In the first quarter of 2011, rental figures in Manchester increased by nearly 8% while a ‘flood’ of landlords return to the northern property market, says one of the city agents.
Phil Nolan, of Philip James, described it as a boom and said the return of buy-to-let landlords as one of the greatest bounce-backs he had ever seen. Manchester was one of the worst-hit places when the city apartment boom crashed, leaving many landlords broke, without tenants and in negative equity, and whole buildings unoccupied or put on hold by developers.
But Nolan said this week: “Landlords are having a field day in the north of England.
“In the first quarter of 2011, one of our Manchester branches witnessed rents in two-thirds of its entire rental property stock rise sharply without a single property dropping.
“This is a record for Manchester and we expect the trend to continue throughout 2011 and into 2012.”
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