Best Buy-to-Let Areas to Consider (2024)

Now, it would be really easy to list all of the top buy-to-let areas in England and Wales and just call it a day, but to truly understand property investment, you need to consider a few factors.

While some of these may seem quite obvious, they’re vital to getting the most out of property.

These metrics are:

• Property Prices
• Rental Yield
• Population
• Tenant Demand
• Regeneration 
• Transport Links
• Career Opportunities

Considering aspects like these can help paint a fuller picture of what you’re actually buying into, and we’ve found that the best areas to invest in typically maintain a healthy balance of each.

Hopefully, it’s clear then that for those seeking to be the very best at property investment – which everyone definitely should endeavour to be – understanding these metrics is an excellent way of finding out where to consider property investment in the UK.

Well-known in the property investment world, Manchester is consistently one of the best buy-to-let areas in the UK.

Topping our Best Buy-to-Let Areas in the UK for 2024 list, the city remains one of your best options.

As property prices in the entire North West region are predicted by Savills to increase by 20.2% across the next five years, there would be little surprise if Manchester was the one leading the way.

The city has gone through a significant transformation over the years, seeing a considerable increase in property prices. Land Registry data showed that Manchester homes had seen the highest price increase over 20 years, with a rise of 298%, from £59,348 to £235,437.

A solid competitor to London– perhaps sometimes even eclipsing it entirely – all signs seem to point to a rise in capital appreciation returns, rivalling its impressive increase between 2017 and 2018.

Manchester is one of the top destinations for young professionals – on account of an impressive global business and employment growth of 84% between 2002 and 2015.

Major regeneration schemes in the area like MediaCityUK and Spinningfields have brought massive growth to the city, with both employers and workers flocking to the city thanks to the fantastic opportunities.

Check out our in-depth look at the Best Buy-to-Let Areas in Manchester for more.

With costs in London continually on the rise, many are beginning to look beyond the capital city for new investment opportunities.

In particular, property investment in Luton has become a popular destination for many first-time buyers in the UK and is almost definitively one to keep your eye on – especially for those after capital gains with a lower entry point.

Boasting proximity to London and a strong reputation for solid transport links, Luton quickly becomes one of the most appealing investment alternatives.

With an equally impressive regeneration plan aiming to combat the town’s housing shortage thrown into the mix, it’s not hard to see why this reputation has come about.

According to the Land Registry, property prices in Luton increased by 6.6% in the last year, coming to a total average of around £284,625.

Considering the area, with average London property valued at £532,212 and the UK average house price currently estimated at £288,000, most would agree that you’re not going to find prices as low as this, especially if you’re looking at property close to London.

Comparing rent prices, London properties see numbers far higher than that in Luton, with the average at £1,384 per home.co.uk’s research. Again, this lower cost is undoubtedly a good incentive to purchase property here. In addition, property investors can count on a gross average rental yield of 4% in Luton.

These are just a few points that make Luton one of the best buy-to-let areas; London no doubt has some fierce competition.

While these areas are considered some of the best buy-to-let areas in the UK for 2024, there are other areas which are worth mentioning as good areas to invest in.

Bristol

As one of the largest cities in the South-West of England, Bristol is a thriving hub for students and young professionals.  Property prices have been rising rapidly in the city for several years. Prices rose by 29.5% in the last five years, showing lots of potential for capital appreciation.

With major employers like Amazon and PwC having operations in or near the city, it is an ideal city for those seeking to target young professionals looking for work, and one of the best buy-to-let areas in the UK for 2024.

Wigan

For those seeking to target the Manchester commuter belt without having to worry about the higher cost of inner-city property, Wigan is an ideal location to invest in.

Major regeneration schemes are transforming the town centre into a thriving modern hub, while house prices are far more affordable than those in Manchester. With an average price of £188,750, you can find property in Wigan for around £40,000 less than in Manchester, while benefiting from the great transport links to one of the best buy-to-let areas that Wigan offers.

Birmingham

As one of the largest cities in the Midlands, Birmingham is a centre of industry and commerce with a rich historical legacy behind it, making it one of the best cities for investors in 2024.

With a combination of rising house prices, high rental demand, key employers in the area and top-rated universities, it has everything you could want from a top buy-to-let area in the UK!

Remember to Research Thoroughly

With property investment, it’s always essential to keep up to date with the latest developments.

The best buy-to-let areas in 2023, or equally the best buy-to-let areas in 2022, are not necessarily the best buy-to-let areas in the UK for 2024.

While stats are helpful, they shouldn’t be your only reason to invest in a specific city.

Most importantly, there isn’t one best place to invest in property.

You should consider this list as a good starting point while assessing the investment opportunities in each city and finding one that matches your goals.

Research every aspect of a potential investment area thoroughly before making any final decision – if you put the work in, then the best place to buy property, UK or not, will show its head.