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Developers 'have created oversupply of Manchester properties'
29/05/2009
Developers have flooded the Manchester property market by creating too many properties, it has been suggested.
According to a report featured on the website of the Residential Landlords Association (RLA), buy-to-let sector observers have claimed there is an over-supply of rental properties in the city.
The problem has been exacerbated by the ongoing credit crunch, which has meant property investors are finding it more difficult to secure mortgages.
In some cases, developers have opted to suspend the construction of homes or abandon building projects, the report suggested.
Among the places identified as having many flats available are Salford and the Salford Quays.
It concluded by stating: "Landlords looking to expand their portfolios should focus on less expensive properties that may appeal to young professionals."
Established in 1993, the RLA describes itself as the "leading voice" for landlords in England and Wales and it claims to represent more than 6,000 such property owners.
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