One of the leading residential investment and management companies in Scotland, Grant Properties has said that the booming property market in Manchester is the reason for their ability to rapidly expand in and around the city.
It is thought that the rental properties in Manchester account for more than a quarter of the city’s housing stock. This proportion of rental properties is the largest proportion of any city that is in the UK. It is thought that the large levels of student numbers in the city could account for this disproportionate distribution in the property market. The rise could also be because of the increase in young professionals that are wanting these types of properties. The demand for rented properties in Manchester has allowed Grant Property to benefit from fast growth. This is good news after Grant Property had to scale back their operations post-recession.
Manchester has been an excellent opportunity for Grant Property to expand their property portfolio. This is because the city and the area surrounding has benefitted from a large amount of growth over the last few years. The city has also received a large amount of investment over this time period which has also allowed it to flourish. Over the past few years the buy to let market in the Manchester area has seen its yield increase by 7% on average. In Salford, just outside of Manchester, the increase in annual rent is 7%. There are homes in some areas that have seen a significant increase of 40% between 2015 and 2016.
Grant Property has more than 300 years of combined experience from their property investment and management companies and team members. The company has hand selected more than 2,000 properties for their private investors and institutions. Grant are able to expand again directly because of the growth that Manchester is experiencing.