It’s no secret that the Manchester property market is booming. People from all over the UK are flocking to the ‘Northern capital’ in search of luxurious living at prices more affordable than London.
However, with the increasing demand comes an inevitable rise in renting costs. On average, private renting in Manchester city centre is skyrocketing, growing by more than £100 per month every year. With these prices forcing many out of the city centre, commuter locations are becoming more desirable.
This upsurge in demand is benefiting certain strategic areas by encouraging greater investment levels and regeneration plans. At HS Property Group, we recognise the need for high quality rental stock in various areas across Greater Manchester and beyond, so here are our thoughts on the next big property hotspots to watch out for.
Salford has been subject to huge regeneration over the past decade, helping to combat previous negative stigmas about the city. Renowned companies are allured by offices in MediaCityUK, and this has caused an upsurge in demand for rental stock as a result.
With this, property prices are continually rising, having increased by 38% over the last three years. For those prioritising affordability, Salford is one to consider sooner rather than later.
Thanks to its convenient location, Salford is increasingly popular with young professionals. The area is also home to almost 20,000 students, encouraging the need for shared-living accommodation and HMOs.
Salford’s Ordsall Lane is a gateway to Manchester, with the road linking the two cities. Property experts have noted this strategic position, and the road is now home to several new PRS developments.
The Oldham borough has become more appealing in recent years thanks to the introduction of the Metrolink and rail connections, making it easier than ever to travel into Manchester for work and play.
Under one of the youngest council chiefs ever, Sean Fielding, the town has announced a mammoth regeneration initiative to help reform its reputation – Oldham was once described as the most deprived area in the UK.
Key to his vision is housing, which will involve the transformation of current homes to mirror city centre living – a move that will go a long way to help turn around Oldham’s fortunes.
Tameside is another excellent commuter borough thanks to its array of public travel options and access to green spaces.
Sandwiched between Manchester city centre and the rural peak district, Tameside offers the best of both worlds. It’s also an ideal choice for those most concerned with affordability – the area has been listed among the ten most affordable areas in the UK for first-time buyers.
Close to vibrant student and young professional hubs, such as Fallowfield and Didsbury, Levenshulme’s popularity is on the up.
The area is thriving in the current economic climate, with prices more affordable than many other locations close to central Manchester – direct trains take just 16 minutes.
There’s also a bustling high-street and a thriving, independent market that’s raved about across the city. Levenshulme is certainly a budding place to consider.
For those looking to commute further afield, Stockport could be the perfect option. The large town is well connected, with easy access to Manchester, London, Warrington and Liverpool via direct trains. They’re quick too – you can get to London in under two hours, while a train to Manchester takes just 10 minutes.
The varying house prices also make Stockport an ideal fit for all budgets – nearby Reddish and Edgeley have a variety of affordable choices while the likes of The Heatons and Cheadle come with a heftier price tag. The borough is a great choice for families, boasting some of the best schools in the North West.
Here at HS Property Group, we’re keen to see success across the whole of Greater Manchester, which is why we plan to develop homes in the county’s strategic boroughs.