As an investor with Manchester stock, I too would caution against buying into Manchester city centre. Prices are dropping and have a ripple effect on the suburbs. Rental voids are common and, as other Members have wisely suggested, there is too much competition for the pool of tenants.
My advice as a property journalist is to split your £400,000 in half and buy two properties in York, which has a healthy pool of tenants and a healthy capital appreciation. The University of York is about to double in size and the city is enduringly popular. If you like the sound of this I can suggest some stock to you as I know the city well and have investments in York too. They far out-perform grey and drizzly Manchester!
Good luck with whatever you decide.
Kind regards
Michele Andrew
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