With a huge amount of development already undertaken in Salford, the city is known for being a modern and lively area to work and live. There is plenty of future regeneration in the pipeline, such as the Quays 2030 project, meaning that Salford is predicted to double in size over the next ten years. According to Rightmove, properties in this area of Greater Manchester had an average price of £218,736 in 2022, and there is a particularly large rental demand for apartment properties. Whilst growth rapidly continues, investors have high hopes for the benefits of buying in this area.
By 2030, Salford Quays is set to be transformed again
In this brand new regeneration project, Salford Quays will become an even more beautiful place to live, providing everything needed within walking distance. The aim is to create an affordable place for all and deliver further opportunities for jobs in technology and media. In return, this will generate further interest in relocating to Salford and increase rental demand.
Manchester house prices have soared by 330% in the last 20 years
This is the highest percentage in the UK, proving that this fast-developing city is extremely popular. Over the next 3 years, Salford's population is set to grow by over 125,000; a desirable number to those who are looking to invest in property around this area. A growing population is a great indication that demand for rental accommodation in the area will only increase.
It has also been revealed that Salford is one of the UK’s most desirable property hotspots. According to Rightmove, the average property price in Salford is £218,736, which was up an by 11.3% in 12 months.
Salford has one of the best performing rental markets in the UK
As rental demand continues rising, now is the best time to invest in Salford property. According to Zoopla, rental increases have hit a 13-year high, most likely due to the imbalance of supply and demand. Reports from Salford Gov 2022 tell us that there has been a signification growth in Salford’s population over the last 10 years. This is forecast to continue, with an expected 20% increase by 2035.
Let's not forget the students, too! Salford's ever-increasing student population means that rental yields are only ever going to rise. The University of Salford had over 25,000 students and 2,300 staff in 2020.
Salford's excellent transport links prove beneficial to tenants that want to live on the outskirts of Manchester
In 2022, Salford welcomed a £3.1m investment which involved facilitating faster, easier, and more reliable journeys for passengers in and around the North West of England. Currently, Salford is accessible via tram, bus, rail, coach, bike, and car. Rumour has it that a new Metrolink line may be created in Salford, which will run between MediaCityUK, Salford Crescent, and Manchester City Centre.
In late-2021, the Bee Network Cycle Hire Scheme provided e-bikes and bikes to the public. The purpose of the scheme was to provide a revitalised public transport system and become carbon neutral by 2038.