Manchester is currently the strongest property market outside of London, stated IP Global’s report. (Photo: Lifeofgalileo, Wikimedia Commons)
Despite the initial apprehensions following the Brexit vote, two cities in the UK still present a safe haven for overseas property investors, revealed an IP Global report.
This comes as property in Manchester and Liverpool witness an ongoing investment surge.
In its Global Real Estate Outlook report, IP Global stated that Manchester is currently the strongest property market outside of London as it offers the highest rental yields in the UK at 6.02 percent.
The property investment firm expects employment in the city to increase 4.3 percent in the next five years, which could in turn fuel the “lively residential market, where demand from the 2.5 million strong population already significantly outweighs supply”.
Average private rents in Liverpool, on the other hand, were up 11 percent last year and are expected to increase another 22 percent before 2020.
Liverpool’s thriving hub of 500,000 businesses and the 66,000 students studying at the city’s five universities have fuelled demand, with rental yields currently standing just behind Manchester at 6.56 percent.
“For Singaporean investors, Manchester and Liverpool offer very attractive rental yields,” said Mei Sha, Director & Head of Southeast Asia, IP Global.
“We’ve seen interest in Manchester increase 25 percent compared to this quarter last year, and with demand expected to increase significantly over the next five years, I am confident this trend will continue further and expand to cities such as Liverpool,” she added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
