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If you’ve found yourself ready to make an investment in the UK’s property market but are wary of high property prices in the major cities like London or Brighton, then Manchester might be the right location for you. Manchester is the UK’s second biggest city and also one of the most popular and culturally diverse cities in the UK, and it boasts a distinct music and nightlife scene. It has a strong local economy and community, with more young professionals, artists, and skilled individuals migrating to this city from other parts of the UK. Its strategic location, with direct links to London and all of the north of the UK, makes it suitable for anyone who would like to live in an affordable yet fun city but has to commute elsewhere for work. It is also close to amazing natural beauty spots, like the Lake District, making it an ideal location for nature lovers too. 

Manchester is currently going through a multi-billion pound regeneration scheme, which aims to improve all the areas of the city centre, general infrastructure and airport. The city is also a large banking and stockbroking centre, just after London, and it makes up 7% of the UK’s total financial services output. It has become a hub for business due to the huge investments in the job market. As it currently stands, 80% of the FTSE 100 companies now have operations in Manchester, along with 50 international banks. This has inspired many young graduates to stay or move to Manchester as the job market strengthens. As this shift happens, demand for property will eventually outweigh supply and will push rental values up. This is fantastic news for investors who will achieve higher rental yields than before. 

It has only recently become very popular for all types of property investors, including first time buyers, some of whom use the help to buy scheme. However, it is important to know that not all properties and developments fall under this help to buy scheme, and it is subject to certain terms and conditions. One way to find out more is to ask the developer or the seller of the property if the scheme is applicable to their property. Either way, if you are a first-time buyer and want to make use of this scheme or not, it is worthwhile consulting a property expert that you can trust, and you will be able to get answers to all the questions you may have. It is crucial that you are guided in the right direction and have all the support necessary when making your first step on the property ladder. 

If you are buying a property in Manchester as an investment and want to use it to gain rental income, this is also a great idea because there will be no shortage of people looking to rent in this city. However, it is highly advisable that you seek professional and expert advice from landlord and tenant solicitors to make sure that you have all the correct legal advice on how to go about this before you start to rent out your new home. 

Moreover, carefully choosing the right estate agent can mean everything, as this will be the starting point of your investment. Once you know where you want to buy and you have determined how much you can afford, your search for the perfect home can begin. This might take anything from a few months to a few years, depending on your luck and how good your searching and finding skills are. Before you find the right property and place an offer, you will need to explore your mortgage options and compare mortgage rates and fees. This is another milestone where a property expert can come in handy. It is a fun and exciting journey that proves fruitful for most, but caution must be taken all along the way to avoid any mistakes and ensure you are always making the best decision for you and your investment. 

By Admin

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