It was all doom and gloom in the weeks after the Brexit vote became a reality at the end of June, but now that the dust has settled on the market across the nation, it seems that some cities are becoming hotspots for investment in rental property thanks to the fantastic value they offer.
One such city is Manchester, which has become one of the most popular rental markets in the UK in recent times thanks to the rise of Media City and its place as the Northern Powerhouse. And according to one company selling and developing property in the north-west city, it offers better value than the likes of Miami and Melbourne for investors.
Far Eastern and Middle Eastern investors are now starting to flood towards Manchester thanks to the low prices and relatively high rental income that can be made. For example, those spending in Manchester will be able to get themselves a two-bedroom, two-bathroom apartment of approximately 70 sqm for some £234,000, according to Investorist.
This is better value than the likes of Melbourne and Miami, where the equivalent property can be purchased for some £256,000 or £360,000.
The bonus that Manchester has at the moment is that it has become one of the most highly rated cities in the UK to live in. In the Economist Intelligence Unit Global Liveability Survey, it was named as the UK’s best city to live in as well as being one of the top 50 cities in the world for liveability.
Jon Ellis, chief executive officer and founder of Investorist, said: “The drop in sterling represents a huge opportunity for those looking to enter the UK market much more affordably than before the referendum.
“While prime central London is still considered expensive and many believe it is oversupplied in terms of residential stock, the northern powerhouses of Manchester, Liverpool and Birmingham are all shining on the international investment stage right now.”