Should you invest in property in the North in 2023?
Property investment across the UK appears to be making a bit of 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, but the property market looks to be stable and thriving, 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, we’re often asked about what certain areas or regions are looking like to invest in, and so we’ve decided to 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 so-called ‘levelling up agenda’ and the ‘Northern Powerhouse’, the north of the UK has seen a boom in economic activity over the past ten years as well as 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, however, 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 and 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 also seeing good growth too, with many happy to live a little further from the centre but with good travelling routes into busier areas for work.
Manchester house prices grew by 14.7% over the past year, with Leeds growing 15.3%, Liverpool growing by 14.1%, Newcastle by 12.8% and Sheffield growing by 15.5% over the most recent 12 months’ data from HM Land Registry.
Similarly, rents across the North West and North East increased by an impressive 4.6% and 3.8% respectively in the same time period according to ONS.
Clearly, the market around these areas is growing quickly and 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, but 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!