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Liverpool Ranks as One of the Best Cities in the World

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    Time Out Names Liverpool, Manchester and Other British Cities As Some of the Best in the World

    Time Out has just unveiled its list of the best cities for 2024. Good news, buy-to-let investors, four British cities have secured a spot in the top 50 rankings.

    Time Out surveyed thousands worldwide about their city’s culinary scene, culture, nightlife, and overall atmosphere. Additionally, Time Out asked about their general happiness, whether the city was visually appealing, and whether it was easy to talk to people and make friends.

    In addition, the Time Out team also sought input from over 100 writers and editors to discover the places that excite them the most.

    While these findings do not directly relate to the UK property market, they go a long way to help buy-to-let property investors identify key areas that will appeal to tenants and improve their buy-to-let strategy.

    For that reason, you may want to dive into the rankings in search of good-value properties with high rental yields and substantial capital appreciation potential.

    Let’s get into it.

    Read More: Interested in North West property investment? Check out our guide on new builds in Manchester.

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      London Aerial View

      UK Housing Market: What Are the Best Cities in the UK?

      London secured a high rank at number four, with 94% of residents expressing happiness and 95% acknowledging the city’s beauty. Regarding the ‘pull factor,’ London claimed the third spot, with 9% of respondents worldwide expressing a desire to move there. According to London editor Joe Mackertich, the city thrives because of its diverse population.

      While London ranks highly on Time Out’s list of top cities, it may not be the best investment for buy-to-let investors, particularly if they are looking for good-value property prices. For instance, the average property price in London is £901,625, according to the HM Land Registry UK House Price Index. In addition, the average rental yield in London currently stands at 4.92%, according to Zoopla.

      While it may appeal to tenants, many are priced out of the private rental sector due to high rent prices.

      As a result, buyers and tenants often look elsewhere for better-value property and rental costs.

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      Liverpool Building

      What Are the Best Value Cities in the UK Property Market?

      Liverpool is the next highest city on the list, claiming the seventh spot and earning an 89% rating for the affordability of its cultural scene. Local contributor Alice Porter recommended places like 24 Kitchen Street in the city’s iconic Baltic Triangle district and FACT Picturehouse.

      Manchester secured 15th place, with 96% of locals stating that their city brings them joy. Contributors highlighted Manchester’s bustling food scene, underground club scene, popular comedy circuit, and alternative music offerings.

      Glasgow, the final UK city on the list in 30th position, was celebrated by Time Out contributor Annie McNamee for its ‘identity and sense of community’.

      Read More: Want to know how much you’ll need to pay on your buy-to-let investment? Check out our UK stamp duty calculator.

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        Which of These Cities Offer the Best Capital Appreciation Potential?

        From a property investment perspective, the North West offers huge capital appreciation potential and attractive yields, not to mention good-value properties. For example, Savills has predicted the region will enjoy 20.2% capital growth over the next five years. In addition, they have highlighted that the North West buy-to-let market could enjoy returns of over 9% during 2024, making it one of the most lucrative buy-to-markets in the UK.

        For that reason, Liverpool and Manchester could prove to be savvy additions to a property portfolio. Both cities have high graduate retention rates, substantial student populations, and considerable tourism sectors, thanks to the local music, arts and football scenes.

        For this reason, buy-to-let investors could earn considerable profits by choosing short-term tenancies or serviced accommodation. For example, you may want to invest in Airbnb property investment. Alternatively, you may want to invest in purpose-built student accommodation.

        Both cities offer good average rental yields. However, Zoopla research points out that Liverpool has one of the best average gross yields in the UK, reaching 7.43%.

        In addition, property prices are remarkably lower compared to the national average. According to the latest figures from the HM Land Registry UK House Price Index, the average property in Liverpool costs £177,076, meaning investors could potentially purchase five properties in Liverpool for the price they would pay for one in London. This allows investors who invest and let in Liverpool to diversify their portfolios and potentially earn higher profits.

        Discover More: For more regional buy-to-let insights, feel free to look at some of our handy areas guides, including:

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        Author

        Dale Barham

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        Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

        1. Time Out Names Liverpool, Manchester and Other British Cities As Some of the Best in the World
        2. UK Housing Market: What Are the Best Cities in the UK?
        3. What Are the Best Value Cities in the UK Property Market?
        4. Which of These Cities Offer the Best Capital Appreciation Potential?
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