The last few years have been a whirlwind for the UK property market.
From uncertainty and property market decline to tax breaks and huge house price growth, many investors have been left wondering whether to buy property at all.
When it comes to the world of property investment, few investments are as popular and as lucrative as off-plan property.
But following a turbulent year for the UK housing market, many property investors are still questioning whether an off-plan investment is a good idea.
Let’s explore the question of investing in off-plan and determine whether now is a good time to buy off-plan property.
Buying Off-Plan Property: What’s the Appeal?
Off-plan property has long been considered one of the best property types to invest in for many reasons.
The main benefits of off-plan are:
- Below-market prices.
- Desirable new-build designs (which boost rental demand).
- The ability to choose the best units in a new development.
Is Now a Good Time to Buy Property?
If you’re an investor looking to make significant rental income and capital gains on your buy to let venture, now is a great time to invest.
Let’s look at some facts from the past year to understand the appeal of off plan investments a little better.
- In 2021, Savills updated their residential property market forecast, predicting 21.5% growth for the UK by 2025. This is higher than their previous prediction of 15.3% back in March 2020.
- In July 2021, the average UK rental cost broke the £1,000 per month barrier for the first time on record. This shows how much rental prices are rising across the country.
- House prices have been rising rapidly in the UK, with a 13.2% increase recorded in the year to June 2021, according to The Guardian.
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What About Off-Plan in 2023?
With these statistics and facts in mind, is buying off-plan a good idea?
The bottom line is off-plan property is a great property to buy right now.
When you think about it, all of the benefits of investing in property over the past year are made even more apparent when you apply them to off-plan.
Off-plan properties can often be purchased at below-market rates, which means that future capital growth is even more attractive.
Those who buy off-plan property at a lower than usual price in 2021 can expect to see their investment grow in value significantly over the coming years.
Off-plan developments are being created more frequently in North West cities like Liverpool and Manchester due to the growing property market demand in these areas.
Since the North West is set to see the joint-highest UK house price growth by 2027 of 11.7%, investing in off-plan within this region is a lucrative option.
With higher than usual rental costs also becoming the norm, off-plan investors have the opportunity to secure some excellent rental yields right now.
This really is one of the best possible times to begin your off-plan property journey in the UK!
If you want to explore off-plan properties for your 2023 investment, contact RWinvest today, and we can help you get started with a lucrative buy to let venture.
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