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City centre landlords 'could enjoy increased rents this year'
28/03/2008
Rental incomes in central Manchester could soon recover from the effects of the credit crisis, landlords are being told.
Stockport-based Assetz for Investors believes that city centre landlords could be looking at a rental increase of almost £300 a month by the end of the year, reports Crain's Manchester Business magazine.
Managing director Stuart Law said there are significant numbers of potential tenants eager to live in a central Manchester property.
"The best type of city centre investment is a two-bedroom flat with parking, and you should be paying around £130,000," he told the publication.
"You can expect to get anywhere between £645 and £725 in the current market, but we expect that will reach £900 by the end of 2009."
According to Assetz for Investors, the average letting is around 14 months.
New research by Halifax shows that one in five homeowners are considering selling up their property and moving into rented accommodation as a result of the credit crisis.
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