If you’re looking to make an investment, but are perhaps put off by London’s expensive prices and stamp duty charges, why not seek out some of the UK’s hidden property hotspots?
Even if you’re based in the capital, you should still research various regions across the country before making an investment. Properties in areas with high rental yields and expected price increases are clear indicators of a good investment, although there are plenty of factors to consider.
Here are some of our more hidden hotspots that may have slipped under the radar.
The city of Salford is often left in Manchester’s shadow, but is proving increasingly popular for investors in the current climate. Property prices comfortably fall below the national average and there is a healthy rental market, especially with a university close by. The completion of MediaCityUK and ‘Class of 92’ purchase of Salford City football club has pushed the region into the public conscience in recent years.
Since the turn of the century, Kensington has been subject to large renovation schemes to improve the condition of its numerous housing estates. Located in close proximity to Liverpool’s universities, there is a significant student influx every year that has created a thriving buy-to-let sector. Kensington also has the enviable draw of being an area with rising house prices that still lie below the national average.
Huddersfield has a growing student population, but still lags behind with the number of purpose-built student accommodation. Here lies a fantastic investment opportunity, especially as rental yields can hit the 10% mark. Overall, figures show that the demand for homes in Huddersfield is growing, but prices remain relatively cheap. The town centre has been recently subject to multi-million pound regeneration schemes, in part funded by the government’s Empty Homes Clusters programme.
Hyde Park, Leeds
Again, the Hyde Park area of Leeds comprises a robust student population, guaranteeing landlords a stream of tenants year-on-year. There’s an eclectic nightlife for youngsters to enjoy, with an array of shops, cafes, bars and restaurants nearby. The city as a whole has a growing population, with ongoing plans for regeneration projects and new housing schemes. Although many larger cities suffer from traffic problems, the congestion rate in Leeds is actually reducing.
The Springburn inner city district of Glasgow offers buy-to-let investors some of the best rental income in the country. Within the G21 postcode, you can acquire a three-bedroom house for under £60,000 and collect rental yields of around 9%. Springburn has also been subject to recent water defence improvements that has rid the area of flooding problems.
There are plenty of ways to make money from property investment outside of London. However, if you’re looking to make a purchase in an unfamiliar area, it will pay to seek the advice of a professional property investment agency first. They’ll be able to manage the investment on your behalf and guarantee a profitable return on your outlay.
You may have noticed that these hotspots are all up north, in this article we take a look at whether the north is driving property growth.
If you’re ready to move into property investment, take a look at our investment opportunities in the UK, including Leeds, Huddersfield, Liverpool and Glasgow.