The historic market town Stretford lies between the River Mersey and Manchester ship canal, just 3.8 miles southwest of Manchester city centre. This up-and-coming market town in Trafford has undergone major changes recently, with Trafford Council committing to the regeneration of the area in the form of their huge Civic Quarter Masterplan.
The masterplan which spans across 120-acres, will completely transform the area. The plan includes 750 new homes, a new leisure centre, a primary school and a new 100 bed hotel. The draft plans also include improved cycle lanes and footpaths, and a public piazza between the town hall and Lancashire cricket club.
Stretford is proving to be attractive to both investors and renters who are setting their sights on the emerging town.
Why is demand for Stretford on the rise?
Neighbouring areas of Chorlton, Sale and Urmston have seen rental prices on the rise recently, driving renters to look at more affordable areas in the locality. With a vibrant community, an abundance of transport links including the Metrolink, and plenty of access to green spaces, it is easy to see why rental demand in Stretford is soaring.
The effects of COVID-19 have also contributed to increased demand in the area. The re-opening of the real estate market was met by many young professionals living in city centres, wanting to relocate to nearby towns with transport links to the city.
In recent years there has been an emergence of local, independent businesses in the area. As a result, Stretford is developing its own sense of community and is becoming increasingly popular with young professionals and families alike.
What is happening to rental prices?
Average rents across the UK rose by 2.7 percent in May 2020 compared to the previous year. By region, the North West was the stand-out performer with a 7.5 percent increase in average rental values in May 2020 compared to May 2019. Within the North West region tenant demand is highest across Liverpool, Preston and Manchester.
According to Rightmove, Manchester was the UK’s second most searched for rental location outside of London in 2019 and it continues to benefit from strong rental growth in 2020. JLL have also provided a very optimistic prediction for Manchester with both sales prices and rental growth forecast to be the highest of any UK city over the next five years. Rental growth is forecast to increase by 16.5 percent across Manchester in this five-year period.
Stretford is positioned to benefit from strong rental yields as rental demand in Manchester rises.
When is the best time to invest?
Across Greater Manchester, house prices have increased 3 percent when compared to the previous year and are up 8 percent since 2017. In comparison, Stretford property prices have increased 11 percent since 2019 and are up 17 percent since their peak in 2017. Stretford is an area on the rise with many asking if it is the ‘next big thing’ in Manchester. Surging rental demand, rising rental prices and growing investment in the area, are setting Stretford up as one of the best areas to invest in for 2020.
If you’ve been considering a property investment, the North West has considerable opportunity, and The Heaton Group will have a wide array of developments to suit all requirements.
To speak to us regarding your next investment, please email us on email@example.com or call 01942 251945