The demand in the Manchester rental market is very high at the moment where letting agents are regularly seeing their properties let on the first day they are open for viewings. This is most true of areas that are those close to the city centre but this trend also applies to outliers in Greater Manchester as well.
Property Expert Series: Tracy Wardle from from Abode Property Management
- Introducing Tracy Wardle from Abode Lettings
- The Highs and Lows of Working in the Property Industry
- What Are the Best Rental Areas in Greater Manchester?
- Which Questions do Landlords Need to Ask Their Letting Agent?
- How has Manchester’s Rental Market Changed in the Last Few Years?
- What Is a Letting Agent?
- How to Avoid Tenants From Hell
- The Ban on Letting Agent Fees and What it Means for the Industry
- Everything You Need to Know About The Tenant Fee Ban
Great Rental Areas In Greater Manchester
Amy: So, in your opinion, Tracy and obviously, the vast experience you’ve got of working in Manchester and Greater Manchester, where would you advise any of our viewers to go for good rental yields in the local area, or beyond?
Tracy: There are so many areas that you can consider. The outskirts of Manchester City Centre are very popular because it’s a great location for work in the city centre.
Some of the areas that were less desirable, say, like Gorton are now picking up, the rents have gone extortionate. It’s crazy, the prices.
Amy: The Manchester property market is crazy at the moment. It is the place to buy.
Tracy: Absolutely, definitely. You’ve got places in Tameside, which is just a stone’s throw from the countryside, Stalybridge, High Dukinfield, they are all good locations.
Denton, excellent motorway links but literally, anywhere in Manchester, there’s a demand, there really is.
Rental Demand
Amy: Fantastic and the rental demand, you say, is, in my opinion, and from what I’ve seen, rental demand is crazy at the moment.
Everybody needs housing and there doesn’t seem to be enough housing.
Tracy: No, exactly. For every property we get on, we probably do a dozen viewings, on the first viewing and you can guarantee that somebody will want it.
I mean, it’s got to be the right location and in the right condition but nine-times-out-of-ten we are letting them on the first viewing because the demand is there.
People asking if they can pay a holding deposit before they’ve even seen it. You can’t do that, you’ve got to give everybody equal opportunities to view.
Yes, so, demand is high and people ring us saying, I’ve lost out on another property and really want this property, I’ve missed out on so many.
Amy: Wow, we need more investors buying.
Tracy: Absolutely.
Hi Rob,
I am new to property investment and am looking at a franchise as a way to get involved with HMO’s as a rent to rent option so I have help and guidance until I can gain experience in this market, my area is Manchester and I have just read your info regarding article 4. The franchise company is asking for a fee of almost £20K, and that’s before I rent a property, they failed to mention article 4 at anytime during our meeting. I would like your opinion on this as an option to get on the property ladder please before I invest my hard earned cash and if there is an alternative way to getting started. Thank you, Steve………
Hi Steve,
We can never tell you do do that or not to do it, it would have to be your own decision.
Personally, that is a significant amount to pay for a franchise fee that doesn’t include as you say a property, other options would be to go it alone and/or train elsewhere.
We cover R2R (known also as lease to let) in our VIP property training which is a significantly lower investment to get started at only £599.
https://www.propertyinvestmentsuk.co.uk/property-investment-courses/
It’s also worrying if your target market is Manchester and they haven’t mentioned article 4, as this will certainly impact you.
There are many other training options out there that specialise in R2R, so if this is your definite niche that you wish to focus on, I would advise to make a shortlist of the training providers you like and see which would be the best fit for you
Hope that helps
Hello,
Thanks for the great informations you give, am a big fan of your work.
I don’t have that good experience in HMO, so I’d like to know the demand for them in Longsight. I wanna buy a 5 bedroom property in Honor street, Longsight. Do you think it will be successful investment? Or shall look in a different area?
Regards
Aziz
Hi Aziz,
Longsight will be under Manchester city council area which has article 4 council wide which is in reference to conversion of residential properties to hmos, so I would double check any properties you are looking to buy in this area for a HMO already have established use a HMO. In terms of demand we have had HMOs nearby and managed properties nearby that have always done well, but for an up to date snapshot of demand, checking sites like spareroom can help. We also cover this further and in detail in our VIP Property training course here – https://www.propertyinvestmentsuk.co.uk/property-investment-courses/
Hope that helps