As we have observed in one of our previous blog-posts, Manchester has been deemed to be the favourite property investment area of 2020. This is hardly surprising considering that it has the largest economic area outside of London, with £56 billion gross value added, and that Manchester is also a northern hub for culture, sports and… property of course.
As Manchester’s popularity grows incessantly, its property market is becoming increasingly saturated. Effectively, as more people are drawn to Manchester’s property market, it is inevitable that property prices will increase.
This article seeks to offer local alternatives to Manchester which are predicted to be great substitutes for property investment in the Greater Manchester area. Among these alternatives are the boroughs of Salford, Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford and Wigan.
We believe that Salford is the one to watch. The City of Salford is a city and metropolitan borough in the Greater Manchester area which regroups the towns of Eccles, Worsley, Swinton, Walkden, Little Hulton, and Irlam. Its overall population is of 258,834 as of 2019. The borough of Salford itself has a population of 103,886 and is the district after which the City of Salford is named. Although its population count is nothing spectacular, its proximity to the 2.8 million population of Greater Manchester is no small detail!
Salford has great transport links to the rest of Greater Manchester but also to many other cities in the North-West of England. It is connected to the A6, A580, M602 and the M60. It also features good railway connections, with its stations: Salford Central, Salford Crescent and Eccles. Salford is also ideal for commuters working in other areas of Greater Manchester thanks to its connection to the Manchester’s Metrolink tram network.
Industry and Education
Like many other cities in the rest of the Greater Manchester area, Salford is home to many thriving industries such as transport logistics, various public services as well as culture and media industries. Some notable examples are the BBC, the Salford Royal Hospital and the University of Salford. These are all within reach of the Trafford Centre, one of the biggest shopping centres in the UK and Trafford Park, one of Europe’s largest industrial hubs. The University of Salford is home to approximately 21,000 students and is situated in the Peel Park and Media City areas. Alongside other actors, the University has played a major role in the redevelopment of many areas around Salford. One of these is the Salford Quays Area, a residential and commercial district which includes many amenities and housing. Media City is one of these areas, which is home to many offices from the culture and media industries.
Salford’s property market
Despite all of Salford’s perks, it remains one of, if not the cheapest area to invest in Greater Manchester. The average price of a house in Salford is around £170,058 and the city is of great value to buy-to-let investors. The neighbouring boroughs of Manchester and Trafford’s average property price sit at £184,586 and £293,243 respectively. According to Zoopla, it is possible to find property in Salford for as little as £57,000. A study from 2018 claims that Salford’s house prices have been on a huge rise since the early 2000’s with an estimated 270% growth. The study concluded that Salford is therefore on the fastest developing property markets in the North of England and ranks equally high when compared to the rest of England.
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