Property in Ancoats, East Manchester

Just to the east of Manchester's Northern Quarter are the areas of New Islington and Ancoats.

Part of a major regeneration initiative, the area is promising to challenge central Manchester's one and two-bed apartment focused property market.

The regeneration is being run by Ancoats Urban Village, in partnership with organisations including Manchester City Council, the North West Development Agency and private sector groups.

"I do think Ancoats is up and coming and we certainly hope to attract a range of people who want to live in the city and this would hopefully include first-time buyers as well as downsizers and those in the market for larger homes," explained Lyn Fenton of Ancoats Urban Village.

She added there were plans for new schools, open spaces, and health facilities, all set to transform the area.

"We have the ingredients to attract families who want the amenities associated with the suburbs while offering the convenience of proximity to the city and all that it has to offer. It is unashamedly urban, we're not pretending or intending to bring the suburbs into the city, but to increase the range of choice (for Manchester)," Ms Fenton continued.

"It is undoubtedly a denser form of living, but this has the advantage of meaning that everything is closer to hand."

She added this did not mean investors would not be welcome.

"We don't expect everyone to buy, there is a market for renting and this also means that there is an opportunity for investors looking for long income and longer term capital growth ... however, we do not want to encourage 'get rich quick buyers' who have no intention of becoming responsible landlords managing their properties properly, we prefer to encourage investment into well-managed letting companies such as the one operated by City Lofts (Vivacity)," she said.

"We're also keen to limit the percentage of investor units sold within any one development, so that we can have a healthy mix of owners and tenants."

How much do properties in Ancoats cost?
According to the online estate agent Rightmove around 1,700 flats have changed hands in the M4 postcode, well ahead of any other kind of property, with an average price of £157,376.

The average semi cost £104,871, with terraced properties selling for £129,368.