Savills, one of the UK’s leading estate agents, has recently predicted considerable growth across most UK markets over the next five years, and while London remains the most valuable city in which to invest, there are many other countrywide property hotspots that offer an attractive alternative for savvy buyers who don’t like the prices in the capital city.
With government pledges to provide more housing high on the agenda, and transport links between London and the rest of the UK set to improve over the coming years, the future looks bright for the UK property markets. But the key to a good investment is, as always, knowing which areas are likely to benefit the property buyer most.
Whether you’re after your first flat, a family home or just a lucrative investment opportunity, considering what you buy and where it’s located, will make all the difference to your investment returns in the long run. Here’s our pick of some of the UK’s most promising hotspots for property purchase this year:
London
Savills predicts that prices in the prime London market will rise by as much as 22.7 percent by the end of 2019, meaning that any property in the capital is likely to be a sensible investment. However, while the most expensive markets in central London have slightly decreased in value recently thanks to an increase in stamp duty charges; desirable areas with more affordable properties—such as Islington, Wapping and Canary Wharf—have shown particularly strong growth in recent months, and would make an attractive option for buyers looking to make the most of the city’s rapidly growing market.
Cambridge
A thriving local economy and growing employment opportunities have meant that Cambridge is enjoying a particularly strong property market at this time. Savills attributes the recent surge in house prices to a number of new technology and science companies that have opened headquarters in the city, bringing with them thousands of professionals from around the world, and further boosting the economy of this prosperous and historic student town. Fast commuter links to London and a new railway station in Chesterton, set to open in 2016, make Cambridge one of the most popular cities outside London among professionals, many of whom are enticed by the prospect of combining the convenience of Cambridge town itself, with the scenic rural areas that surround it. Its popularity is already reflected in the housing prices, which sit well above the average for properties elsewhere in the east of England.
Tayside
With a sturdy property market led by local buyers, Tayside is one of Scotland’s strongest markets outside of its major cities. Due to a number of government development projects currently in the pipeline, population in the area is predicted to increase by as much as 12 per cent over the next five years, something property experts hope will be good news for the markets. Although Tayside is already popular in its rural areas as a second home destination or retirement location, Savills predict that buyers from south of the border will be increasingly interested in investing in the strong Scottish market over the coming months, which should be good news for the region as a whole. The relative affordability of properties in the area compared to elsewhere in Scotland and the UK, make it an attractive option particularly for buyers wanting more for their money.
Shropshire and Staffordshire
Another area to benefit from an influx of industry, the Midlands is experiencing a growing property market thanks in no small part to the various companies that have recently relocated their offices to the area. With HS2 set to cut travel times between London and Birmingham to just 49 minutes, surrounding areas will most probably benefit from increased employment opportunities, economic growth and, of course, a booming property market. Savills say that by 2017, property in Shropshire and Staffordshire could be outperforming even London, and with plenty of enticing options in both rural and urban areas, it’s sure to be a hotspot for investors looking to buy this year.
See also:
From City to Country: England’s Most Desireable Homes
