This drive-in Londoners heading to Northern cities like Manchester is partly thanks to the appeal of the city not just for property, but for its thriving business scene. Many of the people making up Manchester’s population are young professionals in the age bracket most likely to become private buy to let tenants, keen to make their mark on the city and take advantage of exciting opportunities such as those in the newly developed MediaCity.
Liverpool is one of the best places to invest in property for UK investors, with some of the lowest property prices in the country with an average of £130,677 — worlds apart from London’s huge £484,173 average. Liverpool is one of the best property investment areas the UK has to offer when it comes to the purpose-built student accommodation market. With a number of world-class universities, Liverpool has a population of over 70,000 students, resulting in a spike in demand for high-end, quality student property. Those who would rather invest in residential properties will also find success in Liverpool, however, with the city having the UK’s fastest growing city centre population. Young professionals in Liverpool are constantly looking for accommodation that’s right within the buzz and atmosphere of the city centre, and with properties like our One Baltic Square apartments, they can find just that.
Other Northern cities are also making their mark on the property map as of late, with Leeds steadily becoming a new hotspot for UK property investment. Leeds has an estimated population of 780,000, a figure expected to rise as high as 930,000 to 1 million by 2033. Part of the Northern Powerhouse, Leeds has plenty of regeneration plans in store to boost the economy and housing market of the city. The region recently signed its largest growth deal, wherein over £1 billion was invested in order to bring around 1,000 new homes, 8,000 new jobs, and at least £340 million worth of investment to the cities economy by 2021. Much like Liverpool and Manchester, Leeds has plenty to offer in terms of business opportunities, being a reputable area for knowledge-based industries — the second largest outside of London.
Overseas investment in the UK property market
After the result of the EU Referendum back in 2016, there was a large degree of uncertainty surrounding the UK property investment market, with people questioning whether buy to let UK investment was still a good idea. Interestingly enough, the Brexit vote hasn’t affected overseas investment into UK property, with Chinese investments into the UK property market, in particular, having doubled from 2015 to 2017. Chinese investors spent around £8.4 billion back in 2016, and then following the EU Referendum result, this figure rose to a massive £20.8 billion the following year.