While investing in London property has long been the ultimate achievement for landlords, the continued steep rise in house prices in the capital have meant that those looking for better gains have had to widen their search.
Property prices have recently been on the rise again across the UK and none more so than London where wealthy Arab and Chinese investors continue to snap up any available properties at prices that are higher than market value.
The good news is that there are other cities in the UK where there is similar growth and development to London but without the near unsustainable house prices currently found in the capital. Below is a rundown of some of the best places to buy property in the UK at the moment:
Liverpool and Manchester
Liverpool, the European City of culture in 2008, and Manchester, like most cities in the North and Northwest of the United Kingdom, are enjoying a boom in development, growth, and investment. The cities are some of the most affordable in this list, thanks in part to a growing student population that far outstrips the supply of available accommodation. This has resulted in yields of up to seven per cent for landlords despite low property prices and rents with both students and the growing number of young professionals increasing the demand for homes in the area.
Property prices in Cambridge and Oxford are relatively high, but so are the rents, so returns for property investors remain good.
The two cities have large rental markets thanks again to a sizeable student population and young, mainly tech professionals who either work locally or commute to London.
Foreign investors looking to get a piece of the action can utilise the expertise and knowledge of local Cambridge or Greenwich estate agents to identify the best areas to invest in for the best returns. And with the status of the two Institutions set to continue to attract students and the proximity to London meaning a guaranteed demand for property for the foreseeable future, the two University towns remain an attractive proposition for investors.
Cities and towns in the Midlands are enjoying an upward trajectory similar to those in the north of the UK. Coventry in the West Midlands is one such location and follows the cities above in benefiting from a large student population as the city serves both the nearby universities of Coventry and Warwick. Other cities in the Midlands such as Birmingham are also benefiting from government backed regeneration projects and an influx of professionals priced out of the housing market in London.
Since the last crash of the financial markets, property prices in the UK are starting to rise again. The above list is just a cross section of the opportunities that are available for property investors in the UK. And Government projects such as Cross Rail, a high capacity railway that is set to connect London with cities and towns in the east and south east, as well as development in the midlands and the north mean opportunities are still available for the savvy investor.