The property market in the UK is flourishing once again, with excellent investment opportunities to be had in key areas. Though the future is hard to predict in terms of the property market and house values; there are some smart decisions that could put investors in favourable positions should they take the risk.
It seems with the rising house prices in London, investors are continuously looking for options further north, Midlands onwards. With this in mind, here are a selection of the most desirable areas in the UK for property investors:
Manchester is the fastest growing city outside of London. Over the past 10 years it’s undergone millions of pounds worth of investment to make it a city worth visiting, with a considerable amount of that going into property development. Areas like Salford Quays and the sought-after Northern Quarter have become central hubs of this vibrant city. Consequently, many people are buying property in and around these areas.
It’s a good time to invest in Manchester, with high return on income for places that are also a little out of the city centre like Fallowfield and Chorlton. Though house prices are increasing with more investors becoming aware of this cities potential, there is still money to be made; with yields still average twice those on offer in London.
Glasgow has recently risen up the ranks as a place to invest in property. A large number of the population in Glasgow are 21-35 year olds, meaning that it’s popular for anyone looking to rent their property out. Due to the housing crisis Scotland suffered previously, house prices have been slow to rise – which is why there is no better to invest in Glasgow property than now.
Not far from Manchester, the city of Liverpool is hot on its tail. Liverpool has the UK’s fastest-growing economy – impressive considering house prices are still among the lowest in England. Meaning for those looking to invest, surely Liverpool is one of the best bets. It’s also becoming a more desirable area for families and young professionals, with a masterplan set to transform a 60-hectare brownfield site into 5 neighbourhoods.
It’s also easier than ever for an entity to come together and invest in commercial property with commercial bridging finance. Considering the amount of growth anticipated in Liverpool, it’s a good time to invest in commercial property, not just personal. Suddenly moving further up north is becoming a more realistic option for many looking to invest.
The city of Sheffield is becoming increasingly popular with property investors in the UK. In fact, demand seems to be outweighing supply. So, if you can secure a property, you’re one of the lucky ones. It’s a popular area for young professionals and first time buyers, possibly due to its competitively priced homes. There are still bargains to be had although house prices in Sheffield have risen significantly over the last decade.
Home to the prestigious University of Nottingham, this city provides average rental yields that are the second highest in the country. Nottingham is a popular city due to its excellent transport links and central location. It also benefits from being surrounded by glorious countryside like the Peak District and Sherwood forest. It’s predicted that over the next 10 years, Nottingham property prices will soar by 160% between 2017 and 2027. This clearly shows that Nottingham is of the most desirable cities in the UK at the moment, good news for prospective property investors.
Where will you invest?
The UK property market is looking positive for anyone wanting to make smart investments. Many popular cities are projected to grow over the next 10 years, with emphasis being put on those areas north of the Midlands. London has become too competitive, forcing people – and investors- to look elsewhere. There’s no better time than now to invest.
Paul Matthews is a Manchester based business writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.