Top 5 Property Market Hotspots to Watch Out for in 2024

With a strong reputation in the buy-to-let investment scene, Liverpool remains a top contender for those seeking a combination of affordability and high yields.

According to the latest available data from the HM Land Registry, property prices in Liverpool average £177,521, with gross yields hitting as high as 7.5% in certain areas.

Following the success of Eurovision in May last year, the maritime city is on an upward trajectory in terms of local infrastructure, with a £250m boost to its economy expected over the next 3 years.

Whilst 2024 is expected to be a slow year for capital value growth across the board, Savills predicts the North West region will see 20.5% growth over the next five years, meaning that those who get involved early could see considerable gains in the coming years.

In terms of regeneration, Liverpool boasts some of the most ambitious projects in the UK.

For example, Liverpool Waters is an expansive 30-year vision to transform the northern dock area of the city and establish five new neighbourhoods on the waterfront.

The £5bn project aims to revitalise the historic docklands into a vibrant multi-use destination, uniting over 2 million sq m to create new business, residential and leisure facilities.

With one of the most affordable property markets, an ever-expanding local population, and a robust student/young professional sector, buy-to-let in Liverpool could be a lucrative option for investors.

Read More: Get the lowdown on Liverpool buy-to-let and learn how to generate passive income with RWinvest’s 2024 investment guides!

Birmingham is an expanding city with one of the highest growth rates in the country.

According to the Zoopla Rental Market Report, October 2023 saw average Birmingham rental prices rise by 10.3% compared to the previous year.

Over the last decade, these averages have increased by around 30% and are expected to increase by a further 12% over the next couple of years, with a rising population set to hit 1.24 million by 2030.

Following the success of the Commonwealth Games and sustained regeneration efforts, tenant demand is skyrocketing throughout the area.

Transport is another prominent feature, with Birmingham preparing to become the host of a central hub for the HS2 railway to London. Despite the cancellation of HS2 extensions in Manchester, the project continues to be a significant expansion of UK infrastructure, with Birmingham Curzon Street Station set to be one of the most environmentally friendly stations in the world.

Data also suggests that Birmingham’s average income-to-property price ratio is much more rewarding than most other regions. As demand for high-quality property continues to outpace supply, the city may be able to use this to its advantage – attracting and retaining residents and further boosting the economy of this rapidly expanding area.

Throw in an impressive regeneration project (‘The Big City Plan’), and property investment demand for Birmingham has arguably never been higher.

Offering some of the best rental yields, Nottingham is a property investment market that often flies under the radar.

Alongside affordable property prices, it is quickly becoming a popular location for many to move to. With a robust 10-year capital growth and the potential for consistent long-term rental growth in the near future, Nottingham could become a prime buy-to-let hotspot for years to come.

Home to over 50 business headquarters, such as Rolls Royce and EON, Nottingham is also home to one of the most prolific employment sectors in the UK.

Thousands of people move to Nottingham each year for work, adding to an already great buy-to-let market. With a student population of 13%, a vital sector of the buy-to-let market, property investment in Nottingham might become one of the most popular strategies for UK investors in 2024.