For a long time, London has been given the name as the best place to invest. And while there are great opportunities to invest in London, there are many other places that are now coming to light as more affordable and lucrative. One of the most significant issues for investors when it comes to investing in London property is the upfront price. As someone who wants to invest, you most likely need at least 50% deposit upfront (if you’re applying for a buy to let mortgage), and the more affordable properties in London are still around half a million pound. Therefore, research has found that many property investors are making their way further up North to find property investment opportunities. The London property market will stay at the forefront of many people’s minds, but these other cities are offering investors high returns, demand and rental yields.
We’ve put together some of the top cities that seem to be dominating the property market at the moment when it comes to buy to let property investment. Take a look and see if any of these cities are in your portfolio, if they’re not, definitely look at some properties that are available within these cities as they’re bound to be lucrative.
Manchester
Known as the UK’s second city, Manchester is located in the heart of the North West and offers investors a chance to get into the property market, before prices soar. The countless regeneration projects across the city have meant that those who invested in Manchester half a decade ago, are already enjoying a large amount of return on their investment (plus, they’ll be able to sell their property for a lot higher price when the time comes). However, now is still a great time to get involved in the Manchester property market. The retail district, as well as Salford Quays, are great places to look for investments as they’re affordable options compared to right in the city centre. Investors should keep a lookout for off-plan developments with below-market value prices in Manchester if wanting to get the best deal possible.
Liverpool
Another Northern beauty, Liverpool is a great city in the UK. It is known for its vibrant city life, growing student demand, and an abundance of shops and restaurants across the city. Liverpool has enjoyed a lot of economic growth in the last decade; projects across the city have proven to significantly improve the economy. The city has recently been named the top buy to let area in the UK with high rental yields upwards of 10%. Totally Money actually put six Liverpool postcodes in their top 25 list ,which means it’s dominating the world of buy to let right now. Areas such as the Baltic Triangle and Liverpool Waters are perfect examples of how spaces can be regenerated and changed for the better. The Baltic Triangle development One Baltic Square, by RWinvest, is a great example of the successes of the property marketing within Liverpool. As this development completes, the skyline of Liverpool will be changed forever.
Sheffield
Going a little further North, we find ourselves in Sheffield. A city reborn, the regeneration in Sheffield is a sight to behold. In fact, the city doesn’t look anything similar to how it used to a decade ago – it’s almost unrecognisable. The Sheffield property market has been on the increase as more Northern cities enter the top property investment locations. Plus, the ever-growing student population in Sheffield means it’s an ideal place to invest in student property. Despite not being one of the biggest cities in the UK, it certainly has had an impact on the property market and how investors purchase property in the UK.
