With the meteoric rise of Manchester as the unofficial capital of the north, more and more people are looking to move to the city, but with prices in the centre rising many young people are looking to Salford as a cheaper alternative.
During the last five years, the city has seen a huge amount of investment, new homes, new businesses and new shops have been opening all over, with many more developments planned into the future.
Home to the second biggest media hub in the country and a closely integrated university, the area is full of millennials who are either studying or just starting out their careers, with most of them unable to afford an entire property to rent on their own, a HMO investment in the area is a wise choice.
The university has almost 20,000 students with thousands starting each year, all looking for new flatmates to explore the area with providing the key flow of tenants that provides the necessary regular income for any HMO.
If you are thinking about converting a house into a multiple occupancy home, it is complicated process but, Mistoria ensures all of its properties meet the necessary requirements, with all rooms being the right size, and all have the correct number of bathrooms and kitchen access.
There is need for the investment, roughly 234,500 people live in the city and this, has risen around 6.5% over the last ten years alongside the economic growth of over 10%, with no signs of stopping soon.
Salford’s great location, which is supported by the vast transport links Manchester has on offer makes it, and especially the Quays area, an ideal for location for businesses to open up shop. The proximity to the centre of Manchester – it’s less than 20 minutes walk – with its vibrant nightlife is another huge pull to the city.
But what really makes Salford appeal above all other options for someone looking to invest in HMO property, is housing prices are competitive. Currently they are just over 20% lower than the average for the Greater Manchester area, and 44% lower than the UK average, but this discrepancy won’t last long.