June 25, 2008
Congestion Charges - Manchester Investment Property Shortage??
Property investment just got better - recently announced congestion charges have made it obvious that city centre living will be booming in the future. In the last 10 years city centre living has grown by over 1200% and this trend is set to continue. More and more people are choosing to live and work in the city as they either prefer not to commute or want to take advantage of what now is a 24 hour city.
Many manchester city centre apartment schemes that were in planning have been "moth-balled" until the market improves and will soon lead to an undersupply of property to rent. What will this do for investors? Rents will rise and property prices will remain robust.
In my own property portfolio I have seen rents steadily rising and voids have been kept to a minimum. In many cases I have a tenant lined up the same day as the old tenant leaves.
This phenomenon can't be said for all areas of the UK. Manchester has seen a steep rise of employment and will remain the UK's 2nd city.
Don't listen to the doom-mongers out there - stick to your guns - property investment is a long term thing!!
damian qualter