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A guide to student accommodation in Manchester – words Al Wloods
Named the UK’s property investment hotspot for 2018, Manchester is a city that’s experiencing major growth.
With a population of over 85,000 students and a growing reputation as a prime city for property investments, Manchester is one of the best cities in the UK to invest in student accommodation. If you’re interested in finding out more about Manchester’s student property market, take a look at this simple guide to student accommodation in the city.
Why choose Manchester?
Manchester is a city that’s experienced major growth in recent years. With a rich history and culture, active social scene, and world-class universities, it’s not hard to see why Manchester has gained a reputation as one of the most established cities in the UK. Manchester has seen more than £8.2 billion worth of investments throughout the last decade, and currently has almost 70,000 properties under construction.
Manchester is outranking London when it comes to property investment, and it’s not hard to see why. The average cost for a house in London is £491,200, whilst a house in Manchester stands at around £158,000 on average. Consider the fact that Manchester isn’t far off London in terms of business opportunities, cultural hotspots and general quality of life, and it’s a no-brainer why Manchester is the smarter choice for investments. Lower living costs are also a big factor and most likely one of the reasons the city is so popular with students and young professionals making their mark on the city.
It’s not just UK students that are heading up North for their studies, with the University Of Manchester welcoming 5,135 international students back in 2016 — the UK’s largest number. This influx of international students, on top of an already high student population, means a growing demand for quality student accommodation, making Manchester one of the best areas in the UK to invest in student buy to let.
Where to invest?
Before investing in student property in Manchester, you need to do some research on the go-to areas. Salford is one of the most popular areas in the city for student accommodation, home to the University Of Salford and a short bus ride away from Manchester city centre. The University Of Salford currently has around 19,000 students enrolled on its wide range of courses — a number that’s growing year on year. The area houses MediaCity, a business park that boasts the likes of the BBC, ITV, and Kelloggs, making Salford a hotspot for capital appreciation.
The city centre of Manchester is also a good option for those considering student property investment. Institutions such as the University Of Manchester and Manchester Metropolitan University are based within the city centre, with a combined population of around 71,861. Students who prefer to be close to their campus and library will want to rent a city centre property, as will students who want to be close to local nightlife and attractions.
What type of property to choose
The student accommodation market isn’t what it once was. At one time, shared student housing was the norm, whereas today there’s higher demand for purpose-built student accommodation. This kind of property has been driven by changing attitudes towards accommodation from students. Students no longer want to settle for dingy and damp filled houses or cramped university halls, favouring modern apartments with stylish furnishings, high-speed internet and convenient locations.
Purpose built student accommodation is a great idea when investing in Northern cities such as Manchester. The affordability of the city means that these type of properties come with low costs and high rental yields, making them the perfect option for first-time investors. Property investment companies like RW Invest, for instance, offer student properties from as low as £45,450 with 8% net rental return.