Why is Manchester City Centre on Rightmove FULL of investor only flats OR unmortgageable/cash only.

Sarah1Mitty2

Interesting, thanks.

[Deleted User]

Flats in Manchester seemed to be reasonably priced 10 years ago but there seems to have been a lot of them that have fallen victim to the cladding issues and they just arent cheap anymore. Plenty of articles about regarding owner occupiers who have for some years been completely stuck with their flats as they are unmortgageable. However, cladding aside, Manchester has been a property hotspot in the past 7 years. Prices have shot up. I bought a buy to let in 2016, in 2020 a similar property on the same street sold for 50% more than I paid, and now you can double it.

SarahB16

user1977 said:

I presume it's full of them because they're difficult to sell.

Nope lots of apartments are owned by the big pension companies. 

If owner occupied and with cladding issues then yes difficult to sell then.  

SarahB16

IAMIAM said:

Where are all the owner occupier flats with parking or buyers who actually work and live in the city?

There is Manchester city centre and of course the city of Manchester (and nearby Trafford and Salford too).  

Tell us what you are looking for as I can see some other posters know Manchester very well too.

There really is no need to live in the city centre just because you work in the city centre.  Do consider some of the places that other posters have suggested.  Are you looking to buy without not really knowing Manchester.  Would it be more sensible to rent first?  If you tell us a little bit more information we can genuinely help you.  

IAMIAM

SarahB16 said:

IAMIAM said:

Where are all the owner occupier flats with parking or buyers who actually work and live in the city?

There is Manchester city centre and of course the city of Manchester (and nearby Trafford and Salford too).  

Tell us what you are looking for as I can see some other posters know Manchester very well too.

There really is no need to live in the city centre just because you work in the city centre.  Do consider some of the places that other posters have suggested.  Are you looking to buy without not really knowing Manchester.  Would it be more sensible to rent first?  If you tell us a little bit more information we can genuinely help you.  

Thanks. I am looking for a 2 bed 2 bath with parking that has tram/train transport access to city centre and south Manchester for work but I want to pay around 300k max, maybe slightly more with no worries on cladding, constant air b and b tenants or being the only resident owner occupier...

coypondboy

service charges are now becoming unaffordable and those unable to re-mortgage due to lack of equity will becoming off fixed rates of 2% and going on to lenders svr of 8% next month after the next 0.5% rise from bofe.  I expect to see that being the last straw and thousands of these flats will be hitting the market/auction houses and a 300k flat in city centre will drop to 100k next year so save up a deposit and wait patiently for a bargain.

SarahB16

IAMIAM said:

SarahB16 said:

IAMIAM said:

Where are all the owner occupier flats with parking or buyers who actually work and live in the city?

There is Manchester city centre and of course the city of Manchester (and nearby Trafford and Salford too).  

Tell us what you are looking for as I can see some other posters know Manchester very well too.

There really is no need to live in the city centre just because you work in the city centre.  Do consider some of the places that other posters have suggested.  Are you looking to buy without not really knowing Manchester.  Would it be more sensible to rent first?  If you tell us a little bit more information we can genuinely help you.  

Thanks. I am looking for a 2 bed 2 bath with parking that has tram/train transport access to city centre and south Manchester for work but I want to pay around 300k max, maybe slightly more with no worries on cladding, constant air b and b tenants or being the only resident owner occupier...

First of all, if you haven't already done so take a look at the tram map.  

Greater Manchester tram network map | Transport for Greater Manchester (tfgm.com)

I'm sure many other posters will now chip in. 

You've got a car.  Does your place of work provide subsidised car parking?  A question perhaps to consider is how will you travel into the city centre - by car or tram?  

My first thoughts when you said you want easy access to the city centre and south Manchester are to have a look first of all at Chorlton and Didsbury.  These two areas are the two nicest areas in Manchester but also the most expensive.  However, there are some 'not as nice' areas even within those two places so do be careful.  

I genuinely think you should rent first in one of those two areas.  It feels like a big step buying without really knowing the area. You then may wish to buy in Chorlton, Didsbury or possibly Stretford.  

As you have a car you could expand your search however I would still say go with Chorlton or Didsbury first and if you can't find anything then we can look at giving you more options.  

Please come back with the many questions I'm sure you'll have.  

Sarah1Mitty2

brett19852010 said:

Flats in Manchester seemed to be reasonably priced 10 years ago but there seems to have been a lot of them that have fallen victim to the cladding issues and they just arent cheap anymore. Plenty of articles about regarding owner occupiers who have for some years been completely stuck with their flats as they are unmortgageable. However, cladding aside, Manchester has been a property hotspot in the past 7 years. Prices have shot up. I bought a buy to let in 2016, in 2020 a similar property on the same street sold for 50% more than I paid, and now you can double it.

I don`t think that is likely now to be honest.

SavingPennies_2

For south Manchester and places near the tram/ train, I would also recommend Didsbury (which is actually 3 separate areas close together, all of which are nice although they do merge into slightly less nice areas on the outskirts) and Chorlton (which varies a bit in niceness). They are the most expensive parts of South Manchester but you should be able to find what you want within budget. Some parts, particular West Dids and parts of Chorlton have a trendy / bohemian vibe so nice places to eat out, drink, independent shops etc, which might appeal since you were interested in the city centre.

If you are concerned about cladding there are plenty of older blocks, like 60s, 70s style brick builds with no cladding concerns, or large older house conversions. There are very few high rises cladded flats in the area. And it shouldn't be be full of Airbnb's, prob a mix or owner occupier and private rentals. There are also cheaper places like Levenshume or Stretford, where you could get a house for 300k. You won't get a house in Didsbury or Chorlton for under 300k (apart from exlocal authority in the cheaper parts).