as HSBC have Buy-to-Let programs, which allow you to buy residential property
with the intention of renting it out for income. Normally, they require
you to put down about 20 to 25 percent, but I have seen instances where
you can put down less and buy the property. And these types of loans
can be either variable or fixed rate. The length of such mortgages
is usually 20 to 25 years, but you can get 15-year loans as well.
Before buying, banks will usually require you to have some sort of valuation
done on the home, as well as a full structural survey. However, when
buying such terraced properties, you don’t have to worry about structural
And how about
the claims that Manchester is an “unsafe” city? Nothing could be
further than the truth. Although the city has had its share of social
problems and crime, things have been improving. Formerly run-down
areas such as Oldham, and even the city center, have been renovated and
refurbished, and are now lovely areas in which to live. Moston and
Blackley are going to be the next hotspots, and if the 40 percent increase
in home prices in the last 18 months is not proof enough, these statistics
the UK Home Office’s Statistical Bulletin released July 2003, crime in
Manchester has actually dropped in the last few years. There was
a drop of 1 percent for robberies, 6 percent for theft from a motor vehicle,
and 12 percent for theft of a motor vehicle. And in many cases, Manchester
is a safer city than London. In the year 2001, there were less vehicle
thefts and cases of vandalism in Manchester than in London (per 10,000
History of Manchester
2,000 years ago by the Romans, the city sprang into the forefront of the
world in the 18th century, thanks to the Industrial Revolution. Greater
Manchester is home to nearly 2.5 million people (420,000 in the city of
Manchester), and is also the site of many great achievements, such as the
first computer (1948) and the beginning of the vegetarian movement (1815).
Manchester has come a long way, surviving the IRA bombings in 1996, social
unrest, and sagging employment, to become the UK’s next hotspot.
Real estate prices in the city have surged 19 percent just in the last
year, and recent trends indicate that the future of real estate in Manchester
will be very healthy indeed.
Most Creative City
is also the “most creative city” in the UK, based on the BOHO Britain
Creativity Index (May 2003). This is a simplified version of the
methodology developed by Richard Florida, a US economic regeneration expert.
The study ranked the UK’s 40 largest cities using various factors, among
which were ethnic diversity and the number of patent applications applied
for. Manchester has a very high concentration of higher education
institutions and technology companies, and this accounts for the many patent
applications. The city also has a large ethnic population, and this
is one of the reasons it is a leader in innovation, as it is able to attract
and keep qualified workers and entrepreneurs.
that Manchester is not only a great place for buying property; it is also
a leader in technological innovation and friendliness to foreigners.
These are crucial considerations when one considers real estate.
A city which attracts many cultures, is a pioneer in technology and a home
to entrepreneurs, is sure to have a bright real estate market.
Barcelona, and New York All in One
is full of ingenuity and energy, and one visit to the city will astonish
you. Looking for fantastic modern art? The Lowry, which opened
in April 2000, is a modern art masterpiece that contains two theaters,
several art galleries, and restaurants. As you arrive at the redeveloped
Salford Quays, this hulking glass and metallic structure juts out into
the sky. Its geometric shapes and eclectic designs remind you of
the Guggenheim Museum, yet the Lowry’s waterside location makes it even
ancient medieval architecture? How about the lavish Manchester Cathedral,
dating back to the 15th century? Located on the edge of the city
center, the cathedral beckons visitors as its haunting spires and looming
tower fill your mind with visions of antiquity. Since the IRA bombing
in 1996, new gardens and walkways have been built, making the cathedral
an even more breathtaking sight.
And how about
romance? You’ll be surprised to know that Manchester has miles and
miles of canals that run right through the city. And although they
are not as romantic as the ones in Venice, they provide an old-world charm
to an urban setting, which makes them unique. City planners originally
built the canals to enable ships to carry coal and raw materials into the
city center. But now, residents use the canals for recreation.
There’s really nothing like a walk along the Bridgewater canal on a crisp
autumn day, with the clouds up above and a light drizzle on your skin.
And be sure to check out Castlefield, which is full of bridges, old buildings
and renovated warehouses.
One of the
Last Few Great Real Estate Deals in Europe
It’s an early
spring morning in central Manchester. I find myself in the heart
of St. Ann's Square, amazed by the fabulous architecture and the warmth of
the people. It is sunny yet chilly, with a slight breeze that makes
my skin tingle. I walk into a bookstore and strike up a conversation
with a clerk, who tells me, “Manchester represents the best and worst of
England. But you can always find something beautiful. And there’s
a certain energy here that you can’t find in London. As Manchester
goes, so does England.” It took me a while to understand the brilliance
of this statement. But now I realize what Mancunians have known all
along. Their city has everything that London has, and something London
doesn’t have: affordable real estate.
is a city of great contrasts. You can find splendid Victorian buildings
next to renovated factories. You can find 200-year-old canals and
steel bridges looming over them. You can find bits and pieces of
the old world interspersed with the new. And you can find a two-bedroom
property requiring minimal work, for less than $50,000.
The UK housing
market is experiencing a boom unlike any other in recent history.
And even though house prices have climbed steadily, there’s still time
to find a bargain. Home values in the north of Manchester, specifically
Moston and Blackley, have surged 40 percent in the last 18 months.
But you can still buy, if you act now. People who bought in the center
of Manchester and suburbs like Oldham are now reaping the rewards.
You could be one of these people, if you take advantage of the best real
estate opportunity in England.
The UK has
a reputation of being notoriously expensive. This is true, for the
most part. But very few people know that they can buy a quality property,
needing minimal renovation, for less than $50,000. Moston and Blackley
offer such opportunities. As Benjamin Disraeli put it so eloquently, “Certainly
Manchester is the most wonderful city of modern times.” But even
if you don’t agree with that ambitious statement, one thing is for sure:
Manchester offers the most wonderful real estate opportunity in Europe
Tel: +44 (0)161
Manchester M9 6ER
Tel: +44 (0)161