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UK Property Market in 2024: 10 Best Places to Invest

As you plan your property investments in 2024, strategic choices can make a significant impact on your returns. Here's a concise breakdown of some of the best places to invest in property in the UK:


1. Birmingham

Best Places to Invest in Property

  • Average Property Price: £244,741

  • Average Monthly Rent: £1,232

  • Average Rental Yield: 6%

  • Price Growth Prediction 23-27: 19.2%


Why Birmingham?

With robust regeneration plans, a rising population, and significant tenant demand, Birmingham stands out as a stable investment. Key areas like Digbeth and Hockley offer attractive rental returns.


2. Derby

Best Places to Invest in Property

  • Average Property Price: £229,437

  • Average Monthly Rent: £836

  • Average Rental Yield: 4.4%

  • Price Growth Prediction 2027: 20.5%


Why Derby?

Undergoing a major regeneration, Derby boasts a youthful population, strong employment opportunities, and an impressive prediction of 12% rental growth by 2026.


3. Leeds

Best Places to Invest in Property

  • Average Property Price: £248,931

  • Average Monthly Rent: £1,341

  • Average Rental Yield: 6.5%

  • Price Growth Prediction 2027: 14.2%


Why Leeds?

As a financial hub with a growing population, Leeds offers strong rental returns. Areas like Burley and Woodhouse provide some of the best rental potential.


4. Manchester

Best Places to Invest in Property

  • Average Property Price: £251,038

  • Average Monthly Rent: £1,515

  • Average Rental Yield: 7.2%

  • Price Growth Prediction 23-27: 19.3%


Why Manchester?

With a history of capital appreciation, a thriving job market, and substantial regeneration projects, Manchester remains a top choice for investors.


5. Sheffield

Best Places to Invest in Property

  • Average Property Price: £244,682

  • Average Monthly Rent: £924

  • Average Rental Yield: 4.5%

  • Price Growth Prediction 2026: 11.7%


Why Sheffield?

Currently in an early stage of its property cycle, Sheffield’s redevelopment schemes and cultural amenities contribute to its appeal. Areas like North Sheffield offer impressive rental yields.


6. Liverpool

Best Places to Invest in Property

  • Average Property Price: £191,335

  • Average Monthly Rent: £920

  • Average Rental Yield: 5.8%

  • Price Growth Prediction 23-27: 11.9%


Why Liverpool?

Known for affordability and ongoing regeneration, Liverpool is poised for capital growth. Areas like Anfield and Everton showcase strong rental returns.


7. Newcastle

Best Places to Invest in Property

  • Average Property Price: £221,796

  • Average Monthly Rent: £1,200

  • Average Rental Yield: 6.5%

  • Price Growth Prediction 2026: 13.5%


Why Newcastle?

Affordable and with a rising population, Newcastle is an attractive option for investors. Gateshead and City Centre postcodes offer some of the best rental yields.


8. Leicester

Best Places to Invest in Property

  • Average Property Price: £264,558

  • Average Monthly Rent: £1,235

  • Average Rental Yield: 5.6%

  • Price Growth Prediction 2026: 17.5%


Why Leicester?

A strong economy, excellent connectivity, and consistent capital growth make Leicester a compelling investment. The city center, Braunstone, and Glenfield offer noteworthy potential.


9. Nottingham

Best Places to Invest in Property

  • Average Property Price: £262,461

  • Average Monthly Rent: £1,227

  • Average Rental Yield: 5.6%

  • Price Growth Prediction 2026: 17.5%


Why Nottingham?

Showing tremendous growth, Nottingham offers high yields, particularly in city-center postcodes like NG1. Its affordable market and strong demand from students contribute to its appeal.


10. Glasgow

Best Places to Invest in Property

  • Average Property Price: £226,741

  • Average Monthly Rent: £1,141

  • Average Rental Yield: 6%

  • Price Growth Prediction 2027: 14.2%


Why Glasgow?

With a burgeoning economy, cultural attractions, and significant investment, Glasgow is gaining prominence. Postcodes like G2 and G5 boast excellent rental returns.


Best Places for Capital Growth

For those prioritising capital appreciation, cities like Manchester, Birmingham, Leeds, Glasgow, and Liverpool lead the way. With substantial growth in the last decade and strong predictions for the next four years, these cities offer promising opportunities for long-term investors.


As you navigate the diverse landscape of the UK property market, carefully consider your investment goals and leverage the unique strengths each city presents.


Source: Joseph Mews

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