As we settle into the new year I thought I would share with all my friends and investors my insights into the market over the next twelve months
Manchester City centre is booming. There are developers building everywhere. As the city centre grows all new and growing company’s employing more staff and occupying the many high rise flats and swanky apartments the need for increased infrastructure pushes the boundaries of the city centre.
North and East Manchester will only benefit. There are many workers involved in these new offices and hotel developments that can not afford the high purchase or rental prices the city has on offer. The need for increased workers in the service industry’s that work many unsociable hours need to live in affordable housing close to the city centre with good transport links. Moston, Gorton, Newton Heath, Harpurhey, Blackley, Failsworth and Middleton are all areas that fit these requirements. They all sit on major bus links to the city and many have the additional benefit of the metrolink. We have seen a greater demand for rental property’s within the area and in many cases the tenants are staying longer. The number of tenants that are totally reliant on the LHA to pay there rent has decreased dramatically with many tenants now in some form of employment being part or full time. The fact that this employment may see many tenants looking to purchase there own house and with the increasing number of landlords entering the market this is putting increasing pressure on prices meaning this is an added benefit for any investors. The increase in new builds at higher prices means that many of the cheaper homes have also moved upwards.
Despite attacks on the Lettings industry from the government with more legislation and increased tax demands the industry within North and East Manchester is seeing availability or number of rental property’s stagnate rather than drop however as there is no increase in the number of property’s available to rent and an increase in demand this is forcing an increase in rents. The number of people looking for accommodation means that we can in many cases find a suitable tenant quickly and usually with better references and more security than we have been able to achieve in the past.
There are still many landlords that choose to rent out there property’s alone rather than through an agent trying to save on there outgoings however in many cases this can be costly. There is continued changes in legislation that many miss and get caught out with bad tenants.
Brentwood is a ARLA registered letting agent that supports reasonable increased legislation to get rid of rouge landlords and by us being members we support ARLA in fighting bad legislation on behalf of landlords. We are in need of more houses to manage and we have assisted many landlords outside of the region including people from overseas purchase property’s for us to manage and look after there investments.
I always say we are the regions 2nd best letting agent with many landlords responding well who is the best. I can’t answer that but you can rest assured as the 2nd best we are still striving to improve our services to claim to be number 1 but as we will continue to improve we may never rich that dizzy height