Whether you’re thinking of ways to boost your monthly income, or you’re getting serious about your financial future, property investment is something you should consider.
The UK property market has remained strong over recent years, despite the uncertainty surrounding it led by Brexit negotiations. By 2023, property prices in the UK are expected to rise by around 15% according to property market forecasts, with the north-west presenting the largest increase with a 21.6% increase between 2019 and 2023. Those who invest in property in the north-west can benefit from some of the UK’s most attractive rental yields. Manchester, for instance, has an average rental yield of 5.55%, with some postcodes in the city reaching highs of 10.08%.
The success of the north-west when it comes to property is partly down to the growing demand seen in these areas. The north-west’s key cities, Liverpool and Manchester, are seeing high levels of demand from a range of tenant types. Students and young professionals are some of the most prominent groups seeking rental properties, particularly in Manchester and Liverpool city centre. With exciting business opportunities like MediaCityUK, Manchester has attracted attention from young professionals around the country. In 2017, Manchester saw record-breaking numbers of people moving to the city from London. This exodus from the capital comes as no surprise when looking at London’s notoriously high costs of living. Millennials are already struggling to get their foot on the property ladder, but in London, this becomes an even trickier task. For many, renting in a cheaper location like Liverpool or Manchester gives people the chance to put some income aside and save for a home of their own.
Property investment companies like RW Invest are utilising this demand in the north-west, with a range of modern and stylish apartments in Manchester and Liverpool. Investing in a property in cities with strong potential for return on investment and capital appreciation is a smart move for those seeking better financial stability. If capital growth is something, you consider of high importance when it comes to property investments, being selective of the property type you choose could benefit you. Off-plan properties are not only favored by a lot of tenants but the fact that they’re not yet complete means that the property could grow in value even before it’s ready for occupancy. The likelihood of this is higher in areas that are experiencing regeneration such as the many projects in the pipeline in Manchester.
All in all, if you’re serious about generating a higher income and moving forward with investments, the UK property market should be on your radar. So how do you go about making your first investment? The first step is to decide which city you think is best for you, then find a suitable property company which offers good service and opportunities. Work out a financial strategy that will help you meet your goals and remember to stay up to date with the property market regularly. You’ll often find that the more you investigate the market, the better clarification you’ll get on whether property investment should be your next step towards financial growth.