In addition to diversifying your investment portfolio, spreading out your money across the UK is another strong suggestion for those wondering how to make a million pounds from property investment.
This means investing in properties in cities all over the UK, to make the most of the varied property markets in different areas of the country.
Regional factors such as population, employment opportunities and regeneration schemes play a major part in how a city’s property market will perform, and how much rental income investors can make.
Research cities for factors like average house prices, rental income, past performance and predicted growth to find areas which you think will be worth investing in.
Ideally, find cities with affordable house prices and high average rents, as this will give you a better rental yield, meaning better returns on your investment. View some of the Official UK Government house price trend reports.
While it can be tempting to chase after properties in cities like London which have higher rents, in reality, this might hinder your goal of becoming a millionaire. London has the most expensive property prices in the UK, so if you are looking for quick ways to make money in the UK, avoid the nation’s capital.
Instead, we believe cities like Liverpool and Manchester offer a strong balance of affordability and high rental yields, thanks to their rapid growth in recent years and major regeneration schemes.
Other cities such as Sheffield, Birmingham and Nottingham are also popular for their employment prospects and rental yields.
For more information, read our free Liverpool Property Investment Guide and Manchester Investment Guide for detailed breakdowns of why we think these cities stand head and shoulders above the rest of the UK.