The traditional buy-to-let market in the UK is beginning to show strong signs of recovery. While recent years have seen property portfolios diversifying into alternative investments, such as student property or hotel rooms, the figures reported in Q3 2012 are looking extremely positive and indicate a confidence in the market that has been lacking of late.
A recent report by online property portal Zoopla details how the average price of a home in Britain has risen over £3,000 to £226,369 – a rise of up to 1.5% over October last year.
In comparison, the cost of renting in the UK has also risen, with LSL Property Services reporting how rents in England and Wales have reached a record high, rising 1.1% in September. David Newnes of LSL comments “Rents have risen consecutively for half a year as tenant demand strengthens on the back of a historically subdued mortgage market.”.
Newnes goes on to say “However, every pound monthly rents go up by is another pound that renters can’t save for a deposit for their first home. This is lengthening their stay in rented accommodation, and increasing competition in the private rented sector”.
Aware of the ever-changing market cycles within the property sector, Knight Knox International has launched its second off-plan residential development this year, in direct response to the growing demand for premium rental accommodation in large regional towns and cities.
X1 Salford Quays is a 60-unit development in the Salford Quays area of Greater Manchester. Comprised of 60 one and two-bedroom apartments, this luxury off-plan development is located in an area of huge regeneration and is ideal for anyone looking for a property within commuting distance of Manchester City Centre, or on the main motorway route both into and out of the city.
Developed as a joint venture between X1 Developments and ELAN Homes, Knight Knox International is the master sales and marketing agent for the development and is confident of the level of demand in the market for off-plan properties.
Martin Copeland, Sales Director at Knight Knox International comments “We are delighted to be working alongside the X1 brand, to bring to market one of the first new-build developments in the Manchester region for quite some time”.
“Demand for residential buy-to-let properties in the region is continuing to soar, due to the continued high ratio of tenants in comparison to the number of properties available”. Copeland further comments “Our investors are excited about the prospect of a new-build development, as the current buy-to-let stock in the market is over six years old, and requires a higher level of maintenance and refurbishment to bring it up to the level that tenants are demanding”.
Demand for residential buy-to-let properties in the region is continuing to soar!
With prices starting at £85,000 for a 1-bed apartment, interest in the X1 Salford Quays development is anticipated to be extremely high and investors are advised to contact Knight Knox International immediately in order to secure the best units.
To enquire about the X1 Salford Quays development, or for further information on the full range of properties available through Knight Knox International call +44 (0)161 772 1370.