Manchester a tough market
Just been speaking to a friend who is a big landlord in Rochdale.
Up there, there is quite a gap opening up between rents and property costs, but that's nothing compared to what he tells me it's like in the apartments in central Manchester.
He tells me of apartments near central Manchester that are on sale at £175,000.
He then went undercover and found agents offering him the properties at £500 (or less) per calendar month - meaning a gross yield of 3.4%.
Ouch!
I sure hope the landlords there get the capital gains to make up for their current term losses.
In the 2 bed terraces that are being regenerated they might yet, but in the apartments (where the pool of tenants is limited to singletons & couples with no kids) I dont think they will.
There are too many apartments and too few tenants.
See www.pacmanproperties.com
Back to main site at www.lettingfocus.com
Up there, there is quite a gap opening up between rents and property costs, but that's nothing compared to what he tells me it's like in the apartments in central Manchester.
He tells me of apartments near central Manchester that are on sale at £175,000.
He then went undercover and found agents offering him the properties at £500 (or less) per calendar month - meaning a gross yield of 3.4%.
Ouch!
I sure hope the landlords there get the capital gains to make up for their current term losses.
In the 2 bed terraces that are being regenerated they might yet, but in the apartments (where the pool of tenants is limited to singletons & couples with no kids) I dont think they will.
There are too many apartments and too few tenants.
See www.pacmanproperties.com
Back to main site at www.lettingfocus.com
This entry was posted by lettingfocus, on
Thursday, December 14, 2006.
