So, you’re looking for property investment in the UK. Where are you thinking of investing? It’s important to notice the hot spots before you delve straight in and purchase a UK property. UK cities are the obvious choice for your property investment. However, you need to know which cities offer the affordability factor, the highest rental yields, and which cities offer the best capital growth potential.
What do you need to consider before investing in UK property?
When you think of real estate investing, you’re likely to have given yourself a personal budget to adhere to; this is a vital part of every business strategy for land. If you are starting as a novice investor in the property market and working within a budget to make the purchase, you may want to discover the best places to buy property at a low price. Even if you’re not a novice, and you’re only trying to develop your portfolio, affordability remains an essential factor to remember.
Although affordability does not necessarily mean a good investment, the areas where property prices are lower are certainly worth finding before further exploring their potential. Here are some choices for the best place to buy property in the UK regarding affordability, out of the top buy-to-let hotspots mentioned above.
Where are the best cities to invest in UK property?
The north of England comes up trumps in the best cities to invest in UK property for sale. Liverpool and Manchester are leaders in UK investment property. Also, take a look at investment properties in Sheffield and Newcastle, which are also found in the north of England, as an alternative.
For affordability, it has to be Liverpool found in North West England. Average property prices are £178,668. This northern gem is a favourite among those searching for the best places in the UK to buy a property if you want to keep costs down while taking full advantage of your investment.
Liverpool is one of the most affordable towns in the UK to buy a rental property, especially in southern property prices. Comparing the average value of a Liverpool one-bedroom flat currently stands at £98,938, with the London average of £ 467,729 for the same form of a house. Liverpool investment is the obvious option for those looking to spend less.
Good areas in Liverpool to invest
Some places within Liverpool are more accessible than others, so finding this is crucial, so you know where to look. Savvy investors, for example, should avoid some of the city’s more expensive neighborhoods, including Mossley Hill and Formby, and concentrate on places where they’ll get value for their money.
Some of the cheapest transactions made by Liverpool to allow for postcodes include L1, L2, and L6. In these postcodes, the average property prices are lower than the overall average of the area, and the investment prospects are excellent. Currently, the property’s average price is £110,012 in L1, £117,892 in L6, and £138,727 in L2. A £100k budget for your Liverpool investment property can be bought in one of the above postcodes for less than your budget. A good example of this is Parliament Square, which has rates beginning at just £94,950.
In 2019 and 2020, Manchester is considered one of the best places to invest in property in the UK, remaining a firm favourite to buy to let purchase. One reason Manchester stands out for its investment potential is the city’s scarcity of real estate prices. Although Manchester’s average of £232,118 is a little higher than the average property price in the northern neighbourhood of the city, Liverpool, still offers great prices for such a popular UK hotspot.
The average price for a one-bedroom apartment in Manchester city centre comes to about £182,166. However, with the city centre creating strong rental demand from professional tenants as well as providing a variety of fantastic projects, it is justifiable to pay a slightly higher price than you would in other northern cities.
Salford is a prime location for investment
The average price for a one-bedroom flat in Salford, another of Manchester’s top investment areas, is £155.095, reflecting greater affordability outside the city centre.
Manchester areas where prices are usually lower are those in more affluent areas such as postcode OL8 where the average house price is £90,330. However, as with any real estate investment, you need to balance the advantages of low property prices with the possibility that you will not get the most out of your investment by generating less demand.