Property Investment 2024: Should You Invest up North?
This article was updated on Thu 15 Feb 2024
Property investment across the UK continues to make a resurgence in the new year and certainly, we’ve seen an increase in enquiries since early January looking for opportunities to invest.
The UK economic outlook might be less than certain right now as we near the general elections. The property market however, looks to be stable and thriving. This is pushing investors from other areas into a market that isn’t suffering the same exposure to economic headwinds that, say, the shares market is.
Looking forward, you often ask us about what certain areas or regions are looking like to invest in. This is why we’ve put together a short explainer about probably our most popular region right now – Northern England.
The subject of lots of attention thanks to the government’s ‘levelling up agenda’ and the ‘Northern Powerhouse’. The north of the UK is seeing a boom in economic activity stretching back over ten years. Simultaneously there is a big drive towards more political power given to local people through metro mayors.
Should I invest in property in the North of the UK?
As we always say, whether you should invest in property will depend on your circumstances and your budget. Even so, there can’t be many better investments right now than UK property.
When we talk about investing in property in the north of the UK, we think of cities like Manchester, Leeds, Liverpool, Newcastle and Sheffield. It’s true that these urban areas are certainly flourishing, not just in residential markets, but also in student property as well.
Further, the surrounding suburban areas are seeing good growth too. Many are happy to live a little further from the centre, with the trend of good travelling routes into busier areas for work.
UK property climate up North
Manchester house prices shrunk by 3.8% over the past year. Leeds grew 0.9%, whilst Liverpool grew by 2.9%. Newcastle shrunk by 4.6% and Sheffield grew by 4.4% over the most recent 12 months’ data from HM Land Registry.
Similarly, rents across the North West and North East increased by an impressive 5.5% and 4.6% respectively in the same time period according to ONS.
Clearly, the market around these areas is growing quickly. These returns are way beyond other areas of investment that you might consider such as stocks, shares or crypto.
UK property on the whole is in a very good place. However, it has to be said that residential, off-plan and student properties in areas across the north are experiencing significant growth thanks to booming local economies as well as vibrant student populations too.
If investing in property in the North is something that you’ve been considering and you want to speak to somebody about potential investments, why not reach out to us today to see if we can provide you with the advice you’re looking for? You can also take a look at our current investment opportunities here!
