Choosing to invest in property has always been considered a smart move, but that’s not to say that it’s fool proof. Originally London was thought of as an investors gold mine, but nowadays there are several other cities, that are calling out to investors. Here is our pick of the UK’s top 10 investment cities.
Manchester has a lot to be desired and with an average buy to let yield of 7.94% it’s no surprise that it has made its way onto the list of the top 10 investment cities. Regeneration projects continue to elevate the city where the HS2 High-Speed Rail and the Northern Powerhouse will make commuting simple. On top of that, Manchester’s airport is due to be extended with a £1 Billion investment. The diverse and youthful city of Manchester is filled with charm and innovation.
Cardiff has seen a huge improvement over the last 20 years and is now one of the fastest growing cities in the UK. The Welsh capital features not one but three universities with almost 80,000 students between them and over 10,000 staff members. Cardiff has one of the fastest growing GVA rates in the UK and is expected to continue its rapid growth. Thanks to a government investment Cardiff is a “Superconnected City” which means that 98.43% of businesses and homes have access to superfast broadband as well as free wifi on public transport and in 150 public buildings.
Having grown almost 40% over the last 10 years, the Leeds city region has an economy worth over £60.5 billion a year. Redevelopment projects are in full swing in Leeds with the South Bank Project looking to expand further its plans which would make it the largest redevelopment project the UK has seen to date. Average house prices have risen by 105% since 2008 and are projected to increase again by over 20% in the next three years. Travelling to and from Leeds is made easy due to its fantastic road, rail, and air links which have helped to increase tourism along with business opportunities.
Many of Manchester’s appealing factors are also shared by Liverpool including that of the Northern Powerhouse. But now Liverpool is finally stepping out from under Manchester’s feet and is showing the world what it is capable of. The Liverpool Waters regeneration scheme features Everton’s brand new stadium at Bramley Moore Dock that’s set to boost the economy by £1bn. On top of that, the developments are to include new river terminals for cruise liners and ferries. Liverpool is a promising buy-to-let hotspot that’s full of character.
First indicating its potential in 2017 Nottingham is emerging as a great investment spot. Also expected to benefit from the HS2 high-speed rail, Nottingham has exceptional travel links. The Creative Quarter has given the city a powerful tech sector. Average rental yields in Nottingham are among the highest in the country, and the average house prices of £136,266 are among the lowest in the country. Nottingham has a reputation for offering a great quality of life with its dynamic music scene and its relatively low-cost nightlife.
Newcastle is famous for its wild parties and vibrant nightlife, and as far as investing goes, it is starting to attract attention there as well. 1.7million people live within a 30-minute drive of the city centre which boasts fantastic travel links. Newcastle’s international airport provides direct flights to over 85 destinations worldwide. It features three major ports which are why one of Newcastle’s primary strengths is in the marine sector. As well as being a tourist hotspot Newcastle emits a lively personality with passionate communities.
The investment potential for both business and residential purposes are glowing in Sheffield. Being a prominent city in the great north, Sheffield will also benefit from the Northern Powerhouse Initiative. It has already witnessed major regeneration projects that have completely transformed the city, significantly increasing its appeal. Falling under the Northern Powerhouse Initiative umbrella, Sheffield can expect further redevelopments in the near future.
Scotland’s number one city for foreign direct investment, Glasgow has been recognised for its strong business growth and promising future. Scotland as a whole is up to 50% cheaper for the general cost of living than other areas of the UK which means money can go a lot further here. Currently, property prices remain low enough to produce high rental yields and are on target to reach good capital growth. Being a short distance from Edinburgh travel links around Glasgow and Scotland’s central belt is exceptional.
Birmingham was predicted to be at the top of many investors lists at the beginning of the year, and it appears to have held its place. Many large corporations are looking to move from the UK’s capital city, London and set up shop in other large cities for a more cost-effective business approach. HMRC has announced that a new regional office will be located in Birmingham which was followed by the news that HSBC is set to build a new headquarters in the city as well. With average house prices being some of the lowest in the country Birmingham remains a great city to invest in.
Throughout 2018 Leicester has attracted a lot of attention from both people and businesses that are looking to relocate. Leicester is home to two world-class universities and is a mere 65-minute train ride away from London. Like all the other cities on this list, Leicester is also subject to receiving multi-million-pound regeneration investments. Leicester has a strong student community and has the largest economy in the East Midlands. The constant local developments, international education relationships, and the pleasing property prices make Leicester a prime investment spot.
And there you have it, ten of the UK’s most promising cities. All beautiful, and all with lucrative regeneration projects either in progress or in the pipeline, budding communities, and attractive property prices.