The investment property market is going through some changes at the moment, and sales have dropped in some parts of the country. But for many areas in the UK, it’s business as usual. Outside of the capital, there are cities that are experiencing more growth than they have in years.
So if you’re looking into online property sales, the Midlands is a great place to look. Experts forecast that growth in these towns and cities will continue regardless of the UK’s shaky financial situation. And this can only mean good news for first-time buyers and those looking to build their investment portfolios.
The Current Housing Market in the UK
The uncertain economic and political climate has a part of the UK’s property market frozen, but that doesn’t apply across the board. Properties in the Midlands and the northern regions of England are doing well, and this trend is expected to continue.
Why are these areas popular at the moment? As a response to Brexit, many online retailers are building huge warehouses and stockpiling goods. That means that jobs are being created in locations with large areas of development land. This is one of the few unexpected benefits of the current situation.
Property investment in the UK is going through a unique period of strong returns from capital appreciation markets as well as buy-to-let (BTL) properties. In addition to this, the government continues its commitment to new housing development, as well as assistance for first-time buyers. This bodes well for both buyers as well as sellers.
Now, let’s look at some cities that are of interest to investors.
One Midlands town that’s enjoying good job growth in Northampton. This is due to the heavy investment in warehouse and industrial units. As retail shifts to online options, this central location for big distribution is slated to grow in popularity.
It is a nice place to live too, with 170 parks and other green areas, as well as an attractive town centre.
Additionally, it’s a popular commuter destination, with 96 trains a day between the town and London Euston.
In 2017, the average home in Northampton was selling at the quickest rate in the country. The average time on the market was only 27 days. Furthermore, housing prices in the town rose by 5.3% from 2017 to 2018. With such quick rising property values, it is a great option for property investment.
Next, Leicester is another good city to invest in the Midlands. Research by the London School of Economics in 2016 showed that this city has the most multicultural high street in England. It welcomes shopkeepers from many different countries, and it also boasts of a proud 2000-year old history.
Leicester certainly isn’t suffering from the Brexit backlash. In fact, property prices in this city have soared over 250% percent since 2000. And with its relatively close proximity to London and Birmingham, property values are expected to increase.
Lastly, Birmingham is another Midlands city to take into consideration. It’s always been a strong area for property investment. Nowadays, this city is near the top of the list for UK hotspots.
Birmingham has a relatively large population and many of its residents are students. Because the young population is more likely to stay in Birmingham and commute, the city continues to grow in order to support these young professionals.
Furthermore, many head offices and corporations have chosen to move out of London to Birmingham. This change will also contribute to the continued growth of the city, as the demand for housing rises among employees and job seekers.
Should You Buy in the Midlands?
If you’re going to buy property anywhere in the UK, the Midlands should be near the top of your list. Why? Economic growth and the demand for housing will continue into the foreseeable future.
That growth isn’t tied to the economic and political climate as much as in other areas in the UK. This means that buying property in these areas is a safe investment.
You can learn more about your options by getting into contact with online property agents in the UK. They can let you know how the market is doing and whether there’s anything in these areas that fit your needs.