Investment: Best buy to let areas in Manchester 2023
Forth Action Invest on October 3, 2022
Manchester is quickly becoming a top property investment location…a place that is rapidly growing in popularity, offers great yield rates and some great opportunities? Manchester is the place you’re looking for. And we’ve got you covered with all the best buy to let areas in Manchester for 2023.
Often referred to as the ‘capital of the north,’ the Greater Manchester area is the second most populous urban area in the UK, with a population of more than 2.55 million people. By 2034, this is expected to reach over 3 million.
As students, young professionals, and retirees flock to the city, Manchester’s rental market has risen by 23.4% in the last year alone. This has led to record-hitting highs for rent prices, with a consistent increase from April 2021.
While there’s a strong tenant demand, which could be heightened further by the growing population, there’s currently a lack of supply.
This is making Manchester an incredibly attractive place for investors around the world.
Let’s dive into the Manchester buy-to-let market, where people are buying in Manchester and the best buy-to-let areas in Manchester for 2023.
*Please note this blog does not constitute investment advice. Conducting your own due diligence and being aware of risks before making any investment is key. Seeking independent financial advice may be appropriate.
*For those who are keen to secure property within this bustling city, Forth Action Invest can help you out with the best investment property Manchester has to offer.*
What’s the rental market like in Manchester?
Manchester is the largest economic area outside of London. While it’s already a well-loved population, the interest is increasing.
Thanks to multiple regeneration projects, investment into the city and a plethora of award-winning titles, Manchester has become the new place to be.
Known for architecture, vibrant nightlife, a buzzing social scene, media links, scientific and engineering output and two internationally renowned football clubs, this location has it all.
Home to five universities (The University of Manchester, Manchester Metropolitan University, The University of Salford, The University of Bolton and University Academy 92), the city boasts an impressive pool of student renting opportunities.
While 10,000+ students flood into the city every year, many stick around after their studies are completed. Over half (51%) of students from the universities choose to remain in the city after graduation.
And Manchester-born students tend to find themselves returning after graduating in other cities – with 57% moving back to their hometown to begin post-graduate life. This means a whole lot of graduates and professionals are looking for accommodation.
The best buy to let areas in Manchester
Looking to take a slice of the lucrative pie that is the North West? We’ve got you covered with everything you need to know about the Manchester buy-to-let scene.
There are ten councils that make up the Greater Manchester area, with each one offering its own unique spin on life up north.
Let’s break it down even further and take a closer look at our top places to invest in 2023 and beyond.
Where to buy in Manchester: the best buy to let areas in Manchester
Starting with Manchester City Centre
In this area, tenants will have everything they’ll ever need at their fingertips. Properties in this area are at the heart of the central business district (great for those working in Manchester!) and right in the middle of the social action.
The last census, held in 2011, revealed a population of 17,861 people living in the city centre ward.
The best places to invest within the city centre are:
- Deansgate
- Green Quarter
- Northern Quarter
- Ancoats
- New Islington
Looking for the glitz and glamour of this northern town? Deansgate offers luxurious living with a northern price tag.
With something for every age group, Deansgate is a sought-after area for those wishing to live right in the centre of the action.
Average rent prices in Deansgate are around £1,131 per month.
Manchester’s Green Quarter is a newly-established district just north of the city centre, which has been revitalised over the last few years by digital start-ups, new developments, gin distilleries, restaurants, and e-commerce businesses.
This location is ideal for its close proximity to Victoria Railway Station and the main ring road, so it’s proven to be popular with commuters.
Located close by to the Green Quarter is the Northern Quarter. This is a trendy neighbourhood adorned with bars, cafes, alternative music stores and independent clothes shops.
Photo by Jonny Gios on Unsplash
The Northern Quarter is approximately 0.3sq km and has an attractive rental market – with the average rent price being £1,053 per month.
East of the popular Northern Quarter is Ancoats, an up-and-coming area that is now unrecognisable from just a few years ago. In 2021, Ancoats was crowned one of the coolest neighbourhoods in the world.
It’s been described as having a magical aura with “super-stylish new developments springing up” and “some of Manchester’s very best places to eat and drink.”
Average rent prices in Ancoats range from £897 and £1300 per month.
For those wanting to invest in a more family-oriented community, New Islington has never looked so good.
This quaint corner of Manchester sits next door to Ancoats and the Northern Quarter. After a regeneration company transformed the area back in 2000, New Islington is one of Manchester’s coolest communities…one that has started attracting families from far and wide.
New Islington boasts similar rent price averages as its neighbours.
Looking to speak to North West experts? Partner with North West specialists Forth Action Invest to secure some of the best deals.
South Manchester
Chorlton terraces. Photo by Greg Willson on Unsplash
South Manchester comprises six neighbourhoods: Chorlton, Whalley Range, West Didsbury, Didsbury Village, East Didsbury, Levenshulme and the eastern part of Withington.
These areas are a short distance to major national and international travel gateways, including Manchester International Airport and Manchester city centre.
While the city centre is within easy reach, there’s a more peaceful way of living in South Manchester. The area has various conservation areas and an abundance of green space and gardens.
It’s a largely residential place with a range of potential tenants. Many tend to be of an affluent professional population.
Our top picks within this location are:
- Chorlton
- Didsbury
- Levenshulme
Famous for its organic delis, independent eateries and sustainable stores, Chorlton is great for tenants looking to access city life at ease while living the quieter suburban lifestyle.
Average rent prices in Chorlton is £897 per month, with a range going up to around £1,400.
Close by is Didsbury. Here you’ll find a mix of properties, from large traditional housing to newer apartments.
Housing within this neighbourhood is extremely popular, helped by the leafy landscape and access to public transport and local facilities.
The Didsbury rent averages are slightly higher than Chorlton – at £966 per month and going up to £1499.
Nearby, Levenshulme is another good investment location. This neighbourhood is home to a lot of larger Victorian semi-detached properties and terraced housing.
It has been described as an ‘up and coming’ neighbourhood and has a real community feel. There’s a mix of pubs, bars, restaurants, fast food, betting shops and more. It also borders Heaton Chapel, one of the more affluent parts of Greater Manchester.
Rent prices in Levenshulme average £949 per month, reaching a high of £1,400.
Salford
Photo by Roberto Blacio on Unsplash
Salford is a city and borough within Greater Manchester and has a population of 103,886 (from the 2011 census.)
The city suffered from social problems and high levels of unemployment in the 1960s before regeneration projects started taking course from 2007 onwards.
These projects have created tourist attractions, developed residential areas and renovated existing terraced housing.
The areas with the best buy to let opportunities in Salford are:
– Eccles
– Swinton
– Little Hulton
– Walkden
Eccles has handy public transport links and makes for an attractive town for buy-to-let property investment. There are high levels of demand within this area, leading to high yield opportunities.
In fact, Eccles was named the property hot spot in 2020, with prices rising faster than anywhere else in Britain.
This suburban town is now bustling with a lovely sense of community. It has a ‘very low crime’ rating and an average rental price of £884 a month.
Sitting pretty on the southwest of the River Irwell is the town known as Swinton.
With well-rated schools nearby, country parks and ancient sites, Swinton has a pull with a wide range of tenants – including families. And it’s a town which is on the up.
Average rent price in Swinton is £927 per month.
Little Hulton is another Salford-based area north west of Manchester. It has a mining background and a strong community feel at its core.
The houses here are affordable and numerous housing projects are ongoing – a secondary school was also approved by Salford council earlier in the year. This is a buy-to-let investment opportunity with great potential. Average rent prices are roughly £923 per month.
Located close by is Walkden.
With average rent prices at £914 per month, this historic area was named among the top 20 most sought-after places to live in the UK in 2020.
Walkden benefits from lower house prices than its much-loved neighbour Worsley, but with the same Worsley address. There are many buy-to-let investment opportunities here, with a range of housing, including terraced and semi-detached.
Tameside
Photo by Matt Walsh on Unsplash
Head east of Manchester city centre and you’ll find yourself in Tameside. This is a metropolitan borough of Greater Manchester with a history that extends back to the Stone Age.
Tameside has over 300 listed buildings and three Scheduled Ancient Monuments (including a castle of national importance…)
Within this borough, there are eight towns. Our top picks for the ones with the best Manchester buy-to-let investment properties are:
- Ashton-under-Lyne
- Hyde
- Dukinfield
Ashton-under-Lyne is a market town with residential properties centred on the high street and square. Average monthly rental prices are £723.
There’s an abundance of terraced houses and older-style streets with more narrow infrastructure, but these give way to spacious houses and rural greenery in the east of the town.
Hyde is a town popular for its reach into Manchester, the Cheshire Moors and the nearby areas of natural beauty. Terraced houses, flats and semi-detached properties in Hyde are very affordable for investors. Average rent prices are £803 per month.
Next up is Dukinfield. The majority of sales in this town during the last year were terraced houses.
The market prices within Dukinfield have risen by 26% from 2019. Average rent prices sit at around £724 per month.
Trafford
Stretford. Photo by Samuel Regan-Asante on Unsplash
Everyone has different investing styles. If you’re someone who prefers to invest in more affluent towns, boroughs and neighbourhoods – Trafford could be the one for you.
With an estimated population of 235,493, this borough is a prosperous area containing four towns.
It has the lowest rate of unemployment in Greater Manchester, at 2.7%, and the highest productivity levels per head.
If you’re looking where to buy in Manchester, these areas should be your next stop:
- Urmston
- Sale
- Stretford
Urmston is the smallest town within Trafford, with a small population size to match. This town is perfect for families looking for a quaint village-style ambience.
It’s a wonderful location for education, maintaining a selective education system assessed by the 11-plus examination. It boasts ‘outstanding’ schools, an all-girls school and a Roman Catholic secondary school.
Average rent prices in Urmston are estimated at £1,057 per month.
Sale is packed with amenities and family-friendly activities, restaurants and sporting facilities.
It’s another win for schooling while still only being a 23-minute tram ride into Manchester central.
Average rent prices in Sale are estimated at £1066 per month.
Stretford has been dubbed as Greater Manchester’s ‘next big thing,’ and for good reason!
This historic market town has become a prime location for families and couples looking to settle down. Average rent prices are around £1,075 per month.
While Stretford is already dominated by outstanding schools and plenty of green open spaces, plans to develop the Stretford town centre have been proposed.
Prestwich
Prestwich. Photo by Matt Newton on Unsplash
And last but certainly not least on our guide to the best buy to let areas in Manchester for investing is Prestwich.
Just a few miles outside of Manchester City Centre, this town was voted as ‘the best place to live in all of Greater Manchester’ in April of 2022.
With plans for a £100m redevelopment of the Longfield Centre, amazing transport routes, and affordable houses, people are flocking to this town in their droves.
It’s an affluent town with a Mancunian buzz that is alive and kicking. Monthly rental prices in Prestwich are £962, as an estimate.
Manchester investment property opportunities: how to invest in the best buy to let areas in Manchester
Now that you’ve heard all there is to know about Manchester’s most promising buy-to-let investment areas for 2023, are you ready to enter the world of property investing?
Here at Forth Action Invest, we are the North West property investment and development specialists.
We have exclusive and off-the-market opportunities through our close network of professionals.
By partnering with us, you’ll have seasoned professionals walking you step-by-step through easy processes – or simply helping to find great deals at even better prices.
To learn more about our hands-free property investment services, book a free consultation here.
Please note this blog does not constitute investment advice. Conducting your own due diligence and being aware of risks before making any investment is key. Seeking independent financial advice may be appropriate.