15/09/2023
🚨 Notably, London's property market remained muted, driven by affordability constraints, redirecting attention elsewhere for homeowners, renters, and investors.
Key Property Investment Hotspots:
1. North East: The top spot belongs to the North East, where government data reveals a 17.3% increase in house prices during 2022. The region is experiencing high rental demand, particularly in rural, coastal, or riverside locations due to the hybrid working trend.
2. North West: In second place, the North West, with cities like Manchester and Liverpool at the forefront, has seen house prices rise by 16.1% in the past year. The region's appeal is bolstered by the influx of 400,000 university students annually, offering an average rental yield of 9.8% in Manchester.
3. Yorkshire: Securing third position, Yorkshire boasts a 15.1% increase in house prices and healthy average rental yields of 9.2%. Its picturesque countryside adds to the region's allure, often voted as the best place to live in the UK.
Greg Wilson, founder of Quotezone, advises buy-to-let investors to explore these burgeoning regions, especially as property prices in London decelerate. However, he cautions investors to remain vigilant amidst recent tax increases, interest rate hikes, and EPC reforms, which may necessitate costly energy-efficient property updates. Essential precautions like insurance, including 'rent guarantee insurance,' can provide a safety net if tenants cease rent payments.
Invest wisely, and ride the property investment wave in 2023. Are you wanting to invest in property? Call us on 0203 819 7366 or email us at [email protected].
