The UK has always been a property hot spot among investors and homeowners. Post the Covid-19 pandemic, property prices in the UK were on the rise. The average price of property rose by a whopping 10.3 per cent from November 2021 to November 2022, with the average price of property reaching £295,000. Now, many estate agents and market experts predict that property prices in the UK could fall by a whopping 5 to 10 per cent in 2023. With that being said, some experts predict that the average rental yield in the UK will increase by 4 per cent in 2023. If you have been thinking about investing in property in the UK, here are some of the top cities to invest in this year.
The average price of property in Doncaster has been rising dramatically, with Halifax reporting that the average price of property in Doncaster rose by 18 per cent from November 2021 to November 2022. The average price of property in Doncaster is £178,570, which means investing in this area is affordable and profitable. Estate agents in Doncaster predict that the average price of property in Yorkshire will increase by 6.2 per cent in 2027, hence ensuring a good return on investment in the long-term as well as the short-term.
The average price of property in Birmingham is around £202,000 with an expected rental growth of 12 per cent by 2026. This makes investing in Birmingham a highly profitable venture in 2023. With a drastic increase in buyer demand coupled with a growth forecast of almost 25 per cent by 2026, Birmingham is going to become one of the best cities in the UK to invest in. With a rising population as well as a high tenant demand, especially among young professionals, a buy-to-let investment in Birmingham is highly recommended.
The average price of property in Derby is approximately £180,000 with predicted price growth of a whopping 17.5 per cent by 2026. This city is currently undergoing major renovation, development and reconstruction to create the Derby Masterplan 2030, which could further the demand for property in Derby. With a high population of young professionals and students, the demand for rental properties in Derby is on the rise making this a great city in the UK for buy-to-let investments. Another factor to consider is that Derby is currently one of the most affordable cities in the UK in 2023, which makes for an even better investment.
In the last 5 years, the average price of property in Manchester has risen by a whopping 20.69 per cent. Market experts predict that the average price of property in Manchester will further rise by 23.5 per cent by 2026, making this one of the best cities to invest in. With a high student population along with a high number of employment opportunities, rental demand has always been high in Manchester and will continue to grow. With probably the highest predicted price growth in all of the UK, investing in Manchester will certainly prove to be a rather profitable decision.
Leeds has grown to become one of the most popular cities in the UK, not only among investors but first-time buyers and homeowners too. Leeds is without a doubt one of the fastest-growing cities in the UK and it is predicted that the average price of property in Leeds will increase by a massive 21 per cent by 2026. It is also important to note that experts believe the average rental yields in Leeds will grow by 27 per cent in 2026, making Leeds one of the most profitable cities in the UK to invest in.
Properties in Liverpool are highly affordable and the return on investment is pretty good. At the moment, the average price of property in Liverpool is £213,934 and it is expected that the price of property in Liverpool will increase by 19.5 per cent in the coming years. The rental yields are also expected to grow by a whopping 36 per cent in the next 4 years, making this city a rather profitable investment. With some of the most sought-after properties in the UK, Liverpool is going to be very popular among investors and first-time buyers alike.
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