It comes as no surprise that there is a surge in Salford property investment. Formerly a textile factory town and inland port on the Manchester Ship Canal, Salford has undergone a massive transformation in recent years, with new developments and regeneration projects popping up all over the place. But what's really drawing investors to Salford?
Salford City Council has released Salford Local Plan, which outlines investments and changes coming to the area between now and 2035. It involves developing more neighbourhoods, commercial and residential spaces, as well as enhancing the overall environment.
Added to this is that Salford benefits from the ripple effect of its neighbouring city – Manchester’s booming economy. With more businesses and jobs moving into the area, demand for housing is going up – meaning good investment opportunities for property investors.
Massive Regeneration Projects Make Salford A Buyer’s Hotspot
Salford has been experiencing a massive regeneration project in the past few years. With new buildings and developments popping up all over, it’s no wonder that Salford is becoming a hotspot for property investors. Whether you’re looking for a place to live or invest in, Salford is worth taking a closer look.
The regeneration of Salford Quays began in the 1980s and is still going strong. It became the UK's first and largest urban regeneration project, including the former dockyard’s transformation. The area has seen hundreds of million pounds invested since then, and more is on its way.
Major regeneration projects such as the £550 million MediaCityUK, private investments in Greengate worth £400 million, as well as new projects like the £6m funding boost for Soapworks and Salford’s HOST (Home of Skills and Technology).
Not to mention, the revitalisation of River Irwell and Bridgewater Canal road and riverside corridors have helped to make Salford one of the most connected cities and have significantly impacted its economy’s growth.
In addition, is the £4m Chapel Street’s cycling makeover, the transformation of Pendleton with its £650 million scheme — which is forecasted to build 1,500 new homes, 1,300 modernised homes, and 500 new jobs.
The regeneration projects in the area are all set to provide residents with long-term employment and investment opportunities. The £138 million Port Salford development will create 3,100 jobs over time — attracting new property investments from these projects alone.
Salford’s Growing Business And Employment Sector Contribute Towards Greater Property Investment Opportunities
Today, Salford has over 9,500 active businesses with 150,000 workers employed across all sectors — including financial services markets, creative media, and digital communities scattered in Salford Quays, MediaCityUK, and more.
Additionally, Salford is home to many major employers, including the BBC, ITV, TalkTalk, Bupa, University of Salford, and Salford Royal Hospital. And as these kinds of establishments increase, so do the number of major businesses relocating there. For property investors, Salford’s growing employment sector is a key driver in building their property portfolio.
Salford’s Strategic Location Attracts Property Investors
Salford is well worth considering as an up-and-coming city to invest in property. It is situated in Greater Manchester, has an excellent strategic location, and is seeing considerable investment and development. With a growing population and plenty of job opportunities, Salford is a great place to build your property portfolio.
Salford’s proximity to Manchester makes it accessible to more transport links, job opportunities for its tenants, new property investment opportunities, and a growing number of leisure facilities. Both cities are seeing strong growth, making Salford an exciting place to invest.
Investors Are Keeping An Eye On Salford Booming Property Prices And Rental Yields
Greater Manchester is booming, and nowhere is this more apparent than its main growth contributor— Salford’s property market. Prices are rising in Salford as investors flock to take advantage of its regeneration opportunities and in neighbouring Manchester.
As young people flock to the area, rent prices rise, and apartments are in high demand, making Salford a buy-to-let hotspot with international recognition for property investment.
Looking closely at Salford property investment, house prices have increased by an average of 47.6% over the last five years, which is 24% higher than the UK average. And these named Salford the best place for buy-to-let investors in the entire UK.
With these, Salford has become an area to keep an eye on as a property hotspot for buyers – attracting especially expats looking for investment opportunities. And part of this effect is that Salford has produced the highest return value over the past five years in the northwest.
While the Greater Manchester area has around 5.5% rental yields, this 5.5% rental yield is Salford’s minimum expectation. Salford’s rental yield could go up to 7% or more if property investors buy with care and proper guidance.
Salford’s Increasing Population Means Greater Demand For Housing
Salford’s population of 254,400 has experienced significant growth over the last 15 years, with around 32,000 people over the past decade. Its growth rate of 17% is considerably higher than Greater Manchester with 11% and the North West with 7% growth.
With Salford outpacing others’ population growth, it’s good news for locals, even expats planning to dive into property investment there. An important note of Salford’s growing population is the greater demand for housing. And with this, homes in Salford usually take just 27 days to sell.
To add up to this, since Manchester is one of the most popular locations for students, graduates, and young professionals after London, the ripple effect has been beneficial to Salford property investment.
The growing reputation of Salford as an area with great opportunities, including its further regeneration works, means that the property investment landscape here will only continue to thrive. Tenant demand in this part of Greater Manchester is high, making it perfect for any property investors.With these, Salford is definitely worth considering as a place to invest in the UK. Thanks to all of the regeneration projects that are currently taking place, investors are getting a massive head start on Salford property investments. Chat with our team today on 02079236100, learn more, and build your solid strategy and plan about how you can get involved in Salford's thriving property market.