For entrepreneurs and investors looking to build their portfolios and bolster their finances as a new year’s resolution, the UK property market is one worth looking at, and perhaps making a move on sooner rather than later. While it’s true that political exhaustion over issues such as Brexit and December’s general election have put a somewhat of a strain on the nation’s investment prospects recently, a majority government has brought some sort of stability to the economy at least in these initial few months, and those wanting to buy property are no longer willing to wait as they watch areas around them rise in value.
One thing that is certain and that will remain support regardless of any changes in government is the support for Northern investment prospects, which is good news for those looking at cities such as Liverpool and Manchester. Many are already beginning to move northwards in search of new work prospects etc., and the balance of power from the North and South with rail developments and the general northern powerhouse initiative is good news for balance in the nation.
For those interested in property investment, here’s a brief look at the UK’s market, with some information on a couple of areas within the country that are worth paying attention to.
Featured Area – Liverpool
The northern city of Liverpool is hugely culturally significant to the UK for a variety of different reasons, and its investment potential is one of them. From an investment perspective, not only has the area remained one of the best areas in the country throughout the last few years, with affordable house prices and yet rental yield averages (perfect for the first time investor), but projections from JLL have shown that house prices are set to climb over the next few years.
The Liverpool Echo reported last year that postcodes within the city are some of the fastest-growing nationwide. According to TotallyMoney’s buy to let rental yield map, which details the most lucrative areas for buy to let investment based on the rental yield percentage averages (what you stand to make back from your investment), Liverpool’s L1 postcode is at the top, with five others following closely behind in the top 25. In their Liverpool property guide to the area, RWinvest state the popularity and opportunity generated by PBSA – purpose built student accommodation – in particular, as one to look out for.
Featured Area – London
Being largest city in the country by far, the capital, and the area where all of the country’s politics are concentrated. It comes as no surprise that London’s property market has been extremely sluggish recently. Not only is it extremely expensive to purchase property in the capital, but rental returns are also not as high as in other areas.
However, this doesn’t mean that you should write London off completely as a viable investment option – providing you have the relevant level of capital available, of course. The popularity of London as a tourist destination is undeniable, outperforming every other place in the country, and there are unique opportunities in terms of specific properties that can’t be found anywhere else. If you’re looking for luxury real estate, it’s worth keeping an eye on the capital as the year develops.