Whilst the soaring property prices within Manchester’s city centre may come with equally high yields, the increasing price tags may seem out of reach for those looking for a more modest investment. Interestingly, Stockport may be the answer.
The shift away from the South has seen Manchester become the number one location for property investors looking to diversify their portfolio and extend into the buy-to-let market in the last few years. With benefits such as a young professional business community, bustling city centre and thriving University life, the previous affordability of Manchester was the separating factor from its Southern counterparts for property investors.
However, with rising property costs throughout Manchester City Centre, it is understand able why first-time investors may feel like they have missed out on the opportunity to invest in the previously affordable city centre. For this reason, Stockport shouldn’t be overlooked.
What is the importance of commuter towns?
It is safe to say that during COVID-19 people’s priorities changed. More individuals are wanting to move out of the city centre, work from home and spend more time with family in larger property closer to the countryside. These so-called commuter towns have since become more prevalent and important for those looking for future-proofed property investments.
Being only a 12-minute train journey from Manchester City Centre, Stockport boasts a diverse range of opportunities for its residents wanting to settle in modestly priced property. From cinemas, restaurants, bars and museums the city provides a perfect selection of entertainment for those wanting to escape the city bustle whilst still being a stone’s throw away.
This is one of the reasons Stockport has been chosen for a £1bn investment plan:Stockport MD.
The ambitious regeneration project is set to span over five years and aims to become an extension of Manchester’s young professional community in a more affordable area. Some of the recent developments plan to transform transport with an extended Metrolink tram system into the city centre and plans in building 1000 new homes, utilising brownfield land. In combination with recent data detailing a 3.85% growth in Stockport’s population, it’s not an opportunity to ignore.
What does this mean for new investors?
It can be summed up as a Northern divide. Professionals want affordable housing with access to the same opportunities within Manchester’s City Centre. So, Stockport is in a similar position to that of Manchester when Southern property rates skyrocketed.
The importance of this transformation into a commuter town and the £1bn regeneration project is that it grants a second chance to new investors wanting to replicate the portfolio of those who invested early in Manchester’s rise.