Those looking to invest or put down roots, take note. I Am The Agent, the country’s largest online estate agent, has highlighted some of the upcoming property hotspots for the coming year.
The UK’s housing market may have come under the microscope over the last year due to the Brexit vote and the resulting weaker sterling, but despite this, property prices are still on the rise. London remains the most expensive place in the UK to purchase a property, essentially pricing many out. And despite those looking to get on the ladder looking elsewhere and putting prices up, according to the online estate agent, there are still some hotspots left in the UK to purchase property.
Birmingham is the UK’s second city, so it’s only fitting that it is desirable for buyers. Rated as the top UK city for investment prospects in the Emerging Trends in Real Estate® Europe 2017: New Market Realities Report, its desirability has been heightened thanks to investment in amenities which has drawn businesses from all over the world to the area. Office take-up in Birmingham during the opening six months of 2016 was extremely healthy, exceeding 500,000 square feet. Property prices in Birmingham City Centre currently stand at a much lower than average £171,696, so even though the city is on the up, prices are favourable for buyers.
Manchester is another hotspot thanks to its inclusion on the Emerging Trends in Real Estate Europe Report. The relocation of the BBC a few years ago really put Manchester on the map and established it as a forward-thinking city. Consequently, businesses – and particularly creative businesses – have flocked to the north-west city in a bid to become part of the revolution. Property prices for the city centre again come in below the national average, holding steady at £181,110.
Rebecca Peach, Managing Director at I Am The Agent, said, “Although London is seen as the ‘gold standard’ for property, there is now a focus away from the city, with people looking at alternatives in order to make sure they can afford to own a home. Birmingham, Manchester and Edinburgh rate highly – not just with property buyers, but businesses alike thanks to favourable rates on office space and warehouses, and thanks to boasting excellent transport links all over the world.”
Edinburgh has benefitted from investment in infrastructure over the last five years which has attracted European businesses to the Scottish capital. And as a result, Edinburgh had one of the country’s strongest jobs markets towards the last quarter of 2015. Property prices in the centre are £240,080, which does make it more expensive than its English counterparts, but it much more affordable than many areas in the south of the UK.
Sheffield, Liverpool and Cardiff have all also been touted as places to look out for by the online property agent. Sheffield’s low cost housing is tantalising for buyers on a budget, where they can pick up a home for under £100,000. Liverpool’s regeneration scheme is picking up pace, meaning the L1 postcode will soon be very desirable for all. And thanks to a host of new developments, property prices are still low. Semi-detached homes in the area currently sell for an average of £166,117. But as property investment is rife, these prices are certain to shoot up. And just like Liverpool, the city of Cardiff is on the up. It surpassed the rest of the UK in terms of finance and business services employment growth – which stood at 4.4% – but property prices remain favourable; it’s not hard to find a city centre flat for around £130,000.
