Manchester has been ranked as the best UK city to be a property investor.
Gocompare, the price comparison site, analysed and ranked cities based on their average property prices, rental yields, levels of housing supply and rental price growth to determine future investment performance.
Manchester’s greatest strength was found to be it average rental yields. At 5.5%, they are currently the highest in the UK.
London came second in the list but, despite rent prices being higher than Manchester, significantly higher property prices mean investors in the capital achieve among the lowest yields in the country.
Belfast, while having one of the UK’s lowest average property prices at £122,434, was ranked last with average yields standing at just 3.77%.
According to Select Property Group, Manchester is increasingly becoming a hotspot for international property investment.
Recently published research from Juwai.com, China’s largest overseas property portal, revealed a 255.6% increase in enquiries for real estate in Manchester in January 2018 over the same period in 2017.
Based on current LendInvest data, property investors in Manchester could achieve 67% higher returns than in London.
With one of the UK’s fastest growing populations and a property market struggling to keep pace with demand, more investors are starting to switch their long-term focus to the city, Select Property Group said.