Economic performance in the Northern regions has been described as outstanding, and property has been no exception—house prices, rents and yields have all increased over the last year thanks to an influx of investment and inward migration from the south. For example, Manchester has one of the fastest-growing tech industries in the UK, with one job being added for every 10 people in the industry. Leeds also performs well, with three jobs being added for every 100 residents in the tech sector.
As well as jobs and economic growth, the social scene around the Northern regions is growing, with new restaurants, bars and nightlife springing up as more young professionals than ever before are making the move North. In order to provide adequate housing for this influx of people, we are seeing a construction boom across the region, with off-plan apartments hitting new heights of popularity, with buy-to-let investors looking to make the most of the favourable conditions. High tenancy rates, rental yields and strong long-term capital gains are enough to see investors flock to Northern England.
With this in mind, here are some of the highlights from our portfolio of off-plan buy-to-let investment in the Northern Powerhouse:
Liverpool is a city that represents enormous value in the current market. Even though its neighbouring city of Manchester is widely considered ‘the Capital of the North’, Liverpool is a close second in terms of potential.
Legendary nightlife and a population famous for its sense of humour and welcoming nature make the heart of Merseyside an enticing place for professionals looking to relocate North – something which has been happening more and more in recent years.
One of the newest arrivals on Liverpool’s private rental market, a market in which demand for housing far outstrips available supply, is Silkhouse Court, which will bring 193 brand new apartments to the city centre.
Perfectly located in close proximity to Liverpool’s business district, Silkhouse Court also benefits from easy access to the city’s premier green spaces such as the scenic St. John’s Gardens. Nightlife, transport and Albert Dock, a well-known waterfront destination, are all within walking distance.
Silkhouse Court is made up of 68 studios, 72 one-bedroom apartments and 53 two-bedroom apartments, and prices start at £99,995.
Given Liverpool’s excess of young professionals looking to live and work in the area and the chronic undersupply of prime accommodation in which to house them, it’s no surprise that the city of Liverpool has become a buy-to-let hotspot.
The Tower at X1 The Quarter is another prime development in the heart of Liverpool’s dynamic city centre, aimed at alleviating this supply/demand imbalance by providing 196 high-end rental apartments. The Tower is the fifth and final phase of the award-winning X1 The Quarter scheme in Liverpool’s trendy Waterfront Quarter, and the fact that all four previous phases are completed and 100% tenanted is a testament to both the quality of the development and the sheer tenant demand in the city.
The Tower at X1 The Quarter will undoubtedly be popular with tenants upon its completion, but the development has also been a firm favourite with investors too. The location is second-to-none, just minutes away from vital public transport links and just a stone’s throw away from the iconic Albert Dock, while the specification of the apartments will certainly match the exacting standards found in the previous four phases. Investors are reassured that their investment is in good hands—the development will be built by the award-winning UK developer X1, and will eventually be let and managed by the developer’s award-winning subsidiary, X1 Lettings and Management, which has a track record of 100% occupancy in all completed developments.
Naturally, demand for each apartment in The Tower at X1 The Quarter couldn’t be higher. The development will be comprised of 80 studio apartments, 62 one-bedroom apartments, 46 two-bedroom apartments, and 8 three-bedroom apartments—but act now as they’re selling fast!
X1 The Campus will set the standard for private student accommodation in Salford. Each of the development’s 271 apartments are located within the University of Salford’s Frederick Road campus, making it perfectly placed to appeal to the University’s student population. On-site amenities such as a private gymnasium, a laundry room, secure bicycle storage and secure underground parking on selected units will only make it more appealing.
The University of Salford is home to approximately 19,000 students, of which more than 90% are housed in private accommodation each year. This represents a captive audience of tenants which will never run out – X1 The Campus will be home to 1.4% of the University’s population each year who will jump at the chance to live in this upmarket accommodation, situated in the perfect location for both their educational and social needs.
The student accommodation investment market is one of the strongest asset classes in the UK, benefitting from approximately £6bn investment in 2016 alone. Prime student accommodation like X1 The Campus is leading the way in offering a first-class experience for tenants and investors alike.
If you are interested in investing in the developments mentioned above, please fill in the form below and our expert sales consultants will be in touch as soon as possible!