however the purchase price could vary anywhere from 45-85k depending on the area. 

 

It depends on your strategy and if you are interested in buying something that is rental ready or you are prepared to do a bit of a refurb or renovation?  If so i think you can get decent BMV value in quite a few parts of town.

 

I like the eastern side - Gorton, Abbey Hey, Clayton, Failsworth, Openshaw but as I say i think there is value across town, in the south such a Longsight and Levenshulme there are good HMO student areas close to the University.

 

I hope that helps.

 

James

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Hi James

 

Thank you so much for replying and for the information you provided. So far my research has gone as far as Salford, Bury and a little bit around Stockport. So east Manchester was my next area to take a look at as I know there's quite a bit of development planned around that way and the yields seem to add up.

 

It sounds like you got a pretty good deal there and I hope the refurb goes well for you. I saw your other post so hopefully you can get some good, reliable builders in to do the work.

 

I'm not actually from Manchester (I live in London) but my other half is from there and we're planning on relocating early next year. So I wanted to get started on a buy to let portfolio before making the move. I used to have a buy to let in Nottingham but sold it late last year after one disaster after another. I think it all came down to my lack of planning at the begining. Actually it was more a case of no planning whatsover! But I've moved on, learnt from the experience and, thanks to the Property Podcast, feel a lot more confident of doing it more effectively this time around.

 

It'd be great to keep in contact and to see how you're getting on with the refurb. I'm more than happy to let you know what went wrong in my first property experience if you'd like to know. Mine was also a repossession that I picked up for well below BMV.

 

My email is joe_collins@talk21.com

 

Hope to hear from you

 

Joe

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  • 3 weeks later...

Hi Joe,

 

Been on hol so missed this post. I have a number of properties in Salford and know the area reasonably well. Like anywhere there are good areas and bad areas. The beauty about Salford is its short distance to Manchester and  relitively cheap house prices compared to surrounding areas. Also the LHA rate is very high as it is a city and so close to Manchester. If you invest wisely you can pick up 2 bed properties circa 40k and get £500 per month ( which can be quite a bit higher than the private rental market )

 

Also both Manchester and Salford city councils offer good rent, repair ane lease schemes. Salford's is really good at the moment along with a very good rental deposit scheme.

 

Drop me a message and I would be glad to help if you need any further info. As described in a recent Rob and Rob property podcast Rob there was an article which had Salford as one of the property hot spots in the country.

mark-morris.jpg

The Manchester Meetup takes place on the first Thursday of every month, find out more here

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Hi Mark

 

Thanks for your message and it was great to hear from you. I hope you enjoyed your holiday.

 

I was in Manchester and Salford last week and got to view a few properties as well as taking a closer look at some of the areas. I'm still very much in the research stages so it'd be great to hear from someone with some local knowledge of investing in the areas I'm concentrating on.

 

My email is joe_collins@talk21.com so please get in touch if you get a chance.

 

Thanks again

 

Joe

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  • 4 months later...

Hi Joe,

 

If you're moving to Manchester yourself soon, have you thought about a student let?

 

Manchester has a HUGE student population, both national and international, so there's good demand if your property is in the right area and targeted for the age group. They are more hands-on than other options, as it is usually the tenants first time living properly away from home (i.e. you might get the odd call that the light bulb needs changing) but with a friendly and relaxed approach they can be really lovely tenants who really appreciate a kind and reasonable landlord (especially in comparison to their friend's). Also, as you'll be in Manchester anyway, popping round now and then won't be too tricky. The rents achievable are far higher than a normal BTL (around £65-85 pp/per week) and it is very common to use a 2nd reception room as a downstairs bedroom, so well worth the extra hassle in my eyes!

 

If you're interested, I'd be more than happy to answer any questions, as the more good student landlords the better!

 

All the best,

 

Emily 

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  • 10 months later...

Hi everyone,

 

I am also interested in the Manchester area as it seems to have great potential combined with the fact that it is a direct flight from where i live, Geneva, Switzerland. I have analysed potential yields in and around Manchester and it seems that you can find descent deals accross the whole area. However, nothing seems to beat student let and i was particularly looking at the area around Salford university.

 

Has anyone of you been investing in that area?

 

Do you know any good letting agent? I will definitely need a good one as i cannot be too hands-on from Switzerland :)

 

Do you know any good solicitor?

 

I will be in Manchester the first week of January in order to do some viewings and meet solicitors, letting agents and mortgage broker. I am hoping to see some of you at the property hub meetup which is on Thursday 7th of Jan, if i am not mistaken !

 

Thanks a lot in advance for your help, it will be much appreciated !

Cheers,

Camille

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Hi Camille,

 

The property hub meetup in January is on Wednesday 6th January Tiger Tiger @ 18.30. Venue was not available on the 7th. Hope to see you there and I will be happy to offer any advice I can ( along with all the other great hubbers )

mark-morris.jpg

The Manchester Meetup takes place on the first Thursday of every month, find out more here

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