Top 5 Property Market Hotspots to Watch Out for in 2024
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What Are the Best Buy-To-Let Regions in 2024?
As interest rates begin to dip and the UK property market gains traction following Christmas, many investors are considering where next to invest.
2024 presents a unique opportunity for buyers to get involved with prime buy-to-let regions before they explode in popularity and see considerable capital growth further down the line.
Focusing on property prices, rental yields, demand, and affordability, we break down the five best UK buy-to-let areas to look out for in 2024.
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Liverpool
With a strong reputation in the buy-to-let investment scene, Liverpool remains a top contender for those seeking a combination of affordability and high yields.
According to the latest available data from the HM Land Registry, property prices in Liverpool average £177,521, with gross yields hitting as high as 7.5% in certain areas.
Following the success of Eurovision in May last year, the maritime city is on an upward trajectory in terms of local infrastructure, with a £250m boost to its economy expected over the next 3 years.
Whilst 2024 is expected to be a slow year for capital value growth across the board, Savills predicts the North West region will see 20.5% growth over the next five years, meaning that those who get involved early could see considerable gains in the coming years.
In terms of regeneration, Liverpool boasts some of the most ambitious projects in the UK.
For example, Liverpool Waters is an expansive 30-year vision to transform the northern dock area of the city and establish five new neighbourhoods on the waterfront.
The £5bn project aims to revitalise the historic docklands into a vibrant multi-use destination, uniting over 2 million sq m to create new business, residential and leisure facilities.
With one of the most affordable property markets, an ever-expanding local population, and a robust student/young professional sector, buy-to-let in Liverpool could be a lucrative option for investors.
Read More: Get the lowdown on Liverpool buy-to-let and learn how to generate passive income with RWinvest’s 2024 investment guides!
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Manchester
Manchester is another area with a solid reputation as one of the supreme buy-to-let regions.
With a population predominantly driven by a long history of capital appreciation, property values have increased by around 13% over the last 5 years.
Over 100,000 students are enrolled across Manchester’s 5 universities, producing around 36,000 graduates annually.
More than 60% of North West university graduates are likely to stay in the area to work, with around 46% specifically in Manchester. This means that businesses and landlords alike are typically presented with an expansive pool of graduates to work with.
As property prices in the entire North West region are predicted to increase by 20.2% across the next five years, there would be little surprise if Manchester was the one leading the way.
The city has seen a major transformation in recent years, seeing a significant increase in property prices. Across the last 20 years alone, Manchester has seen one of the most significant price increases in the country, with growth of 221.8%, from £74,092 to £238,461.
Presenting solid competition to London buy-to-let – and sometimes even eclipsing it entirely – Manchester properties are also relatively affordable compared to the capital’s astronomical prices.
A recent report from EY revealed that Manchester’s economy is set to be the third-fastest growing between 2024 and 2026, solidifying its status as a top destination for buy-to-let going forward.
Further Reading: Interested in buy-to-let in Manchester? Our updated overview details the local rental market, residential forecasts and the latest property values!
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Birmingham
Birmingham is an expanding city with one of the highest growth rates in the country.
According to the Zoopla Rental Market Report, October 2023 saw average Birmingham rental prices rise by 10.3% compared to the previous year.
Over the last decade, these averages have increased by around 30% and are expected to increase by a further 12% over the next couple of years, with a rising population set to hit 1.24 million by 2030.
Following the success of the Commonwealth Games and sustained regeneration efforts, tenant demand is skyrocketing throughout the area.
Transport is another prominent feature, with Birmingham preparing to become the host of a central hub for the HS2 railway to London. Despite the cancellation of HS2 extensions in Manchester, the project continues to be a significant expansion of UK infrastructure, with Birmingham Curzon Street Station set to be one of the most environmentally friendly stations in the world.
Data also suggests that Birmingham’s average income-to-property price ratio is much more rewarding than most other regions. As demand for high-quality property continues to outpace supply, the city may be able to use this to its advantage – attracting and retaining residents and further boosting the economy of this rapidly expanding area.
Throw in an impressive regeneration project (‘The Big City Plan’), and property investment demand for Birmingham has arguably never been higher.
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Leicester
With one of the strongest economies in the UK and a flourishing manufacturing sector, Leicester is a city with solid future potential.
Like the North West, housing prices in Leicester are slightly below average (£257,768, as of January 2024), with the city also well-placed in terms of transport.
Home to some of the UK’s major employers – household names such as Next, Dunelm and Walkers – Leicester boasts an expansive industrial heritage. Establishing an extensive rail and canal network in the 19th century, the city became known as a manufacturing hub for engineering, shoemaking and hosiery – earning the nickname ‘The City That Clothes the World.’
Well positioned within the East Midlands, Leicester also maintains solid transport links. With Birmingham accessible within 47 minutes and London approximately an hour away, this is an ideal spot for commuters seeking more affordability.
Over the last 10 years, property values have risen by around £138.7%, demonstrating the capability of price growth within the local rental market. However, with a moderate average rental yield of 4.19%, returns pale compared to the likes of Manchester and Liverpool.
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Nottingham
Offering some of the best rental yields, Nottingham is a property investment market that often flies under the radar.
Alongside affordable property prices, it is quickly becoming a popular location for many to move to. With a robust 10-year capital growth and the potential for consistent long-term rental growth in the near future, Nottingham could become a prime buy-to-let hotspot for years to come.
Home to over 50 business headquarters, such as Rolls Royce and EON, Nottingham is also home to one of the most prolific employment sectors in the UK.
Thousands of people move to Nottingham each year for work, adding to an already great buy-to-let market. With a student population of 13%, a vital sector of the buy-to-let market, property investment in Nottingham might become one of the most popular strategies for UK investors in 2024.
Navigating the Evolving Landscape of Property Investment
As with all investments, to truly succeed, you must always have one eye pointed towards the future.
Whilst these cities represent some of the best to invest in right now, circumstances can fluctuate at any given moment – so it’s critical that you keep up to date with the latest in the world of property investment. Why not review some of our useful Buy to let tools such as the Scotland Stamp Duty calculator.
See some of our most recent buy-to-let area guides for more on the UK rental market in 2024:
Top 5 Property Market Hotspots to Watch Out for in 2024
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