Tony Freeman’s Top 3 Locations for Property Growth11th September 2017
2017 has been the year that has seen the spotlight fall else where other than London. As house prices in London flatline, cities in the Midlands and the North have seen property prices surge.
Tony Freeman takes a look at his top 3 UK locations, outside of London, for property growth.
Recently named the UK’s top city of first-time buyers, Nottingham is the most affordable place for buyers to get their foot onto the property ladder.
With an average property price of £128,000, research carried out by Post Office Money found that nearly 90% of the cities properties were deemed affordable for the average buy-to-let buyer, placing it above the likes of Liverpool, Leeds and Birmingham.
Not only does Nottingham offer great value for money in terms of property, but also quality of life. The lower cost of living of Nottingham means that salaries remain competitive whilst workers enjoy more disposable income.
Birmingham remains one of the most consistent cities in the UK for strong property growth, with house prices increasing faster than anywhere else in the country.
According to the city house price index by Hometrack, house prices have risen by 7.7% from April 2016 to April 2017, pushing the average property price to £152,100.
The rate of growth continues to be consistent, with a strong buyer demand and attractive affordability. Birmingham has the real bonus of being just 1hr 30 mins away on the train, making it perfect for commuters and those looking to be near enough to the capital, but further away from the sky high property prices.
Manchester continues its dominance over the property market, being the leading city behind the Northern Powerhouse. The ‘capital of the North’ is the second fastest growing city in the UK, seeing a growth of 7.1%.
CBRE named Manchester as the top property investment region in the UK. With its strong economic growth and diverse culture, Manchester is the envy of cities across the country, with £8.2 billion worth of investment coming into the city over the past ten years.
Low mortgage rates and declining unemployment are adding to the increase in property values, making Manchester an obvious choice for savvy property investors.
You’ll see that this year there’s been a real shift away from London. The UK’s capital is no longer leading the way in property growth, with investors looking to other parts of the country to look at more affordable property options.
11th September 2017Read more