Not all gloom in the property market… if you’re a renter in Manchester
As the recession continues to bite property owners, with mixed economic indicators for recovery, one sector has been benefitting from the property crash. Those looking to rent a flat in Manchester will find it a lot easier to get a good deal now than before the buy to let bubble burst. As new constructions were created, the lack of demand for occupancy was unimportant so long as the asset price was rising; some landlords even preferring the hassle-free profit to be found from watching their property appreciate without the risk of tenants spoiling their granite work surfaces. But the assets have been devalued and a new urgency has developed to fill these flats; what is more, less people are looking to rent as job losses are tightening purse strings everywhere and more people are moving in with parents or sharing with friends to save money. Those who are still looking often have less to spend. All this means that, all other things equal (which they obviously aren’t for most,) those looking for Manchester flat rentals are now in a better position than they were previously.
Some landlords, now that we are approaching the particularly busy summer moving season, are offering great reductions or free extras as competition for tenants increases. Apart from price reductions, this includes such perks as, 1 free month’s rent, free parking spaces and even free gas and electric, in an attempt to outdo their rivals and to draw people out of their parents’ homes and begin to fill the empty, often unfinished, tower blocks. While this recession has been terrible news for the propertied classes, perhaps it will help in small part to promote some greater social mobility and equality, lowering rental prices and lowering the bottom rung of the property ladder. Before the recession began, the government’s great concern was provision of affordable housing. Good old GB knew exactly how to offer that; his failure to regulate the city speculators who subjected our banking sector to subprime debt was all part of an ingenious scheme to perpetrate a property crash and promote equality!?
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