Top 5 Buy-to-Let Areas in Greater Manchester Outside of the City Centre
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Manchester’s Buy-to-Let Potential Extends Beyond City Centre
Despite being considered one of the country’s most culturally and economically significant cities, property prices in Manchester remain cheaper than the UK average, meaning investors can bag a good deal and take advantage of the overwhelming rental demand in Manchester to enjoy generous rental yields.
To put this in perspective, the average UK property price is £284,691 according to the UK House Price Index, while Manchester’s average comes in at £242,523. Taking the average Manchester rent of £1610 per month from housesforsaletorent.co.uk, we can calculate an estimated average rental yield of 7.97%.
While Manchester City Centre offers promising prospects for a property investor, the surrounding Greater Manchester area is also gaining attention. These towns and suburbs are benefiting not only from Manchester’s impressive growth over the past two decades but also developing and thriving in their own right. Many of these areas are more affordable than inner Manchester areas and are set for immense capital appreciation in the future. A great guide we have developed named how to invest 100K in property is available for our readers to enjoy.
Greater Manchester is one to watch when it comes to buy-to-let investment potential, so here’s a rundown of our top 5 picks outside of Manchester City Centre!
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Old Trafford
Average Property Price: £275,503
Average Monthly Rent: £1,482
Average Gross Rental Yield: 6.46%
Old Trafford has become a popular area for property investment because it has displayed impressive capital appreciation in the past few years, making it worthy of fifth place on our list.
According to Rightmove, sold prices in Old Trafford over the last year were 15% higher than in 2021. This is a massive difference in a short time, especially if you compare this percentage to Manchester’s overall figure of 4%.
While Old Trafford offers a decent average rental yield, the area’s swift increase in property values has driven property prices higher than the Manchester average. This means that property investors on a budget may be more inclined to go for another area with more affordable buy-to-let houses despite the capital growth potential of Old Trafford.
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Cheetham Hill
Average Property Price: £196,134
Average Monthly Rent: £1598
Average Gross Rental Yield: 9.78%
Cheetham Hill is a fast-developing area of Manchester that benefits from close proximity to the City Centre. However, this suburb can still offer much lower property prices than central Manchester, resulting in a high average rental yield that qualifies it as the fourth-best buy-to-let area on this list.
Cheetham Hill could be classed as an up-and-coming part of Manchester because the area has had some issues with deprivation and crime. However, other regions may be more reliable in terms of demand as it currently stands.
Further Reading: Learn more about the UK property industry with our latest guides and insights covering topics such as stamp duty in Scotland or new-build property in Manchester.
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Wigan
Average Property Price: £165,117
Average Monthly Rent: £731
Average Gross Rental Yield: 5.31%
Don’t disregard towns further away from central Manchester, as this is where some of the lowest property prices, high demand, and potential for capital appreciation can be found. We have placed Wigan third in this list, as it is one of the most affordable areas of Greater Manchester, with ample opportunities to find cheap buy-to-let properties.
While the rental yield in Wigan isn’t the highest on this list, the average property price is by far the cheapest, making it a good option for a buy-to-let investor on a budget. But it’s worth remembering that the return on investment may not be as profitable as higher-yielding areas.
As a popular commuter town for those working in both Manchester and Liverpool, an investor can find reliable rental demand in the area. Ongoing regeneration schemes are planned for the future, which will add to Wigan’s appeal as a residential area and positively affect capital appreciation potential.
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Fallowfield
Average Property Price: £242,677
Average Monthly Rent: £2,284
Average Gross Rental Yield: 11.29%
The Fallowfield area is popular with students thanks to good links to the University of Manchester and Manchester Metropolitan University. Student accommodation investment can often result in a higher rental yield than standard residential property, and this is likely to have contributed to Fallowfield’s reputation as a particularly high-yielding area.
Fallowfield is definitely an area worth considering for a buy-to-let investment despite the fact that the property prices are not as affordable as many other Manchester suburbs. For this reason, we have ranked Fallowfield second on this list.
Media City and Salford Quays
Average Property Price: £201,373
Average Monthly Rent: £1,260
Average Gross Rental Yield: 7.51%
Our number one pick is Salford Quays. This area’s average property price is significantly cheaper than the Manchester average while benefiting from significant demand and capital appreciation potential.
After expansive regeneration projects such as Media City UK, the Salford Quays area has been completely transformed, boosting local property values and becoming a haven for young professionals. Salford is known for having some of the area’s most robust capital growth prospects and higher-than-average rental yields.
The area’s reputation as an up-and-coming buy-to-let hotspot has been known for a few years, making the area a favourite for developers. Thanks to this, there’s now a plethora of luxury new-build property in Salford Quays, and plenty of investment opportunities are available, including sought-after waterfront apartments.
(Property prices were taken from Rightmove, and average rents were taken from housesforsaletorent.co.uk unless otherwise stated. These sources were also used to calculate an estimated average rental yield for each area)
To learn more about the Greater Manchester property market, take a look at our latest area guides covering topics such as investment property available in Bolton and available investment property in Stockport.
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