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Invest in big urban centres, landlords told
30/04/2008
Property investors in Greater Manchester are being urged to invest in the city-region's main urban centres rather than commuter towns as the latter happen to be more popular with buyers than renters.
Paul Collins, the property editor at BuyAssociation, said that buy-to-let investment can prove "tricky" if landlords move away from the demand of big centres like Manchester and Bolton.
Smaller towns tend to attract owner-occupiers willing to commute, he stated. Investors, though, rely on tenants, who in turn, want to stay close to the lucrative jobs market like Manchester and Trafford.
Small towns are "somewhere they'd like to buy, settle and spend a significant amount of time. They would probably be looking to buy, rather than rent", he commented.
"I think that you might find that if you have a family home, you may be able to rent that out, but smaller commuter based properties might not be so popular."
Last month, it was reported in Crain's Manchester business magazine that Stockport-based Assetz for Investors believes city centre landlords could be looking at a rental increase of almost £300 a month by the end of the year.
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