May 09, 2018
Brexit is looming ever closer and many people are worried about what this holds for the UK property market and Manchester in particular. While Manchester voted to remain, it will be leaving alongside the rest of the country.
So, what can we expect post-Brexit for the Manchester property market? Nothing is certain, but here we will discuss some current popular predictions.
What do the Property Experts Say?
While for some the Brexit outcome was disappointing, the experts do think that any uncertainties will eventually lift and both Manchester and the rest of Britain can look forward to a very bright future, even when they are outside of the union. Although there may be some uncertainty at the moment, this is not thought to last very long, and it is safe to say that the property sector will continue to do well, particularly because it has the safest and strongest legal system behind it.
Other experts have highlighted that despite this uncertainty, this is a fantastic opportunity for investors to look outside of the capital and instead focus their attention on hotspots such as Manchester. Manchester is still a strong, northern powerhouse and is the perfect place to invest in property, protect your capital and produce and income that is above bank interest rates. Through companies such as RW Invest, those looking to make investments in the property market can find some incredible opportunities in each of the 9 key investment zones (from Salford, to Manchester’s Rail Network, to Trafford).
At the moment, it looks to be that the property market in Manchester and the rest of the UK will continue to be stable as the UK housing market is generally quite resilient. The biggest impact that is thought to come from property in Manchester is not in house prices and rents, but in the number of homes being built due to a lack of necessary skills in housing development.
Will Brexit Affect Manchester’s International Investment?
While Brexit is sure to have some impact on everyone, the experts still say that the housing market will continue to attract international buyers and that investing in property is not going anywhere anytime soon.
As we mentioned before, there are no guarantees and no one knows for sure what will happen in the UK housing market, however the residential housing market in Manchester has grown from strength to strength over the past few years. It now acts as the Northern Powerhouse heart and is still welcoming lots of ongoing investment in infrastructure. Bricks and mortar is still predicted to be a sound investment in Manchester, even if there is an initial slowdown with rising house prices.
The Future of the Manchester Housing Market