Salford is a city in Greater Manchester County and a combined authority area in the North West of England. It is nestled right next to the city of Manchester, their joining border only the River Irwell and two docks to separate them. It has everything Manchester has and more: it doesn’t come with the same price tag Manchester does.
The city is a separate district from Manchester, but it gets to enjoy a lot of the benefits. Those living in Salford can quickly access Manchester city centre via a short walk or public transport ride. The two cities and beyond are easily connected via rail, tram, and bus networks. With a growing population and strong capital appreciation, the city is currently on the up, meaning now is the best time to invest in this quickly developing city.
The buy-to-let market in Manchester has hit a record high, with millions being pumped into the city for regeneration and lots of investors staking their claim in the city. However, this means that the surrounding areas are expected to see more regeneration and growth as Manchester’s population grows and expands.
Read on in this Salford property investment guide to find out why you should invest in Salford today.
Why You Should Invest In The Salford Buy-to-let Market
Property Prices
Manchester’s house prices have grown an exponential amount in recent years. Currently, the average price of a property in Manchester is £248,000 in June 2024, up from £239,000 in June of the preceding year. The average property price in the UK is currently roughly £300,000. This has shown a considerable rise from 2017, when the average price was just £153,600. It is clear that Manchester is the place to be, and as more investors and renters come to the city centre, it means that the surrounding areas are full of future potential.
In tandem with Manchester, Salford has seen a meteoric rise in house prices over the last ten years. The city has seen prices more than double – an increase of 105% – over just the last decade, with plenty of more potential for future growth.
Population Growth
Like Manchester, the city of Salford has seen its population grow notably in recent years; the last census has shown that the figure rose from 233,900 people in 20211 to 269,900 in 2021. This represents a healthy and steady increase of 15.4%. Juxtaposed with Manchester, it is much stronger – Manchester’s growth was only from 503,100 to 551,900 in the same period (an increase of 9.7%). Salford’s rise is the biggest rise in the North West and the 10th biggest rise across England. With plenty more space and investment into homes in the area, it is only expected that this rise will continue.
Salford has often been overlooked, but more and more people are moving there. Why? One of the predominant reasons why is because a lot of people living in Manchester are moving to Salford in search of cheaper living costs. Salford is still cheaper than Manchester, meaning that renters can enjoy more bang for their buck while still being a commutable and walkable distance from work, friends, and family.
Another key reason is jobs. Salford has enjoyed a surge in industries and investment recently, seeing millions being pumped into its economy. One of the recent additions to the city has been MediaCityUK – a tech and media hub based in Salford city centre and situated right next to Salford Quays. It is home to Sky News, BBC News, ITV, and a slew of tech and gaming companies, it has become a major employer for the city – it currently has over 8,000 workers.
This commitment to industry is reflected in the city’s demographics: a strong proportion of residents are in employment, with a particularly strong employment rate of 72.4%. 78.7% of the population is also recorded as being economically active. This can only mean good news for investors as Salford is full of young professionals who are high-earners and tend to be very good tenants.
Education is also a tertiary reason. A lot of students tend to feel priced out of Manchester and move to Salford and commute to the city’s universities from there. Salford also attracts a strong number of students in its own right, as it is home to the world-class University of Salford.
Rental Prices
As mentioned above, a lot of people are attracted to Salford for the rental cost, but what does that look like? And will it grow?
Manchester’s rental prices have seen a surge in recent years, drawing a lot of keen investors from all over the globe. According to the Office for National Statistics, Manchester’s rental prices are quite high. One-bedroom apartments average £902 pm, two bedrooms fetched an average of £1,117, and three-bedroom apartments had an average rental cost of £1,294 – these are figures from the last assessment which was in July 2024.
The flat average rate of a rental property in Salford is currently £1,061. Private rents reached this peak in July 2024, showing an annual increase of 13.4% from £936 in July of the previous year. This is notably higher than the North West’s average rise of 9.5% in the same period. One-bed apartments were rented out for an average of £804, two bedrooms, for £983, and three beds for £1,166. With comparatively cheaper house prices than in Manchester and the potential for further rental growth, investors can expect strong rental yields in Salford, which is why you should invest your money in this vibrant city today.
How To Invest In Salford
Salford presents quite a unique opportunity in the UK real estate investment world as it still has a relatively large amount of untapped potential left.
One of the best ways to invest is to purchase an off-plan property. Off-plan properties allow investors to secure assets at below-market rates, with the potential for significant capital appreciation by the time of completion. As development projects in Salford continue to enhance infrastructure and amenities, property values are expected to rise exponentially. Off-plan investments ensure that you can beat others to the punch and enjoy capital appreciation during the course of construction. There are also plenty of newly completed off-plan properties and off-plan properties soon to be scheduled for completion; these builds are rare and the market for them is quite competitive and offer a great opportunity to investors to start seeing returns immediately.
At North Property Group, we’re experts in securing the best deals with UK off-plan property. Head to our Manchester landing page to find out more about Salford and the deals we have there.
Summary
North Property Group is a property investment agency and lettings agency with a focus on premium UK off-plan property. We have strong connections with the UK’s leading property developers, helping investors to get great deals and buy off-plan property in Manchester and further afield. We offer an end-to-end service, meaning that after choosing to invest in the Salford buy-to-let market, we can manage the entire investment property lifecycle for you.
We’ve been closely tied to Salford’s recent surge in regeneration and investment boom. Working alongside premium developers based in the Greater Manchester area, we are committed to helping the revitalisation of fantastic places like Salford and more. Book a free consultation with us today to start your journey in property investment in Salford and UK off-plan property.
