The UK property market is booming, and is only expected to grow in popularity in the coming years. If you’re thinking of buying a property in the UK, now is the time to do your research and figure out which area will be best for you.
As the Brexit negotiations continue, many people are wondering what this will mean for the property market in the UK. Whether you’re looking for a holiday home or a place to call your own, there are plenty of great options available!
Types of properties to check out
The type of property to buy in the UK is likely to have an impact on the prospective tenants it attracts. For example, houses could be more popular with families, while flats may appeal to young professionals, and bungalows could be more suitable for older renters.
Property market studies show that detached houses are the most popular type of property among landlords, with 36% of landlords insuring this type of property. Semi-detached houses are the second most popular, with 28% of landlords taking out policies for these properties. Flats are the third most popular type of rental property, with 18% of landlords holding insurance policies for these dwellings.
Areas to find property
- Birmingham
Birmingham has long been one of the UK’s most important cities, and its continuing success is attracting more and more attention from investors. The city has undergone a massive transformation in recent years, thanks to a number of major regeneration projects. These have made it an increasingly attractive place to live and work, and as a result, prices have been rising steadily for some time.
Savills predict that this trend will continue over the next five years, with prices rising by 24% by 2025. With the city set to play host to the Commonwealth Games in 2022, there is no doubt that Birmingham remains one of the top places to invest in the UK.
Furthermore, the development pipeline is delivering new standards of quality, such as the St Martin’s Place development. Finally, some of the UK’s strongest connectivity foundations are being improved with new transport links. The Midlands Metro expansion is offering unprecedented access to emerging West Midlands destinations, while work has begun on HS2 – a generational development that will revolutionise travel in the UK
- Manchester
As one of the UK’s most vibrant and exciting cities, it’s no surprise that Manchester continues to be a popular destination for both businesses and investors. The city has experienced incredible growth in recent years, with both its economy and population expanding at a rapid pace. This future growth looks set to continue, with property prices forecast to rise by an impressive 28% over the next five years. With so much to offer, it’s no wonder Manchester is considered to be the northern powerhouse it was originally hyped up to be.
Manchester has long been a popular destination for young professionals in the North West, and with good reason. The city offers a host of career opportunities in global businesses, and employment growth has been strong in recent years. In addition, Manchester is well-connected to other key cities in the region, and the Great North Rail project is expected to make travel even easier in the future. With all of these factors considered, it’s no wonder that Manchester remains a clear alternative to London for young professionals across the lettings sector.
