Manchester property proves alluring

Manchester is developing into a property hotspot with particular potential for first-time buyers to get onto the housing ladder, according to estate agents Savills.

A mortgage for a one-bedroom apartment in the city centre can be obtained for around £100,000 according to the company – making the city accessible to buyers looking to take the first step.

Some areas of the city are, however, more attractive than others.

"Ancoats is an area of regeneration and there are quite a few developments going up there," said Tom Rogers, residential investment consultant at Savills.

"Manchester is quite a condensed city centre really so anything in the city centre is accessible for wherever you live."

The city is also attractive to buy-to let investors, with the city cited as the second most visited in the UK, and seeing tourists spending around £2.9 billion annually.

Strong demand from students adds further impetus to invest.

"You have a huge, huge student base in Manchester, there are over 100,000 students. A lot of students stay in halls, but will then move to the city centre. There is always a mix of both new and old people in Manchester," explained Mr Rogers.

These trends make buy-to-let a rewarding option.

"The rentals are always very good in the Manchester city centre; from a buy-to-let basis people are achieving rents that are paying the mortgage so it's not too bad," continued Mr Rogers.

A lively community and affordable prices also add to the allure of the city.

"It is a great vibrant city, things are always happening here. There is a lot on offer. The market is going through a little blip at the moment but as far as property prices go, I think they are quite fairly priced in Manchester," concluded Mr Rogers.