Manchester based developers Capital & Centric have recently caused a bit of a stir by specifically excluding investors from purchasing apartments from their conversion of the Crusader Mill. Despite wide economic uncertainty, Manchester’s property boom has seen property prices leap a staggering 8.9% in 2016.
The London market has been bubbling away for years and seems to finally have boiled over as prices escalated out of the reach of even most investors. Manchester’s economy shows no sign of letting up (helped in no small part by the Chinese and Arab money) which now makes Manchester’s property market a cherry ripe for the investors to pick.
Having seen the London market overheat and a recent rise in the popularity of left wing politics, it will be interesting to see whether more developers follow Capital & Centric’s suit. Certainly such moves will be generally popular with the public. However, I suspect developers will be generally unwilling to give up the flexibility of cash-flow that investors bring to the table.
...in Manchester, where property prices rose by 8.9% in 2016 – the second fastest rate in Britain. Tipped by industry experts as “the UK’s top-performing investment location” after the London market overheated, glossy brochures promise minimum yields of 6% and a 54% return on investment after just five years.