The most lucrative up-and-coming locations to buy property

The property market never sits still for too long. Different places rise to prominence while others lose their favourability. In the current climate, with house prices stagnating but Halifax and Lloyds Bank predicting an overall drop of 8% in 2023, many within the industry are wondering where they can get the best value for their money. Property prices and rental yields vary as you move up and down the country, so it’s vital to buy in the right area, often being the difference between a profitable investment and a drain on your finances. In this article, we look at the most lucrative, up-and-coming, locations to invest in property around the country, to help you make the best use of your money. Liverpool Compared to the rest of the UK, property in Liverpool is highly affordable, with the average house price sitting at £214,000* compared to the national average of £265,000. By 2026, prices in Liverpool are expected to rise by 19%, meaning you can expect significant capital growth when investing here, while also enjoying rental yields averaging out at 7.2%. Aside from the healthy numbers, Liverpool as a city has seen major regeneration and investment over the past two decades and is now an economic and cultural hub, becoming a popular and more affordable alternative to London amongst young professionals. Manchester Although not as cheap as Liverpool, with an average house price of £284,000, Manchester boasts strong rental yields with an average of 7.4%. Like Liverpool, house prices are also predicted to rise 19% by 2026. There has been significant development in the city, with high-rise buildings and developments popping up at a rapid rate, making it a popular option for investors. According to Oxford Economics, Manchester will see the highest economic growth rate of all UK cities over the next decade, attracting more people to the city and thus increasing demand for housing. Nottingham With the average home setting you back £244,000, Nottingham sits in between Liverpool and Manchester in terms of pricing. However, some of the country’s best rental yields can be found here. Nottingham’s NG7 and NG1 postcodes take first and second place for the best rental yield out of all UK postcodes, with 11.3% and 11.1% respectively. It’s one of the most popular destinations for students, being home to two large universities and an overall student population of 60,000. There is therefore high demand within the rental market, not simply due to the high number of students but also due to the significant portion that choose to remain in the city after graduation. Burton-on-Trent If you’d rather not buy property in a big city, the town of Burton-on-Trent in East Staffordshire is an excellent option. The average house price comes in at a very affordable £209,000; even better, prices are predicted to rise 22% in the next 5 years. The city is very well located, being within easy commuting distance of Birmingham, Leicester, Derby and Nottingham, making it ideal for a commuter who wants to live outside the city. Preston A northern alternative to cities, Preston possesses some impressive property stats. It’s the location with the cheapest house prices on this list, with an average of £190,000. Rental yields average at approximately 7.2% so there is good money to be made here by investing in rental property. On top of this, a £435 million investment is going ahead in the town which will turbocharge economic growth, attracting businesses and investment to the town. This will see major infrastructure improvements and the town council have committed to providing 20,000 new jobs by 2026. Bracknell The only entry from the south of the country, Bracknell has become increasingly favoured by investors and developers as the London market continues to experience sluggish growth. While still benefiting from easy access to the capital, the town is also home to globally renowned businesses including Dell, Microsoft and 3M. With an average house price of £407,000, property here is more expensive, although this is to be expected being in the South East. Nevertheless, it is still 25% cheaper than the average London home and will see property prices rise by 19% in 5 years’ time. Byline: Alex Goody, property writer, Webuyanyhouse

The most lucrative up-and-coming locations to buy property

In the current climate, with house prices stagnating but Halifax and Lloyds Bank predicting an overall drop of 8% in 2023, many within the industry are wondering where they can get the best value for their money

Read Next

What is causing European investors to lower their real estate allocations?

Unlocking the full potential of unused land in urban areas

Developers must unlock empty buildings for decarbonisation

Commercial property and pandemic fallout – what should landlords know?

Will 2023 be the year of the Froptech?

What is causing European investors to lower their real estate allocations?

Unlocking the full potential of unused land in urban areas

Developers must unlock empty buildings for decarbonisation

Commercial property and pandemic fallout – what should landlords know?

Will 2023 be the year of the Froptech?

Stage Fifty receives approval for Wycombe Film Studios

Nottingham BTR scheme brought to market for £23m

Catalyst and GLA exchange contracts over St Ann’s development

Savills advises on sale of 66 Derby homes to Hearthstone

Henry Boot sells 31-acre Coventry side to Countryside Partnerships

Read Next

What is causing European investors to lower their real estate allocations?

Unlocking the full potential of unused land in urban areas

Developers must unlock empty buildings for decarbonisation

Commercial property and pandemic fallout – what should landlords know?

Will 2023 be the year of the Froptech?

Related Articles

Stage Fifty receives approval for Wycombe Film Studios

Nottingham BTR scheme brought to market for £23m

Catalyst and GLA exchange contracts over St Ann’s development

Savills advises on sale of 66 Derby homes to Hearthstone

Henry Boot sells 31-acre Coventry side to Countryside Partnerships