The make up of the property market has changed considerable over the last decade and private rental properties now account for 40% of all available housing stock.
Looking at the final quarter of 2018 the consultancy TwentyCi says nearly 60% of all London listings on portals and advertising platforms were for rental properties, compared with 40% on average in all other major UK cities.
The breakdown for major UK cities was as follows;
Birmingham 40% rental and 60% sale;
Sheffield 43% / 57%;
Glasgow 24% / 76%;
Newcastle 50% / 50%;
Manchester 50% / 50%;
Nottingham 42% / 58%;
Cardiff 40% / 60%;
Edinburgh: 23% / 77%;
Leicester 40% / 60%;
Bristol 37% / 63%.
Manchester and its surrounding areas have always been in demand with house hunters however its popularity has increased in recent years as Manchester now boasts one of the largest populated cities in the UK.
This has brought a high demand for rental accommodation in the borough as the demographic of Manchester is the prime rental market audience, with the Office for National statistics reporting that 40% of Manchester’s population are aged between 16 and 44, so it can still be a good time to consider becoming a landlord with such high demand for properties.
In a survey by Interiors form Thomas Sanderson 28% of residents in Britain under the age of 35 say they have no money for a deposit which would prevent them from buying a property, whilst the remaining 72% they had begun to save for a deposit, however the average amount they had managed to save was &6,120, which is below the average deposit for a property in the UK.
The survey polled 2,342 UK residents between the ages of 18 and 35 and 50% said they were currently in rented accommodation.
With such an even demand in the Manchester area for sales and rental accommodation one this is clear, there continues to be a strong demand for rental accommodation so if you own a property that you are thinking of letting out talk to us today to see how we can help.