It’s clear there are wide variations in house price growths across the UK – far more than one can glean from headline house price indices. Prices have been coming off their highs in fast-growth cities in recent months. While the rules may have got tighter and tax breaks less generous, investing in a buy-to-let property can still provide decent returns. So, if you’re looking to buy an investment property in 2017, where should you buy? We’ve asked the expert: Richard Butler-Creagh, to give us his predictions of some of the best places in the UK to invest in property next year.
One city that most experts flagged is Manchester. The city is enjoying an enormous amount of investment as the crown jewel of the ‘Northern Powerhouse’, and that is only going to boost demand for property in the city, whether for purchase or rent. Investment in the heart of this northern city is a trend that investors will be getting involved in in the New Year, as enthusiasm for the area continues to build on such a positive trajectory. Properties in Manchester have seen capital gains of 4.4% over the last year, while rents have grown around 2.6%.
Ilford is already served by the Overground into Liverpool Street, but with the construction of Crossrail, journey times will be slashed and commuters will be able to travel to the West End with ease. For example, commuters will be able to reach Bond Street in 24 minutes, down from 33 minutes the journey currently takes. Property prices in Ilford remain modest, but the presence of Crossrail and the promise of an easier commute will mean that it becomes an increasingly desirable area to live. Trendy cafes and eateries are already springing up in Ilford, which is surely a sign of things to come. Further indicators that the area is “on the up” include a 28% house price increase between 2014 and 2016 to an overall average of £381,925.
Property prices in Leeds have jumped more than 6% over the past year but, with an average house price of around £150,000, it still represents good value.Leeds is set to see several renovation and regeneration projects in the next few years, further boosting its appeal, including a £350 million development in the heart of Leeds South Bank which will potentially create 7,000 new jobs. The creation of new jobs will really add to the booming economy Leeds already enjoys and further cement its reputation as the UK’s fastest growing city.
Potential investors can always seek advice from a property investment expert such as Richard Butler-Creagh, who will happily share his expertise and ensure that you make the correct investment decision that will meet your financial requirements and goals.