As one of Manchester’s leading HMO management agents, we find that many landlords and property investors are keen to find out where exactly they can invest in HMOs in Manchester. With Article 4 affecting large parts of the city centre and the wider borough of Greater Manchester, investors are needing to look at specific locations in order to not only have planning permission but also make significant returns on their investment.
Over the past couple of years, we have seen an influx of investors looking towards Manchester to begin building HMO (House of Multiple Occupation) empires alongside their current property portfolios; as well as brand new investors making their mark with an HMO for the first time.
As one of the largest student cities in the country with a huge expansion in employment opportunities, the target markets for HMOs are also looking towards Manchester and subsequently a roof over their head; as cheaply and hassle free as possible.
Whilst the returns on HMO speak for themselves (providing you are compliant with regulations and source excellent tenants, something Abode are more than happy to assist you with), finding the right spots to operate them from is certainly no easy feat.
Article 4, the regulation constricting planning developments, cripples areas of Manchester when it comes to applying to convert standard properties into an HMO and operate one as such. As Abode are strong believers in giving landlords and investors back control of their time, it is crucial to ensure no time is wasted in finding the optimal areas to invest.
Where are the Article 4 areas in Greater Manchester?
Any Article 4 area means applying to convert a property and operate it as an HMO is nigh on impossible. Therefore, to save time and effort as a landlord and investor, it is in your best interest to be aware of the following Article 4 areas:
- Manchester city centre and Strangeways
- Cheetham Hill District Centre
- Central Park North
- Hexagon Tower, Crumpsall
- Parkway, Whalley Range
- Chorlton District Centre
- Mauldeth House and 550 Mauldeth Road West, Chorlton Park
- Towers Business Park, Didsbury East
- Christie Fields and Siemens, Chorlton Park
- Jobcentre Plus, Palatine Road, Didsbury West
- Roundthorn and Oaks Business Parks
- Sharston Industrial Estate
- Wythenshawe Town Centre
- Airport City North
- Atlas and Concorde Business Parks and Styal Road commercial area
So where are the best places to invest in HMO?
The best areas to invest are high catchment areas for working professionals, commuters and students who don’t mind being a little further afield from the city centre, but still within easy accessibility of their educational facilities.
Currently, Tameside is proving to be an ideal location for HMO investment. The borough provides an extensive number of employment and education opportunities within its boundary, and that’s without even having to branch out into Manchester city centre itself. However, there are plenty of ideal transport links and commuter corridors for individuals to get around and into the city centre, including superb rail and bus links, as well as the M67 and M60 motorways.
On the face of it, Salford may entice lots of investors from further afield. With MediaCityUK having brought a wealth of employment opportunities from other areas of the country up to the North West, HMOs in Salford are ideal for working professionals looking for a hassle-free base here in Manchester to work from. Salford also provides excellent links in and around the North West, but also features the University of Salford for students coming from a huge array of locations. The drawback to investing in a Salford HMO, however, comes to competition. The area is becoming vastly over-saturated, with over 400 room adverts in the area alone on Sparerroom (keep in mind there will be individual rooms under each listing as well!). Article 4 also cripples the vast majority of the area, so starting afresh is going to be remarkably difficult.
Of course, location is just one of the keys to successful investment with HMO. By ensuring the correct location, you are more likely to drive particular target tenants into wanting to rent a room. With an expansive degree of experience and a huge number of managed HMO rooms across Manchester, Abode are more than happy to provide you with effective tenant sourcing and full-scale HMO management to ensure you take back control of your time, whilst reaping the returns from your investment. For more details, give us a call on 0161 883 2525.