Stockport town is one of the best up-and-coming areas new homeowners should live in. So, is stock a good place to buy a house? The answer is yes, and this you are about to find out in this article.
Over the years, Stockport has risen through the ranks to become a property investment hotspot in the northwest.
Additionally, there are a lot of regeneration projects that are along the way, making the city attractive to property investors,
Notably, in early 2021, the number of property investors in Stockport increased by 500%. There was a peak in interest rates registered by RICS, with the firm noting the highest number of instructions they received from property buyers.
Between January and July 2021, the company completed over 1,800 surveys compared to the 300 they completed in the previous year. This indicates one of the biggest rises in property sales in the UK. The Stockport and UK property market has continued to grow post-Covid pandemic.
Major Regeneration Works
Some major regeneration works and development projects are most likely to change the property market in Manchester and Stockport, to be specific.
A £1 billion 5 years regeneration plan is bound to change the entire property market in Stockport. With this exciting plan, Stockport is expected to become a cool and appealing neighborhood to professionals and the young population.
The town will be an alternative for those looking for affordable offices and residential space out of Manchester City.
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At least 1000 new homes are to be established in the plan utilizing the idle Brownfield land. This project is also expected to create 5,000 new jobs in the local labor force. It will transform the town into a green urban village that is more attractive to property investors. With such investment projects kicking off, Stockport property prices will shoot in the coming years.
Increasing Rental Demand
There are a lot of buy-to-let opportunities for those coming to Stockport to live and work. The town also gets demand for rental property from Manchester commuters. Currently, the rental price is at £1,000/month in Stockport and is set to increase in the coming months.
Landlords in the town expect to make at least £654 PCM for a one-bed property and up to £2,079 PCM for a five-bed property in Stockport. In some market research, it has been shown that property investors in Stockport get higher rental yields. The gross yield from a property in the town is at 4.5% for the SK1 postcode.
Why Invest in Stockport Property?
There are reasons to consider investing in Stockport property. This town is one of the boroughs making Greater Manchester and is part of the county of Cheshire. The town has a population of 290,600 and is one of the fastest growing in the UK.
Stockport is a textile manufacturing center and is popular for having one of the largest hat-making sectors in the UK. The town contributes a lot to the Greater Manchester economic development. It has a business base of over 13,000 units and a workforce of 124,000 people.
Stockport has many industries, such as financial services, health, wholesale and retail, and social care. All these employ the local people.
Final Thoughts
For those intending to invest in UK property, Stockport is one place you should consider. The town’s young population, a pipeline of regeneration projects, and a thriving economy are good reasons why most people consider investing in Stockport property.
Get a conveyancer or property solicitor to help you spot some property in Stockport and complete your move in the shortest time.
