Surging house prices in these cities coupled with attractive rental yields mean they’re quickly becoming a desirable location for buy-to-let investors. Landlords in Manchester, for instance, received an average yield of 6.9 per cent in July of this year, according to figures from HM Land registry.
First-time buyers are also being lured to urban hotspots such as Liverpool and Manchester in the hope of snapping up a home that is a fraction of the price of London property.
A typical two-bedroom flat in London costs just over £500,000, according to Savills.
So how does this compare to what £500,000 will buy you in Manchester, Birmingham, Liverpool and Nottingham?
In Birmingham’s trendy Moseley suburb, named the best place in the UK for city living in 2015, you can buy this luxury three-bedroom apartment for £495,000. It’s around a 15-minute walk to University train station, which is only two stops from Birmingham New Street.
Housed in a development of 14 apartments, a three-bedroom flat come with triple glazing, underfloor heating, a kitchen with Miele appliances, a communal lift, landscaped gardens, and two parking spaces. It’s spread over 2,400 sq ft – almost four times bigger than the London flat.
A budget of £500,000 will stretch to a three-bedroom, semi-detached home in West Didsbury, Manchester. The property is housed in a Grade II listed building located within the prestigious ‘Didsbury Gate’ development, which is within walking distance of Burton Road and West Didsbury village. It also boasts a private landscaped garden and two parking spaces.
In Merseyside, Liverpool, a £500,000 house offers six bedrooms, five of which are doubles. It also has enclosed gardens surrounding the property with a large driveway leading to a detached double garage. The property is based just half a mile from Eccleston Park train station.
A cottage in Nottingham’s sought-after Vale of Belvoir, which comes with a south-facing garden and views up to Belvoir Castle, is on the market for £525,000. Covering more than 2,306 sq ft, there are four double bedrooms, a dining room, kitchen, garage, sitting room, pantry and garden room.
Source – The Telegraph, 2017