Property Research, Due Diligence and Hotspots

By Brett Alegre-Wood | [fa icon="calendar"] Sep 7, 2017 9:09:00 AM

Salford - A City of economic growth and investment opportunity

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HSBC’s annual survey found that Manchester was Britain’s buy-to-let hotspot (This is Money 3.06.15) with average buy-to-let yields of 7.98%.

Rental properties make up more than a quarter of Manchester’s housing stock and the largest proportion in Britain. Annual rents have risen 7% in the 12 months up to July 2016 in Salford according to Rightmove.

Year on year there has been an increasing number of inward investors locating to Salford with The Quays the most favoured destination. It’s a dynamic commercial centre, currently home to more than 8,700 businesses which employ over 127,000 people. This means there is a high demand for rental properties here from quality tenants.

Salford is integral to the Greater Manchester economy, which is the economic powerhouse of the north-west of England. Its economy is growing at above the UK’s average rate, it has increased by more than 12% since 2004.

Similarly its population, currently around 234,500 people, has risen around 6.5% over the last ten years alongside the economy growth.

Salford’s housing prices are competitive, at currently just over 20% lower than the average for the Greater Manchester area, and 44% lower than the UK average. This is good news for buy-to-let property investors as Salford is just a short commute to Manchester city centre, property yields here are excellent. 

Property prices here are also rising, with local increases around 6.47% in the last twelve months and 20.07% over the last five years (Zoopla 12/15) There’s plenty more growth to come. 

Almost half of the Top 500 businesses in the north-west are based in the Greater Manchester region, along with many FTSE100 companies and thousands of foreign owned companies. 

Salford has been part of an ambitious regeneration and development programme to attract further companies. Its greatest success story so far is MediaCityUK a hub of creative industry spearheaded by the BBC. Since it opened in Salford has become one of the UK’s most determined, innovative and creative business destinations.

Opened in 2008, the MediaCityUk features one of the biggest HD studios in Europe. The launch of the Tomorrow building in Summer 2016 has brought 50,000 sq ft of further office space, ensuring Salford continues to grow at an exponential pace.

Get all the facts with your free copy of Salford Property Investment Guide. 

Economy & Employment

Imperial War Museum Salford

MediaCityUK continues to regenerate Salford’s fortunes.

Salford is home to a number of major employers including;

  • Talk Talk
  • Ener-G
  • PZ Cussons
  • BBC
  • ITV
  • BUPA.

It is also home to the new and exciting MediaCity UK, new home to the BBC, ITV and many creative digital and media-based businesses.

As well as this growing creative, digital and media sector, Salford also has a strong professional and financial sector, and a steady manufacturing base.

Salford is becoming a sporting destination of note, with expansions planned for the new 12,000 capacity AJ Bell Stadium at Barton-under-Irwell.

Greater Manchester is recognised as one of the country’s largest economies. From 2002-12 the region’s economy grew at 2.2% above the national growth rate, whilst the population increased by 7% in a similar period. Almost half of the Top 500 businesses in the north west are based in the area.

Manchester Airport is also within easy commutable distance. The airport offers flights to over 190 world-wide destinations and handles in excess of 22 million passengers annually. It is one of the largest employers in the north-west, employing some 19,000 people directly and a further 42,400 jobs throughout the region.

Download Salford Property Investment Guide; for everything you need to know before you buy-to-let.

Investment

MediaCityUK black and white photograph

Salford has several multi-million pound projects currently underway to ensure a secure future for generations to come.

During the last five years, massive investment has been put in to new infrastructure and public realm, new homes, education and health facilities, new businesses and shops. From major developments to city parks, revitalised waterways and green spaces.

The priority has been to connect the city and its residents to the growing opportunities in and around Salford, to secure jobs and growth and to target secured investment and regeneration. As a result, more people than ever before are choosing Salford as a place to live, work, invest and visit.

Port Salford will potentially create over 1,000 jobs in the first phase, with a longer term target of around 3,100 jobs. 

There is also the £26 million AJ Bell Stadium, along with its future associated developments.

Other developments include the Greengate Square, which is set to be the catalyst for £400 million in private sector investment. 

The revitalisation of key areas along Chapel Street and the riverside corridors of the Bridgewater Canal and the River Irwell.

Additionally there is a £650 million scheme to transform Pendleton underway, creating 1,500 new homes, 1,300 homes modernised and 500 new jobs.

Transport

map of Greater Manchester including Salford

Air: Manchester Airport is only 20 minutes by road from Salford. With 2 runways and 3 terminals, it handles 20 million passengers a year.

Rail: Salford Central and Salford Crescent are the two main rail stations that serve the city. There are a further seven smaller stations on three main lines, these offer services to Wigan, Liverpool and beyond. A quick journey to Manchester Piccadilly will connect you with the rest of the UK’s rail network.

Road: No less than four major motorways pass through the city.  These are the M62 from Liverpool to Leeds, the M602 from Salford to Manchester, the M61 from Bolton and the M60 Manchester Orbital, providing ample connections to the UK’s road network.

Bus: First Group and Arriva operate a comprehensive schedule of services throughout the region and beyond.

Tram: The Metrolink tram runs from Eccles to Manchester, and on to Bury and Altrincham.  Regular services run throughout the day.

Education

University of Salford building exterior

There are a great many schools within the Salford area, including over 70 primary schools, 14 secondary schools, 4 special school and 4 independent schools.

Notable schools include:

The Bridgewater School is an independent co-educational school catering for pupils from the age of 3 to 18. Located in a delightful semi-rural setting of Drywood Hall in Worsley.

Further Education:

Salford City College in Dronfield Road provides the majority of the further education in the city, it caters for over 5,000 students from the ages of 16 and above.

Higher Education:

Around 20,000 students attend the University of Salford. This public research university is situated in 60 acres of parkland on the banks of the River Irwell. In October 2011, the university opened a learning, teaching and research space at MediaCityUK, thus enabling over 1,500 students to have opportunities to work near media professionals using the latest industry specified equipment, studios and laboratories across 39 undergraduate and postgraduate programmes.

Shops & Leisure

The Lowry art gallery Salford Quays

Shopping & Dining: There is more than enough to tempt the shoppers and diners of the region, with ample retail locations, from quaint independent side-street boutiques, through to high street names, and designer outlets. Grenache restaurant in Walkden has superb reviews.

Sport & Culture: Whether you are interested in swimming, the gym, exercise classes or playing in a team, Salford has something for you. With a huge range of sport to play on either a social or competitive basis. Discover the industrial heritage of picturesque Worsley, spectacular gallery exhibitions with stimulating art, recording studios and unique goods you can buy at Islington Mill, a former cotton spinning mill, home to over 50 artist and designer studios.

Salford Museum and Art Gallery features a Victorian street bursting with relics from the past. Discover Salford’s history by taking a cruise along Bridgewater Canal, or take a trip to the Quays to see art at the The Lowry or learn about the past in the Imperial War Museum.

Green Spaces: Salford contains a rich and diverse range of parks and open spaces with over 60% of the city being made up of green spaces. This includes over 30 parks and recreational grounds, two country parks and five local nature reserves.

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