Many people often ask me, which area in Manchester to buy investment property?
For those that know me, know that I am a huge fan of the North West as an area for property investment, having built a portfolio here myself I have been able to acquire a number of properties at excellent prices and enjoyed great buy to let yields. You can read my blog on buy to let yields by clicking on the link.
I recently wrote a blog about the best area in Manchester for buy to let detailing why Manchester (or Greater Manchester should I say) is a most attractive area for buying investment property. So if you want to understand some of the economics and geography behind why I love this area so much then please have a read.
Within this series of articles I want to delve a little bit deeper into the areas within Greater Manchester to give you a greater understanding of which specific area within our great city you should focus attention for your investments.
In this article I am going to look at Oldham, a borough within Greater Manchester as the answer to your question, which area in Manchester to buy investment property?
1. PROPERTY TYPES
As with many areas of Greater Manchester that grew during the 19th century, terraced houses are a large part of the property stock we see today. Terraced houses that were homes to the thousands of families employed in this great industrial age remain today housing our modern day families.
It is not uncommon to find an old mill in amongst the residential streets of the Oldham area. These have now been converted to warehouses or factories and still provide a source of employment for the local areas, however of course not to the level of the 19th century.
Check out our Rightmove page now to show what types of properties we have available now in all areas of Manchester.
2. PROPERTY PRICES
These are the four keys areas that I am going to look at within Oldham and should be discussed when considering which area in Manchester to buy investment property.
Failsworth and Chadderton are my favourite area for investment and the figures show one of the reasons why. Failsworth is 4.2 miles North East of Manchester city centre, so it’s location is perfect for accessing Manchester and Oldham. The housing stock here is mostly made up of two bed terraces and some two or three bed semi detached properties.
Chadderton, is a little further from but still has excellent links to Manchester. It also features many rows of terraced properties. There are more of Oldham’s characteristic mills in the Chadderton area too.
The figures put Failsworth out on top and for it’s prosimity to both Manchester and Oldham this makes it very desirable for investors.
Royton and Shaw are desirable places to live in Oldham but are not the best for investment figures. The average higher price of the properties reflects the slightly improved property stock but the lagging rents are not conducive for good yields.
As always I like to consider Housing Benefit tenants and I think all investors should do so. The LHA rates are featured here for reference, although on this occasion there is not much in it. In Failsworth you would be well placed to house Housing Benefit tenants entitled to the two bed rate.
3.BACKGROUND TO THE AREA
Oldham is a large town itself within Greater Manchester Lieing amid the Pennines on high ground between the rivers Irk and Medlock, 5.3 miles south-southeast of Rochdale and 6.9 miles northeast of Manchester. Surrounded by several smaller towns, they form the Metropolitan Borough of Oldham.
Oldham rose to prominence during the 19th century and during this time it became the international centre of textile manufacture and mills dominated the landscape of the area. (Fact of the day – Oldham produced more cotton than France and Germany combined – Source: Wikipedia)
Like all parts of Greater Manchester Oldham and it’s townships are well served by the M60. Junction 21 and 22 feed to the Oldham areas and from the M60 the links all across Manchester are excellent.
The Oldham areas have also hugely benefitted from the expansion of the metrolink on the Rochdale line. This map shows the eastern side of the metro link and the connection to the areas between Manchester city centre.
As I have not had any first hand experience with schools in Oldham it would be wrong of me to suggest any schools that are perceived to be good or bad. So if you are a tenant looking to move to the Oldham area or an investor wanting to place your property close to a good school have a look at the following links that may be useful to you.
As with all areas of Greater Manchester and it seems the urban world we are surrounded by a good range of supermarkets. Those of note in the Oldham area are Tescos, Asda and Sainsburys. A quick google search brings up a good list.
Map of supermarkets in the Oldham area
7. RETAIL PARKS
As with Tameside, there are a couple of out of town retail parks available in Oldham. These places are useful when you need to get a few bits and bobs, often tied in with yoru supermarket shop but don’t need the town centre.
Have a look at Elk Mill Centre Retail Park in Royton.
While being so close to Oldham and Manchester city centres, the great thing about these parts of the North West is that you can be in beautiful countryside so easily. As a farmers daughter escaping to the hills has always been important to me! Although this won’t directly affect your investment in Oldham it all adds to the quality of life people have from living in these areas and when thinking about which area in Manchester to buy investment property it is important to consider all aspects of life.
Oldham has four countryside centres where you can commence activities from, Brownhill, Strinesdale, Daisy Nook, and Tandle Hill. With the latter both having cafes.
With neighbouring Manchester so close, Oldham is able to tap into the Manchester football scene very easily. However Oldham has it’s own successful footy team in Oldham Athletic, which provides many of the local residents a great Saturday afternoon’s entertainment. There are 11 different sports facilities across Oldham, including council run gyms and pools which provide great places for excersise and making new pals if you are new to the area.
I would suggest following the links on the council’s website here to find your local facility.
10. FOOD, DRINK & ENTERTAINMENT
There is food and fun a plenty to be had in the Oldham area. I am a huge fan of Trip Advisor and information it can give you on where togo and what to eat. Check out the best restaurants in Oldham here.
The joy for those living in the Oldham area is the proximity to which you can access any typeof food you want! The range if international cuisines along with country pubs as you head out of town mean you can really get what you fancy.
I hope this article has given you some insight into the Oldham area, whether you know nothing, or a little already I hope you have got a bit more information to move to the next stage.
If you are considering investing in these areas, start my focusing your attention on some of the areas I mention above with great yields, have a look on Rightmove and book a few viewings on interesting properties to start to get a feel for what is available.
When looking to invest and considering which area in Manchester to buy investment property it can seem like a huge task ahead. You can be in danger of getting what I call “analysis paralysis” and therefore not moving forward at all. I suggest breaking your tasks down and step by step you will move forward on your journey.
If you would like to talk to me more sepcifically then I’d love to hear from you. Feel free to contact me via the website and I will be happy to talk further.