While rises in the value of the London property market may have flatlined somewhat during 2019, areas outside the capital are showing positive growth and overall, the UK property market continues to offer great potential both for residential purchasers and landlords alike.
Although traditionally popular areas such as Edinburgh, Oxford and Bath are renowned for high house prices, the secret is to spot up and coming areas where your investment will show the best return. As the deadline for Brexit fast approaches, we take a look at 5 key areas tipped to be on the rise in 2020.
Home to companies such as Hitachi, Dell and HP, and with speedy transport connections to London but with a much more affordable price tag, Bracknell is fast becoming a property hot spot. Average house prices hover around £323,000, just half the price of the average London property, and much lower than nearby Windsor and Woking. With a thriving business sector and excellent schools, Bracknell is an attractive option for working, playing and raising a family.
The demand for private rental properties in Birmingham city centre is inexorable and the city has achieved the country’s fastest rises in property prices since 2016. The UK’s second city is seeing a rapid growth of population and with a need for 100,00 extra homes over the coming decade, price rises of 4.2% are forecast for 2020. With infrastructure projects underway and the Village for the 2022 commonwealth Games under construction, Birmingham is a magnet for investors both from the UK and overseas.
3. Milton Keynes
It takes just over half an hour to get to London from Milton Keynes and both Oxford and Cambridge are within easy reach. The city is home to the third highest number of startup businesses in the UK, so it’s not hard to see why the city’s population is predicted to double by 2050. While Milton Keynes might not be the first city that comes to mind when thinking of high-value homes, the area has seen house prices increase 21% over the last five years. Overall, definitely an up and coming area to keep an eye on.
Manchester is renowned as being one of the most vibrant cities in the UK. The career opportunities offered by the city are a magnet to young professionals while affordable housing attracts families from across the country. Investment in infrastructure such as the Metrolink makes Manchester an exciting place to live while the striking and every-changing modern architecture of the city centre is a testament to inward investment over recent years. Now Greater Manchester and surrounding towns such as Bolton, Salford and Stockport look set to benefit from some of the highest property price rises in the whole of the UK.
The capital of Wales has seen a great deal of recent investment, leading to the regeneration of the manufacturing, financial, life sciences and creative sectors. The South Wales Metro, with 100 stations, has transformed transport across the region with reliable and speedy rail links while the Central Square development is set to create around 30,000 jobs. Cardiff is one of the fastest growing cities in the UK and is prime territory for investors. With GVA growing at nearly 6%, Cardiff is predicted to be an area to watch over the next decade.