Have you always dreamed of buying a property in the UK? If so, you’re not alone. The UK is a top destination for property investment, and there are plenty of great cities to choose from. In this blog post, we’ll take a look at some of the best cities to buy UK property. Whether you’re looking for a vibrant city with plenty of things to do or a quieter town with picturesque scenery, UK has something to offer.
1. Nottingham.
Nottingham has been making strides over the last few years, becoming a key investment area. More affordable than other major cities, Nottingham offers quality yields. In 2019, average yields in NG1 (the city centre) and NG7 (the surrounding area which also includes the University of Nottingham) were around 9%. However, since lockdown, average yields have slowed to 4.92%.
Despite this slowdown, Nottingham is still an appealing investment destination due to its affordability and potential for high returns. With the right property and management team in place, investors can expect to see significant returns on their investment in Nottingham.
2. Birmingham.
Despite being one of the biggest cities in the country, Birmingham remains an affordable place to invest in UK property. This is due in part to the high supply of housing. In the last five years, there has been a 23% increase in the number of homes available, while the population has only grown by 6%. This has helped to keep prices relatively low, making Birmingham an attractive option for investors.
Another factor that has contributed to Birmingham’s affordability is its economy. The city has been one of the UK’s strongest performing economies in recent years, and this is expected to continue into 2022. This economic growth has led to an increase in wages, which has helped to offset the rising cost of living.
3. Manchester.
Manchester has long been considered a great alternative to London for young professionals. With a host of career opportunities in global businesses and employment growth of 84% between 2002 and 2015, the city is now the top destination for young professionals in the North West and only beaten out by Midlands destinations such as Birmingham according to Hamptons International.
The city’s strong economy and vibrant culture make it an attractive place to live and work, and its proximity to London makes it an ideal location for those who want to be close to the action but not in the thick of it. With a number of excellent universities and a thriving job market, Manchester is well-positioned to continue attracting top talent from across the UK.
4. Newcastle.
Newcastle is the 8th largest city in the UK by population and is one of the most affordable locations on this list. The city has faced challenges in terms of capital growth over the last five years, but it has one of the best graduate retention rates in the country and is recognised as one of the fastest growing regions for new start-up businesses.
Newcastle’s rental market is strong, with postcodes such as NE1 and NE2 offering high yields (around 6 – 7%) at the heart of the city and the average yield sitting at 5.23%. The city’s affordability, strong rental market, and potential for future growth make it an attractive investment destination for many investors.
