Best Areas in The UK for Property Investment
With several proposals in the London Plan to be unveiled later in November of this year, the tides of the property investment market remain unclear. The government’s commitment to reducing carbon emissions is seemingly leading to increased landowner contributions to the local government, making businesspeople think twice about purchasing property investments within the London area. With London multiplying concerning house prices and developments, what other areas of the UK are prime for opportunity?
Here are a few places to consider in placing your housing investment to good use:
Glasgow
Glasgow is rated as having one of the highest ROI yields in the UK mainly due to their population primarily composing of 21-35-year-olds (roughly 28 per cent) of the total population in this Scottish city). Glasgow’s unfortunate slow house price growth in the past is precisely why they offer more affordable house prices compared to other cities in the UK. Since June of 2016, property prices have had a consistent rate of increase of 0.7% per month. For Glasgow to gain a significant rental yield, property prices are inversely correlated with rental value.
Milton Keynes
With Milton Keynes’ optimal location being roughly equidistant to Birmingham, Oxford, Cambridge and the city of London, finding rental in this area makes it a great fit for anyone who chooses to study or work in any of these areas. With the Chancellor’s proposal to improve transport between Cambridge, Milton Keynes, and Oxford, investors are sure to consider Milton Keynes as a prime spot for investment.
With the Government’s infrastructure investment, the potential lure for investors, young professionals, along with a combination of relatively cheap accommodation and convenient transport links bodes well for the future.
Birmingham
Birmingham still stands as a property investment hotspot even into Q3 of 2018. Recently ranked in 21st position concerning its overall investment prospects compared to its domestic and European competition, the report is a testament to Birmingham’s popularity. Commercial industries have taken an interest, as HSBC and HMRC are setting up offices based in Birmingham which is sure to attract young professionals who are looking for a place to earn and a place to stay.
Choices are ripe for the taking
Because of the London Plan draft proposals, the uncertainty of the market is lingering and casting some doubt for investors. Though the London’s plans for sustainability is slated to last for until 2036, it is unsure if it will mean a steady growth curve for the market or if things will take a turn for the worse before it gets better.
Regardless, there are other property areas ripe for investments while the extent of the ambiguity of London’s policies is yet to be set until this coming November.
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Statistics from: https://www.onetouchinvestment.co.uk/news/buy-to-let-strategy/best-places-invest-property-uk-2018/
