If you are thinking about investing in property this year, you need to know where the hotspots are. These are the best areas to buy property to get the top return on your investment. Many of these hotspots are in the north of the country.
Manchester has long been a hotspot for property investors, but the city centre can be out of the price range of many people. This is why you need to look at the Greater Manchester area where there are a lot of opportunities waiting. When you invest in this area, you will be benefiting from the ripple effect which was seen in London in the past.
Manchester is being one of the northern powerhouses and more activity is happening there. The Greater Manchester area will include Stockport, Bolton and Wythenshawe. When looking for property, you will need to consider the ease of commuting into Manchester.
Another northern city to look at is Leeds. The price of housing has not picked up as much in Leeds as in other areas including Manchester. The reason for this is a myth regarding over-supply of housing in the city.
Before the 2008 crash, there was a construction boom in the city which resulted in a lot of new apartments being completed in 2008. The fact that there were thousands of new apartments in the city led to the myth that there is an over-supply. This might have been true 10 years ago, but the population of the city has increased and the supply is dwindling.
There is also a lot of development set for Leeds with £7 billion in the pipeline. There are also other regeneration projections around the area that will increase the prospects of the city. It is recommended that you get into this city as soon as possible before other major investors catch on.
Sheffield is behind in the property cycle and this has resulted in very low prices. The city centre has improved over the years and there is more work to come with 2 luxury hotels being developed and new HSBC offices. One of the reasons why many investors do not consider Sheffield is the fact that significant price movement is unlikely to occur this year.
There are a lot of property investment hotspots that you should consider looking at. These hotspots can change each year and you need to keep up to date with what is happening in the area.
When it comes to the Midlands, Nottingham is the hotspot to look at. This is a city that is overlooked by a lot of property developers, but the central location makes it a good choice. The city also has a lot to offer in terms of employment and the prices at low.
The city centre will be the best place to look if you want a strong price growth. However, if you are willing to wait on higher returns, outside the city centre can also be attractive. There is an extensive tram system which links the city centre to the outer areas which you can take advantage of.