There has been increasing investment in various developments across North West, both from London-based and international buyers who would previously have invested in London, according to property experts at SDL Auctions North West.
A recent Financial Times report found that investors are increasingly focusing on areas outside the capital due to the London property market getting clogged up with more chains in the buying process.
Andy Thompson, senior valuer at SDL Auctions North West, said: “People appear less confident in the performance of property in London and the south and so are increasingly looking ‘up north’ – especially in Manchester.
“This changing trend is happening because investors feel they can get much more value for their money through better rental yields, plus they have stronger optimism for long term capital growth.
“And reports of more complex property chains in London and the south will also be driving interest to the north, where ownership chains are usually far simpler.
“Manchester is widely seen as the country’s second city and accepted as a worldwide city, which means investors are coming here to gain massive rental yields compared to the south.
“Foreign buyers are investing on the back of the ‘Northern Powerhouse’ publicity and the capital growth of property here compared to London, where it looks like prices have peaked.
“But as well as seeing better value for money in Manchester, investors are getting fed up with the delays caused by long chains of ownership in the buying process in London.
“All this means we’re seeing a growing interest in selling properties by auction, helping buyers to achieve the best price in a swift and efficient manner.”
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
For more information visit www.togethermoney.com
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