The Middle East is 'Mad For It'

Investors from the Middle East are increasingly looking further north to invest in real estate, according to new research. Manchester continues to show strong property price growth. It is now, after London, the most popular British city for foreign property buyers to invest in. Select Property Group  conducted a survey, from which 80% of respondents agreed that the UK was a good place to invest in property. 13% highlighted Manchester as their choice, coming second only to London. The rising interest from investors particularly from Saudia Arabia, the UAE and rest of the Middle East, follows a rise in property prices in Manchester of 7.4% in the year preceding June 2018. 70% of those surveyed agreed that rental yields were greater in northern cities compared to London with rental prices increasing. Why the increased interest in Manchester? Two thirds of people believed that due to the uncertainty surrounding Brexit, the fall in the value of the pound had made UK property as much as 12% cheaper. Historically, we have seen investment from the Far East and Russia, now it seems the Middle East is following suit.

The 'ripple effect'

And it’s not just Manchester that is seeing a rise in popularity with foreign investors. Property prices across the whole of Greater Manchester and beyond are benefitting from the Manchester ‘ripple effect’. This term refers to the effects of a property boom in prime areas, which then sends out waves or ripples to neighbouring locations as priced out buyers look for cheaper alternatives. Salford and Bury are already surfing the waves of this boom with average houses prices up by 8.44% and 13.06% respectively, between July 2016 to July 2017 (UK House Price Index).

Better and faster traffic links boost prices

Property prices have been boosted further by the government’s planned HS2 rail line or high-speed rail network, from London to Birmingham, Manchester and Leeds. This would effectively reduce journey times by almost 50% with travel from London to Manchester taking 1 hour and 8 minutes as opposed to 2 hours and 8 minutes. The government expects the line to be fully operational by 2032-2033. If you have a property in Manchester or anywhere else in the north of England, now is a good time to sell. Call Sharpes Auctions today for a free, no obligation valuation of your property. Unlike our competitors, we do not charge a fee to market your property in our auction. It’s absolutely free. What’s more, we do not charge anything if your property fails to sell, which is highly unlikely. We sold an average of 85% of properties during 2017. When you sell with Sharpes, you can be certain of a speedy sale. The contracts are legally binding when the hammer falls and completion takes place within 28 days. Our extensive marketing means that your property will reach the maximum number of prospective buyers and therefore increased bidders on auction day. Coupled with the interest from foreign investors, competitive bidding will achieve you the best possible price on the day. Call Sharpes Property Auctions on 01274 731217 or 0161 302 9782 or visit www.sharpesauctions.co.uk. You can also find us at Sharpes Property Auctions on Facebook or @Sharpesauctions on Twitter.