Salford, sometimes termed the ‘other city’ has a strong industrial and cultural heritage which can be seen and felt on its streets. At the time of writing (September 2020) house prices and rental demand are both booming in Salford.
Housing market in salford
Much of the housing stock in Salford consists of traditional red brick terraced housing, which was built during and after the industrial revolution to house workers in the cities cotton mills. These houses typically sell for between £90-£180K.
You can also find a good stock of 1930’s semis, ex-council housing and more modern new builds. Closer to the city centre and around Salford Quays there is a boom in new build apartments.
location and article 4
Salford Quays is situated just to the West of Manchester City Centre at the end of the Manchester Shipping Canal. It hosts the world-famous Old Trafford football ground where Manchester United play their homes games, The Lowry Art Gallery, The Imperial War Museum and Media City. The introduction of Media City in 2011 has been a major boost to the local economy and has attracted big media names such as the BBC along with more affluent professionals looking to buy and rent in the area.
Parts of Salford do sit within an Article 4 area, which means you need to check carefully before buying with the intention of creating a HMO. Full details available on the Salford Council website.
rental demand and yields in salford
Salford has a very high rental demand and, as the areas around Manchester City Centre and Salford Quays become ever more gentrified, this demand is spreading out further in to the Borough. The strongest yields will be found on cheaper terraced housing situated around M6 & M27. Ordsall, although very close to the city centre, does have somewhat of a reputation as being a bit rough. Ensure you have a good street level understanding of the location before investing here.
Those looking for capital growth may be more interested in the best of the new high rise developments close to the Quays and some of the more affluent suburbs such as Worsley, South Walkden and Monton.
As ever, keep fundamentals in mind when choosing an investment location. Salford is well served by the Metrolink, buses and trains. Homes closer to Metrolink stations will be more popular with renters and buyers alike.