Thirlmere Deacon Property Investment Magazine Issue 10, July 2022

Issue 10, July 2022

Vision MANCHESTER

OFTEN IMITATED, NEVER EQUALLED.

contents 6

Alasdair Walker: Marketing Director Amy Marshall: Chief Writer/Editor Nevena Djuranovic: Art Director Isidora Mladenovic: Brand Strategist

What is a good rental yield in 2022?

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CEO Letter Top tips for achieving a healthy rental yield Q2 Dubai Market Report

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The Investor’s Journey with Thirlmere Deacon

82 DEVELOPMENTS

UK Q2 Market Report Interview with Adam from IPG

84 Investing in the Manchester property market

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Dear Investors, Family and Friends,

AS

2 full months in advance of the building being ready to move in. With

we cross the midway point

tenants confirmed to be in place for

of 2022, it’s becoming

the next twelve months at least,

clear who will emerge victorious over

investors here are in a position to ride

the coming months: Those who focus

out any instability or market

on the fundamentals, and not the

fluctuations over the next year.

distractions.

Q2 also saw significant progress across Just a few short years ago, as the UK

most of our sites with completions

emerged from the first lockdown, no

starting to take place across the

one could have predicted the

Midlands in Birmingham and North

phenomenal property market activity

West in Liverpool and Manchester,

we have witnessed. At some points, the

many happy investors who are now

sales and lettings markets have moved

starting to enjoy the income from

at two different speeds but in 2022

investments made over recent years.

they have both accelerated onward with impressive growth figures. With

In terms of new launches, the most

wider economic headwinds now having

exciting is a brand new concept with

some impact, the sales market is

award-winning developer Beech

finding its new ‘normal’ as price

Holdings and their City Co-Living

growth figures stabilise. Whilst both

brand designed to bring a unique

the sales and lettings markets in the

experience to city centre living in and

UK are woefully undersupplied, lettings

building communities rather than just

are clearly now more affected. The

nice properties. We’ve already seen a

surge in demand and urgency in the

number of our VIP investors secure

lettings market has been seen by many

their units ahead of the official launch

of our investors first-hand at the

in the Autumn.

Ancoats Gardens development in Manchester which is due to complete in August and is already fully pre-let -

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Focus on the fundamentals, not the distractions.

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Looking forward to Q3 we’ll no doubt

market is in a period of transition,

see further movement in the UK

finding its new ‘normal’ growth rate,

market with interest rates and

post-pandemic.

mortgage products, but the fundamentals still remain the same:

The second half of 2022 holds an

Demand for property is greater than

opportunity for the astute investor,

the supply. There’s only one simple

those who focus on the fundamentals

solution to solve the ever-growing

and see opportunity whilst others

‘housing crisis’…which is to build

might be distracted.

more homes!

Warmest regards, With this in mind, taking a long-term view and making sensible, wellinformed decisions investors can currently use their money to beat

Stuart Williams, CEO, Founder

inflation and achieve a return as the

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Dear Investors, Family and Friends,

Q

developments selling out in record times, the fastest being an entire

uarter 2 of this year was

tower in Emaar Beachfront which was

possibly the busiest I’ve

100% sold within 2 minutes of

experienced since being in the world of

launching, clearly demonstrating the

real estate!

appetite for the Dubai real estate market is back and continuing the

Demand for UK property continues to

upward trend.

be incredibly high, especially within the British Expat communities across

We’ve also been working hard behind

the globe. More and more overseas

the scenes forming new relationships

residents are buying aggressively for

with overseas banks - one, in

later in life with the majority of

particular, we’ve been working with

investors opting to take 2-3 properties

during their development of a brand

at a time and maximising the power

new mortgage arm specially designed

of leverage.

for buy to let investors based in the GCC region who are investing in the

In Dubai we’ve witnessed entire

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UK. The first phase will be launched in

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Entire developments are selling out in record times.

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August to Kuwait-based residents,

developers in both the UK and Dubai

followed by the UAE, Oman, Qatar and

who strive to deliver high-quality

Saudi Arabia later in the year - great

homes to both tenants and owner

news for all our GCC buyers!

occupiers alike.

In Dubai, the remainder of 2022 is set

We have a number of new launches in

to continue to be record-breaking.

the coming months and look forward to

With prime luxury developments selling

continuing to do what we do best:

out within hours of being made

Helping investors generate wealth not

available, the only way investors can be

just for today or tomorrow, but for

sure to gain access to the very best

many generations to come.

opportunities is to register their interest as early as possible.

TD is proud to be working alongside some of the leading property

Kindest Regards

Oliver Mohsen-Taheri

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DUBAI MARKET REPORT

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While there are many aspects that as a

the picture has remained extremely

property investor you may weigh up

promising in recent times, with record-

when looking to purchase in a

breaking figures for both sales and

particular location, how the market is

rental yields in almost all areas

performing generally in recent times

of the city.

can give an extremely insightful indication as to what’s to come,

Let’s take a closer look at how the

especially in terms of the trends that

Dubai property market performed in

can then be deciphered for your own

Q2 2022, to find out what the figures

portfolio as a result.

suggest lies ahead for existing or

In Dubai, it’s no secret to our blog

potential investors.

readers or social media followers that

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Dubai Q2 2022

Takeaways

KEY

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1 Between June 2021 and 2022, there were 37,116 property transactions in Dubai which is a 60.78% YoY increase -PROPERTY TRENDS

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2 37.43bn worth of property sales happened between April 1st and June 1st 2022 -DUBAI LAND DEPARTMENT

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3 Average annual rent in Dubai reached AED 82,000 (£18,125) in May 2022 -CBRE

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4 Downtown Dubai averaged the highest rent of any area in the city at AED 166,891 (£36,890) giving a MoM increase of 4.6% -CBRE

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5 Rents increased by an average of 16.2% in the year to April 202 -CBRE

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6 The population of Dubai rose to 3.5 million in April 2022 - the UAE government is aiming to raise this figure to 5.8 million by 2040 -THE NATIONAL NEWS

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WHAT DO

the latest statistics tell us about Dubai’s property market?

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The overall picture for Dubai Q2 2022

world’s cranes are currently stationed

clearly demonstrates a continual

in Dubai as the transformation work

upward growth trend. The statistics

takes shape.

about the population growth of Dubai certainly underpin all of the above

As more people flock to the city to

findings.

work, visit and invest here, the demand for property naturally rises. The good

Developments are happening in almost

news for those who are yet to invest

all available areas of land in the city, as

here is that since the full plans for the

the government is not only pushing but

city are yet to reach fruition, there is

is succeeding in making Dubai a global

still plenty of opportunities to secure

destination for business and

property in Dubai at a favourable rate.

innovation. At present, a quarter of the

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UK MARKET REPORT 30

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The UK property market is in a period of transition, whilst the demand for property to buy or rent remains skyhigh, there is an air of caution creeping in against the backdrop of economic uncertainty and the cost-of-living crisis. Given these factors, is now a good time to invest in buy-to-let property in the UK?

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house prices UK

here to stay?

Property price growth across the UK is

values are dropping. Attention seeking

currently at a buoyant 10.5% according

headlines talking of a potential market

to the latest data from Halifax. The

crash are inaccurate. Whilst the UK’s

acute imbalance between property for

property market finds a sustainable

sale and the number of buyers seeking

pace in the current climate following a

homes remains, confirmed by Zoopla’s

period of frantic activity over the past

latest data that highlighted purchase

few years there will undoubtedly be a

demand being 58% higher than the

slower rate of price growth. For

5-year average whilst the supply of

investors, a relative amount of

homes for sale to the market is 40%

predictability is a positive thing, more

below the 5-year average.

steady and consistent increases in prices will be welcome for those

However, where the UK’s property

planning ahead.

market previously seemed to be entirely unaffected by wider economic

As always, savvy investors will look to

and political influences throughout the

secure property for below-market value

pandemic, it is now expected to

in areas set to see above-average

resume more ‘normal’ levels of activity.

growth – in 2022 it is absolutely still

Industry experts expect the market to

possible to find these opportunities in

cool slightly in the coming months and

the UK if you know what to buy and

many predict price growth will likely

where.

slow but that doesn’t mean property

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A SUPPLY STARVED RENTAL MARKET:

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Rental prices in the UK are rising at

most of any capital appreciation,

the fastest rate ever recorded, up 11%

together with the lack of homes being

year-on-year. Experts similarly expect

built each year to meet the overall

this current rate of price increases to

demand for housing – property in the

slow as the cost-of-living crisis

UK is in constant high demand and is

continues to hit household incomes

set to be so for many, many years to

over the coming months. This will not

come.

result in falling rental values but instead a steadier rate of growth, with

A key driver of the rental markets in

tenants choosing to stay longer. Zoopla

urban settings has been the return of

recently reported that UK tenants are

those who left the city centres during

now staying on average an additional 5

the pandemic who are now returning

months compared with five years ago.

en masse as many companies return to

The average tenancy length is now 75

largely office-based working once

weeks, up from 51 weeks at the start

more. One central London estate agent

of 2017. The UK has a dire shortage of

said two-fifths of those actively

property available to rent, and many

looking for the rental property were

landlords have chosen to sell their

London returnees.

properties in recent years making the

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KEY STATS

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10.5% £24,000

Strong price growth: Annual average property price growth in the UK. (HALIFAX)

House prices are

higher than a year ago. The average UK house price was £278,000 in March 2022.

(OFFICE FOR NATIONAL STATISTICS)

UK HOUSE PRICES HAVE RISEN

74% in the last 10 years

RISING RENTAL VALUES:

UK rents are rising at the fastest rate on record and are up 11% year-on-year (RIGHTMOVE)

(HALIFAX)

4.4m 49% households use the private rented sector in England

LONGER TENANCIES:

UK tenants are now staying on

average an additional 5 months compared with five years ago (ZOOPLA)

reduction in properties available to rent in 2022 compared to 2019 (PROPERTYMARK)

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Outlook:

UK PROPERTY MARKET

Demand continues to outstrip the

those looking there are some excellent

supply of homes available for sale and

future-proof opportunities on the

let across the UK but there are early

horizon.

signs of caution with wider economic factors having an impact on decision

The second half of 2022 promises to

making. There is likely to be a

deliver strong returns for those who

disparity between what certain sellers

already own investments given the

are expecting to achieve and what

sharp rises in rental yields across the

buyers are willing to pay, particularly

country. And whilst the market is likely

in the second-hand property market.

to be less frenzied, it will remain busy by historical standards. Those seeking

Investors are increasingly looking to

to secure an investment in the coming

off-plan options that come with more

months may have the opportunity to

realistic price tags, in ideal locations,

buy remarkable assets whilst the

where rental demand is strong and for

mainstream narrative has heads turned.

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INTERVIEW WITH

Adam Ross IPG

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Stuart recently sat down with Adam

and regenerated but Adam highlights

from Integras Property Group (IPG),

that there has been a shift towards

the developer behind several

other parts of the city that are now

impressive buildings including Bastion

seeing widespread regeneration and a

Point in Liverpool city centre, to

sharp focus has returned on the city

explore the Liverpool property market

centre, which is the location of Bastion

and why it has so much to offer

Point. As any area is redeveloped and

investors in 2022.

regenerated, the local economy receives a boost from the new

IPG originally began working in

opportunities and new businesses that

Liverpool around 10 years ago, back

open and the population increases, in

then much of the investment was

turn boosting demand for the property

poured into the South of the city, and

in an area.

that area continues to be developed

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Liverpool is a historic city with a long, rich and diverse past that is now experiencing widespread regeneration, arguably undergoing a transformation unlike any other key city in the UK.

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When asked if due to all the new developments across the city, that there might be an oversupply? Adam had the following input: “Liverpool is a great hub for the people learning in the local universities; the last figures stated there were around 70,000 students in the city. Historically they would have lived in student accommodations but we’re now finding parents are buying properties for their children to live in, normal residential apartments in prime locations.”

The key for investors seeking to be a part of Liverpool’s transformation, those who want to benefit from the uplift the city is set to experience in the coming years, is location. The south of the city has. Been a keen focus for developers and whilst that part of the city continues to offer opportunity, the north of the city where there is less market saturation potentially offers a better option for investors seeking off plan investment in 2022.

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IPG’s latest development, Bastion Point is well-positioned to make the most of the lack of modern apartments to the north of the city centre. Adam confirms, “Bastion Point is just a stones throw away from the city centre, five- or six-minutes walk from the Liver Building.” For investors Bastion Point strikes a perfect balance; “you’re not buying at city centre prices but are just moments away and because the units are available off plan investors are able to secure them at a fraction of the open market price at the moment.”

Pricing is an incredibly important part of the process at IPG, ensuring a site is viable and also that the off-plan unit prices will be attainable for investors, and offer good capital growth prospects; “We look at reports and forecasts to calculate completion prices and get a RICS valuation to calculate selling prices and whether or not a site is viable. Ultimately, does it make sense for investors?”

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On the merit of purchasing off-plan, Stuart adds that there will be “some inherent growth through the construction phase” which means early investors often experience the greatest returns. Confirming the merit of getting in early, Adam confirms “Liverpool prices are continuously rising, steadily.” Whilst rising interest rates will have some effect, the rising prices will work towards combatting any impact.

Focusing on IPG’s development Bastion Point, Adam shares that the 67 units in the first of the four towers that make up the development have now sold out, and the second tower is now available with units selling fast. On development progress he shares that “all the planning is in place, there’s an archaeological dig onsite (at the time of interview) and then we’ll start piling in groundwork. We’re expecting to be on site in July, which we’re really, really excited about.”

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WHAT IS A GOOD RENTAL YIELD IN 2022?

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As Steve Jobs once famously said, “If

make a profit on your investment in

you look really closely, most

the shorter term, rather than having to

‘overnight’ successes took a long

wait until you eventually decide to sell

time.” Here at Thirlmere Deacon, we

your property to see any notable

are keen to follow that sentiment,

returns.

since we prefer to take a long-term view of our investments, factoring in

We’re focusing our rental yield analysis

what the property will be worth down

on the UK and Dubai, as although

the track to really harness the value

5,400km of terrain separates the two,

potential.

both happen to be key destinations for us with offices in each location.

That said, we also appreciate that short-term gains are also important for

Interestingly, there are positive trends

investors in the form of the rental

for both sale and rental yields in Dubai

yield. At the very least, a rental yield

and the UK, but for completely

should cover your expenses as a

different reasons. So let’s take a closer

landlord. But for the more lucrative

look.

yields, there is serious potential to

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What is a good UK

rental yield?

The general consensus is that a rental

include Longmore House in

yield of at least 5% in the UK is

Birmingham which is achieving yields

considered ‘good’, although, at

of 6-7%. In Derby Court in Liverpool,

present, the UK average yield stands at

our clients are achieving 7%. Predicted

3.63% according to Track Capital.

yields for one of our newest opportunities, Vision in Manchester

However, another way to look at low

stands at 7.5%. All of these are healthy

rental yields, is that often even a ‘low’

yields and exceed the current UK

rental yield will often generate a

average rental yield.

better return versus keeping your money in the bank, where low-interest

The ONS also reported that rents rose

rates prevent your savings from

by 2.7% in April 2022 compared to the

growing.

same time last year, signalling the largest annual growth rate since 2016.

But as with anything, why stop at

The average UK rent now stands at

average? For instance, developments

£1,103 per calendar month.

Thirlmere Deacon has purchased

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UK AVERAGE RENTAL YIELD HOTSPOTS

June 2022 62

NG7 (Nottingham) 11.3% NG1 (Nottingham) 11.1% BD1 (Bradford)

10.6%

M14 (Manchester) 10.1% NE6 (Newcastle) 9.8% YO10 (York) 9.8% SA1 (Swansea) 9.2% SO17 (Southampton) 9.2% CF37 (Cardiff) 9.2% SR1 (Sunderland) 8.7%

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DATA:

Track capital

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It’s clear from our own findings and

is in stark comparison with purchasing

the available data, that yields far above

a doer-upper property as just one

both what is considered to be good and

common example.

higher than the UK average are attainable in almost all corners of the

Although property remains a trusted

country. Where rental yields fall flat, is

tangible form of investment, as with

when the potential for the property

any kind of investment you are looking

and the area of itself are limited.

to make, it pays to put in such research to maximise the potential returns.

At Thirlmere Deacon, we carefully consider the area itself in terms of

That’s why we aim for rental yields

recent investment projects,

above 6%, with our Hull Central

connectivity to work and lifestyle

Apartments having a projected yield of

opportunities, and the overall appeal

8%. As the above data shows, it’s

the property would provide to tenants.

certainly possible to harness a strong

These elements are then combined

rental yield in the UK and avoid those

with excellent build standards,

dreary averages, so long as you know

ensuring minimal maintenance costs

what to look for and where.

over the lifespan of the property - this

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WHY ARE

rental yields rising in the UK?

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First and foremost, the housing

For investors who are tuned into what

shortage that has been looming over

tenants want out of a property, they

the UK for some time now hasn’t gone

can command far more for rent. But

away. In fact, we’re falling way behind

beyond having a good location and

our targets to meet the demand for

even a well-presented apartment,

new housing, and with fewer options

things have changed in the eyes of

available for buyers, rents continue to

renters since the pandemic.

climb.

In essence, now remote or hybrid

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working is here to stay, tenants want

especially. Tenants want the autonomy

accommodation that fits both their

of being able to do business in the

work and home life in equal measures.

same building in which they can reside.

Therefore, quality build, stylish

Plus, now they are not forking out on

interiors and a plethora of amenities

expensive season tickets just to get to

such as a networking hub, gym or

work, professionals have more money

outdoor terrace are becoming more

to invest in where they live, and it’s

popular within city centre apartments

quality they are after.

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What is a good DUBAI

rental yield?

Yield figure-wise, it is a similar picture

As just one example, our Peninsula

in Dubai in that a ‘good’ rental yield is

development in Business Bay has a

considered anything above 5%.

projected yield of 8%.

However, developer Select Group

Although both the UK and Dubai have

reports typical rental yields in Dubai

their individual merits, low entry rates

are currently between 5% and 7%,

paired with high rental yields in Dubai

which is much healthier than the

remain an extremely attractive

average UK as a whole, factoring in

proposition for investors.

Dubai is also a concentrated area versus an entire country.

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DUBAI AVERAGE RENTAL YIELD HOTSPOTS

May 2022 74

Discovery Gardens 8.87% International City 8.80% Liwan 8.52% Dubai Sports City 8.14% Dubai Studio City 8.12% Remraam 8.15% Al Khail Heights 7.92% Dubai Production City

7.78%

Motor City 7.74% Dubai Silicon Oasis 7.57%

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DATA:

Property Monitor

Across the board, less than a handful of locations in Dubai achieved anything below the ‘good’ 5% average rental yield in May 2022. This means virtually all locations in the city produced a healthy if not excellent average yield.

As some of the developments, we are personally involved in reach completion, and as the rest of the city continues to take shape, it will be interesting to see how these figures then shift in the coming years especially against the backdrop of so much excitement in the Dubai property market as a whole.

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WHY ARE

rental yields rising in the Dubai?

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With so much construction work

about the UAE’s safety, political

happening in Dubai, it is clear that a

stability, lower cost of living, the

property shortage is not the reason

opportunity for business and even the

behind the climbing value of property,

vast range of amenities the country has

and subsequently the rental yields that

to offer - people from around the

can be achieved here.

globe are viewing the UAE in a whole new light, and Dubai remains very

Instead, it is the city’s vast population

much at the epicentre of this sudden

growth which is driving up interest and

interest surge.

therefore rental yields in the city. With a further two million residents

The good news is that while rental

expected to be living in Dubai by 2040,

yields are rising here because the city

everyone who comes to work or even

is yet to be completed, newer investors

stay here on a short-term basis needs a

can still profit in the vicinity as well as

place to stay.

in the longer term, especially with so many fantastic areas to discover across

Given everything we’ve highlighted

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Dubai.

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for achieving TOP TIPS

a healthy rental yield

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Imagine yourself as the tenant - would you want to live there, and does the property and surrounding area give you everything you need to thrive?

Look at the long-term potential of the area, especially if renovation or investment works are currently underway.

Study market trends and research, which will help you understand what you can achieve in the short term, ensuring you can manage your everyday costs.

Don’t be afraid to leave your comfort zone - as an example, locations such as Hull have fantastic yield potential and major investment has transformed the city and its reputation in recent years.

Consult with our London or Dubai office to find the right investment for your needs - we can help guide your investment using our vast knowledge of the industry and current tenant markets.

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THE INVESTOR’S JOURNEY WITH

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From its inception, Thirlmere Deacon’s mission has been to offer investors authentic and comprehensive advice, conducting thorough due diligence on the exclusive opportunities made available to investors ensuring the potential for financial success is maximised.

Offering a consultative approach, Thirlmere Deacon’s advice is tailored to an investor and their unique circumstances and ambitions.

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1.

Initial discussion Our initial, no obligation discussion, is an excellent first step and a way to explore the driving factors behind an investment. Whether an investor is making their first purchase or their tenth property investment, this conversation provides valuable insight and allows our consultant to provide accurate advice.

2.

Consultation Having understood an investor’s timescales and goals, Thirlmere Deacon will create a tailored investment plan highlighting the properties and locations that match those ambitions. These options are discussed via zoom, video call or face to face if appropriate.

3.

Securing an investment Once decided, the identified investment can be reserved.

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4.

Progress to completion Thirlmere Deacon also works closely with legal teams to oversee the conveyancing and ensure their client is well-informed throughout the process. With off plan purchases, Thirlmere Deacon provides regular construction updates to investors so that they are aware of build progress and timelines.

5.

Property ownership At the point of completion, Thirlmere Deacon is on hand to help an investor connect with letting and management professionals as necessary.

6.

Ongoing investment advice Our relationship with investors rarely comes to an end when their purchase completes, we are available to provide ongoing investment advice in the pursuit of financial success.

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Developments

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Vision, MANCHESTER

FROM £180,000

A magnificent new addition to

to the hotel-style reception, world-

Manchester’s skyline, Vision is a

class amenities, and meticulously

striking new landmark development in

designed accommodation, this

the very centre of the city.

prestigious development exudes luxury and sophistication that truly delivers a

Perfectly located in the M1 postcode

superior quality of life to residents.

area, Vision is just moments from the shops, restaurants, transport

Each of the luxurious and

connections and business districts.

contemporary apartments has been designed with the resident in mind,

From the extraordinary building façade

with practical layouts and quality

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finishes throughout, beautifully complemented by high ceilings and expansive windows that provide spectacular views over the city and beyond.

Vision boasts an extensive range of facilities spread over 3 floors within the development including a concierge, gymnasium, yoga/spin studio, cinema, residents’ lounge, co-working spaces, coffee shop and juice bar.

Arranged over 37 floors, there is a selection of studio, 1-, 2- and 3-bedroom apartments available with prices starting from £180,000 and an expected rental yield of up to 7.5%.

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KEY POINTS • Iconic 37-storey tower in the heart of Manchester city centre • M1 postcode, located a 1-minute walk from Deansgate • A selection of studio, 1-,2 and 3-bed apartments • World-class amenities – Gymnasium, yoga/spin studio, cinema, residents’ lounge, co-working spaces, coffee shop and juice bar • Yields up to 7.5% with considerable rental price growth forecast • Manchester property prices set to rise by 15.6% by 2026 • Experienced developers with an excellent track record

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Bastion Pointl, LIVERPOOL

FROM £189,950

Just moments from Liverpool city

Liverpool offers some of the most

centre and the Albert Docks World

impressive rental yields in the UK and

Heritage site, Bastion Point enjoys an

it is expected that properties in

idyllic position with culture, amenities,

Bastion Point will achieve a 7.5% net

transport connections and of course

rental income. Not just limited to

the infamous River Mersey all

long-term tenancies, Liverpool has a

on the doorstep.

thriving short-let market that could prove to be even more rewarding

Designed with tenants in mind, each of

for investors.

the apartments will offer the latest

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modern features and home comforts.

Furthermore, with robust price growth

The building boasts a residents’ roof

predictions across the North West

garden, concierge, and bike store. With

region of the UK, Liverpool is

parking spaces available to purchase at

predicted to see superior property

an additional cost.

price growth in the coming years: the

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latest house price forecasts for the North West region being 18.8% over the next 5 years.

Liverpool is a city that’s experiencing widespread regeneration with over £15billion being pumped into existing projects and those in the pipeline. The local city council is committed to the widespread regeneration plans which include the major redevelopment at Liverpool Waters which is set to significantly transform the area.

Liverpool is home to the UK’s fastestgrowing city centre population, with the number of people living in the city increasing by 181% between 2002 and 2015. The population is continuing to grow at a rapid rate and the North West as a whole is expected to see its population grow by 24% over the next 5 years.

One of the Northern Powerhouse cities, Liverpool stands out from neighbouring locations due to its exceptional capital growth trajectory.

The city-wide regeneration together with the continuously growing population makes Liverpool an interesting and potentially lucrative prospect for investors.

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With attainable property prices, strong predicted rental yields and exceptional potential for capital appreciation Bastion Point is an excellent opportunity for any prudent investor – just 67 units are available in the development.

Set for completion in the second half of 2023, this residential development is being constructed by a trusted and experienced developer with an excellent track record.

KEY POINTS • New-build two-bedroom apartments • Prices from £189,950 • Top-performing UK rental market • Expected rental yields of over 7.5%, and over 21% on the Short-Term-Let model • 18.8% 5-year house price growth forecast (Savills, North West region)

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Co-living MEDIA CITY

FROM £219,950

Tailored to meet the demand for rental

UK’s market leading co-living expert,

property that offers more than just a

this new development will offer high-

place to live and is more community-

quality self-contained apartments and

centric, City Co-Living in Media City

carefully thought out community

will be the first of its kind in the

spaces, with a host of exclusive

Salford area, following considerable

facilities on site.

success at previous sites in nearby Manchester.

This new development is located within close proximity of the University of

Being designed and constructed by the

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Salford and is also just a 10-minute

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walk from the UK’s largest media and

Locally there are many waterside cafés,

tech hub and will serve as the perfect

bars, and restaurants. And for residents

place to live for the many young

studying and working in Manchester

people who study and work in the area.

city centre, the Metrolink is right

MediaCity and Salford Quays is home

outside the front door, transporting

to over 250 businesses, including large

residents into central Manchester

and well-known brands such as

within minutes.

Kellogg’s. Over 13,000 people work in the area.

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KEY POINTS • The first co-living development in Salford • Prices starting from £219,950 • Expected rental yields from 7% • Close to University of Salford and MediaCity • Designed with community and sustainability in mind

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EllingtonHouse DUBAI

FROM 1.5M AED

Positioned in the idyllic Dubai Hills Estate, Ellington House is an elegant 12-storey building, set in luxurious surroundings.

Beautifully designed, the light and spacious apartments enjoy unhindered views from spacious balconies looking out over the Dubai Hill’s Golf Course and across the city.

Modern and minimalist yet soft and natural, this

development has been carefully considered from inception to ensure residents will enjoy the finest quality accommodation in a community built with both luxury and sustainability in mind.

A selection of 1, 2 and 3-bedroom apartments are available, each generously proportioned, and finished to exacting standards.

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The extensive on-site amenities include a leisure, lounge and lap pool with a pool spa and separate children’s swimming pool.

There are indoor and outdoor fitness centres, yoga areas, changing rooms and spa facilities including a steam room and sauna. The

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development’s clubhouse has a game zone, dining and lounging area and a separate kid’s clubhouse with children’s outdoor play areas. The activity garden includes mini-putt and a BBQ. The Dubai Hills Estate is a sought after location for families and professionals to

reside with many local amenities including the Dubai Hills Mall and top schools in the area. Just moments from Ellington House, The Dubai Hills Golf Course is one of the finest in the city with pristine fairways.

to the heart of Dubai, whilst being a sanctuary of tranquillity, surrounded by luscious greenery. Many of the city’s finest attractions are within easy reach with Downtown Dubai just 15 minutes away.

Ellington House is exceptionally well connected

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KEY POINTS • Located in the prestigious Dubai Hills Estate • Luxurious and spacious apartments • 1, 2 and 3 bedroom properties available • Extensive amenities and facilities including swimming pool, fitness centre and clubhouse • Freehold ownership • Payment plans

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Portman THE

DUBAI

FROM 700,000 AED

Set within the magnificent Jumeirah Village Circle, The Portman is a stunning new development that will offer residents a luxury lifestyle within a beautifully designed, modern building surrounded by luscious landscaping.

An elegant building, The Portman features contemporary design throughout with bright rooms,

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high ceilings and a real sense of light and space complimented by neutral tones and timber finishes.

The Portman boasts a variety of on-site amenities including a pool deck with cabanas and sun loungers, a sauna, fitness studio, bicycle parking, children’s playroom and many more features and facilities for recreation and relaxation.

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Constructed by award winning Ellington Properties, no detail has been missed through the design process and only the highest quality finishes will be delivered, as per the exacting standards Ellington is so well known for.

Dubai’s Jumeirah Village Circle is centrally positioned meaning it offers easy access to the rest of the city. Within the Jumeirah Village Circle itself, there are multiple commercial centres and entertainment venues being constructed to further enhance the luxury lifestyle on offer in the area.

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KEY POINTS • Within the most sought-after rental area in Dubai • Prices start from 700k AED 1 Bed • Award winning interiors • 8-10% Rental Yields • 15 Minutes to Burj Khalifa • 7 Minutes to Dubai Hills Mall • 17+ Amenities including leisure and lounge pool • Constructed by the winner of Best luxury Real Estate Developer in Dubai 2021

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BeachHouse DUBAI

FROM 4.5M AED 122

The latest development from award winning developer Ellington, is the stunning Beach House, positioned on the iconic Palm Jumeirah Island.

Together with breath-taking sea views, this new luxury development will enjoy its own private beach and extensive onsite facilities whilst benefitting from immediate access to the many amenities on the iconic palm itself, all within a short distance of many of Dubai’s

finest attractions and business centres.

Arranged across two magnificent buildings, apartments within the development range from generously proportioned one-bedroom properties with beach views to 4-bedroom apartments that boast private pools.

Designed to perfection, each apartment will be finished to

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an exceptional standard and include white marble details and top of the range Miele kitchen appliances.

Offering an oceanfront paradise, residents will enjoy world-class on-site amenities and of course, have access to the development’s private beach.

The Palm Jumeirah is one of Dubai’s most recognised locations, the tree-shaped island is well known for its first-class hotels, stunning residences, and highly regarded restaurants. An established community and one of Dubai’s most popular places to live, the area is filled with things to do from the Palm Jumeirah Boardwalk, popular for its views of the Dubai coastline to Beach clubs with spas and a thriving nightlife.

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KEY POINTS • Located on the iconic Palm Jumeirah Island • Exclusive private beach • Prices from 4.5m AED • Extensive on-site facilities • Award-winning developer

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INVESTING IN THE

Manchester

PROPERTY MARKET: What to expect

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For any existing investor or anyone

However, at present, there is a current

looking to invest in property for the

supply and demand issue for rental

first time alike, it is highly likely that

properties in Manchester, with 75%

Manchester is on your radar - and for

fewer properties available in February

good reason.

2022 versus the same time last year.

As the UK’s third most visited city,

So what does the current picture mean

Manchester is a vibrant hub of the

for your property investment that you

north that has something for everyone.

currently own in Manchester, or plan

With a population of just over 2.8

on owning if you invest with us here at

million residents, the city is home to

Thirlmere Deacon? Here’s what you

five universities, two premier league

need to know.

football clubs and even its own international airport. Manchester also has a thriving economy, making the city hugely appealing to those wanting to work or study here.

Of course, everyone who does reside in Manchester needs a place to live.

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MANCHESTER PROPERTY:

an overview . . . . .

Greater Manchester population: 2.8 million

Average property price (May 2022): £249,576

Average rent PCM (May 2022): £878

Voted the ‘Most Livable Place To Live’: Global Liveability Survey

36% increase in demand for property in Manchester City Centre in Q3 2021

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The North West of England has seen record increases in house price valuations, soaring to 15% in the twelve months between February 2020-2021. Between April 2021-2022, figures rose a further 11%, with the average property in Manchester now costing £249,576.

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Research has shown that approximately

companies to sign significant rental

340,000 people are leaving London

agreements for the city centre. All at a

year on year, with Manchester being a

time when commercial property

hotspot for relocating Londoners.

elsewhere in the country (particularly

Given some of the awards Manchester

in town and city centres) has struggled.

has to its name, not to mention the

What we can ascertain from such

significantly lower property prices

results is that property across the

versus the capital, it’s perhaps no

board is in demand in Manchester. The

wonder this is the case.

city has managed to deliver incredibly strong figures against the backdrop of

Property in Manchester is certainly in

a tumultuous time globally, proving its

demand, and like much of the UK, the

resilience. With so many individuals

city is experiencing a supply and

and companies honing in on the city

demand issue which is further pushing

for new opportunities, growth in the

up rental prices. Even commercial

residential property sector is unlikely

property in Manchester is being

to slow down anytime soon.

snapped up, with internet provider Telecom Group one of the latest

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GREATER MANCHESTER AREA

overview

Bolton

Salford

Bury

Stockport

Manchester

Tameside

Oldham

Trafford

Rochdale

Wigan

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Manchester, particularly the city

tourism purposes. This level of diverse

centre, acts as a central hub for many

and constant economic activity creates

of the outer towns and cities found

a steady backdrop for any investment,

within Greater Manchester as a whole.

because the area isn’t ‘up and coming’,

The city is also in close proximity to

or even reliant on just one main draw.

Liverpool, Sheffield, Preston and

Instead, Manchester City Centre and

Warrington.

the surrounding areas have it all.

Compared with investing in an

As an investor, what this fact boils

unknown location, or even a location

down to is that there is always going

that doesn’t have as much investment

to be a demand for the amenities and

nor global interest surrounding it,

opportunities found within Manchester

Manchester makes for a solid choice

itself. People flock to the city for jobs,

and the recent spike in property

education and even for leisure and

valuations is testament to this.

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Manchester Property ROi: What Returns Can I Expect On My Investment?

As with any location you’re looking to

Here is an overview of how the

invest in, the returns are going to be

Manchester property market has

based on a number of factors. Mainly,

performed recently, including the areas

the specific area the property is

that achieved both the highest and

located in, along with the property

lowest rental yields.

type and condition. Over time, the returns will shift upwards or downwards depending on how these combined specifics fair in the current climate.

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Manchester PROPERTY INVESTMENT Areas with the lowest ROI 144

AREA

AVG ASKING PRICE

AVG ROI

M41 (Urmston)

£341,440

3.1%

M21 (Chorlton)

£363,578

3.3%

M25 (Prestwich)

£295,086

3.4%

M33 (Sale)

£381,891

3.5%

M29 (Tyldesley)

£229,205

3.6%

Positioned approximately five miles

Tyldesley in M29 boasts average

Southwest of Manchester City Centre,

property prices that are £20,371 lower

Urmston shares a border with

than the Manchester average property

Merseyside, and has excellent rail links

price of £249,576. However, the rental

making it ideal for commuting. Though

yields for Tyldesley average just 3.6%.

with a higher than average asking price

So although property in the M29 area

for Manchester as a whole at £341,440,

is far more attainable, over the longer

and lower rental yields averaging 3.1%,

term, profits are likely to be muted

property in M41 Urmston offers fewer

compared with other areas of Greater

returns for investors.

Manchester.

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Manchester PROPERTY INVESTMENT Areas with the highest ROI 146

AREA

AVG ASKING PRICE

AVG ROI

M14 (Rusholme)

£216,727

7.1%

M7 (Salford)

£198,747

6.5%

M50 (Salford: MediaCityUK)

£209,565

6.0%

M6 (Seedley)

£201,547

6.0%

M5 (Ordsall)

£208,499

5.9%

So where should property investors

have lower average purchase

look in Manchester, if they want to

points than the areas of

achieve excellent rental yields?

Manchester with the lowest rental yields. This is in addition to

It’s perhaps no surprise that the

having lower prices across the

areas clustered around Manchester

board than the average cost of

City Centre and Salford have

Manchester property.

achieved the highest rental yields in recent times, averaging between

Therefore, any of the above

5.9% in M5, up to 7.1% in M14.

locations are ones to watch as an investor interested in the

However, one aspect that certainly

Manchester property market.

is unexpected is that these areas all

**Data sourced from Property Data 147

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Have you missed your opportunity

to invest in Dubai?

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Based on the latest statistics

8%, and can be secured with us for a

highlighting why Dubai is an excellent

30% deposit. So, this is as little as

investment opportunity, you may be

£38,400, minus any other applicable

feeling either excited about having

fees and expenses.

already entered the market or perhaps disheartened that you hadn’t got in

You’ll notice that both these figures

sooner. However, the key aspect to

are significantly lower than in the UK,

remember about Dubai is that it’s not

where the average house price

London nor is it New York or any of

currently stands at £278,000 as of

the other cities that have been

March 2022, and average house

unattainable to most investors for

deposits have reached £59,000. If

far too long.

Dubai didn’t already prove to be an attractive proposition on this front

What we mean by this, is that in Dubai,

alone, Business Bay features in our top

it’s still possible to purchase a property

10 list based on the areas of Dubai

of excellent build standard in a highly

which clocked the highest average sale

desirable location, all within an

price in May 2022.

attainable price point. Yes, even in 2022!

As a notable example, The Peninsula in Business Bay Dubai has a starting price of £128,000, with an expected yield of

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DUBAI

apartments

top 10 expensive areas to purchase MAY 2022

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1. City Walk

AED 3,203,300 (£708,072)

2. Al Barari Apartments

AED 2,640,413 (£583,649)

3. Jumeirah Beach Residenc

AED 2,366,672 (£523,140)

4. The Hills

AED 2,329,136 (£514,842)

5. Dubai Creek Harbour

AED 2,211,406 (£488,819)

6. Downtown Dubai

AED 2,123,482 (£469,384)

7. Dubai Hills Estate Apartments

AED 2,023,970 (£447,387)

8. Business Bay

AED 1,872,573 (£413,922)

9. Mohammed Rashid Bin City

1,730,895 (£382,605)

10. Al Habtoor City

AED 1,659,154 (£366,747)

Data source: Property Monitor - based on average sale prices.

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WHAT IS DRIVING THE DEMAND FOR DUBAI PROPERTY?

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It’s certainly a bold move for a

more people than ever before can now

government to announce that they aim

work anywhere so long as they have an

to make their population numbers

internet connection. With its year-

swell to record figures in the millions,

round sunshine, low entry points and

bearing in mind Dubai’s population

endless opportunities to do business,

count was only a mere 34,000 back in

Dubai is an attractive proposition for

the 1960s. In reality, in order for any

those who want to achieve a better

location to attract a mass population

quality of life as working professionals,

increase, the area must be appealing as

families or even retirees.

a place to live and work.

In an article published by Forbes Luckily, Dubai ticks all the boxes here.

entitled ‘Why The World’s Wealthy

In fact, the city’s ambitious plans are

Have Quietly Moved To Dubai’, one

simply a reflection of all that Dubai

entrepreneur who previously resided in

represents, with world-defying

LA, also cited the reduced crime levels

structures and even its own man-made

as a major attraction of relocating

islands that display innovation at every

to the city.

turn. This is just scratching the surface of what Dubai and the UAE as a whole

Furthermore, in a June 2022 survey of

has to offer.

Dubai residents on Numbeo, Dubai scored 83.73 points out of a maximum

Let’s also not forget that as the world

100 points for safety, compared to just

begins to open up again following a

49.02 for Los Angeles in the same

tumultuous couple of years, it’s safe to

category, which would certainly

say that people have been rethinking

suggest a widespread agreement on

their options - including where

this one single point alone.

they live.

A notable example here is the shift towards remote working, meaning

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REASONS

Dubai

is such a popular place to live

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While the rest of the world is experiencing a cost of living crisis, Dubai residents do not pay income tax, meaning they get to keep significantly more of their salary making living costs far more manageable. In addition, economic growth is also expected in the UAE as a direct reflection of higher oil prices.

There are several visa options for investors ranging from 6-months to 10-years, creating plenty of opportunities for people to live and work in the UAE.

Dubai recently also held the delayed Expo 2020 in 2022 which was the result of $7bn of investment, signalling widespread approval of the city on a global scale.

Tourism is a major industry, with Dubai International Airport overtaking Heathrow Airport for passenger numbers in 2022, returning to 74% of pre-pandemic passenger levels, versus just 25% for Heathrow during the same period.

Previous controversial laws surrounding unmarried couples living together and inheritance taxes were relaxed in 2020, thus extending the appeal of the city to new audiences.

The country is both politically and economically stable.

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In summary For investors who are yet to secure

All of which prove the resilience of

their slice of the Dubai property

Dubai and its property market, creating

market with us, there’s plenty to feel

a promising outlook for what’s to come

optimistic about, especially given the

in Q3 2022 and beyond. Whether you

incredible results the city has achieved

are a first-time or existing investor, our

across the board recently Remember,

team out in Dubai would be more than

all of this is against the backdrop of

happy to help you secure the right

global economic challenges, in which

opportunity for your portfolio.

Dubai has not only shown promising signs of recovery but has thrived throughout.

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Beach House DUBAI

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London

office

info@thirlmeredeacon.com + 44 (0) 2039507939 Lansdowne House, Berkeley Square, Mayfair, London, W1J 6ER

Dubai

office

dubai@thirlmeredeacon.com +971 (0) 4 818 7277 Floor 30, Oberoi Business Centre, Business Bay, Dubai, United Arab Emirates