Looking to invest in 2024? These UK cities offer landlords some of the best long-term investments.
Property has historically been a safe and reliable way of generating extra income both in the short term, through rent collection, and in the long term via capital gains. Whether you're looking to expand your property portfolio or become a landlord for the first time, buying a property in an up-and-coming area is still one of the smartest ways to invest.
But which parts of the country are set to flourish in 2024? Here we take a look at some of the UK's most enticing regions for investors.
Glasgow
There are plenty of reasons to invest in Scotland, and especially in Glasgow. Average buy-to-let property prices are £209,106 and average monthly rents are £1,692.* As an investor, you’ll be particularly interested in Glasgow’s gross rental yield, which is roughly 7%.* Rental demand in Glasgow increased dramatically over the last few years - a trend that looks like it will continue as the city attracts more investment. Plus, with its notable music and arts scene, sports clubs and universities, Glasgow is a place truly on the up and is a safe bet for any budding investor.
Middlesbrough
Heading to the largest town of the Teesside, Middlesbrough offers a diverse range of activities for people in all walks of life. Its recent regeneration project is helping transform the town, including building more housing for its growing population. Average property prices here are £150,985, while average rents are £719 pcm.* This means that the average rental yields in Middlesbrough are between 7-8%, making it an attractive investment for buy-to-let properties.
Blackburn
Steeped in history and surrounded by natural beauty, Blackburn has often been quoted as an affordable town to live in, as its average house price of £157,889 is below the current national asking price of £359,748.* Though these below-average property prices might make you think that this is no suitable investment opportunity, Blackburn offers landlords and those investing in buy-to-let an average of 7% rental yields. So if you’re looking to invest in buy-to-let property in Lancashire, Blackburn could be among your top choices.
Manchester
The city has become a magnet for students and young professionals due to its increasing job opportunities, excellent transport facilities and world-class universities. In the last few years, Manchester saw significant increases in price, with the average cost of a property being £293,534 and average rents increasing to £1,713 per calendar month.* This means that rental yields lie around 7%, making it an excellent investment choice.
Liverpool
Like Manchester, Liverpool provides a good opportunity for property investors. Located right by the sea and with many job opportunities and a rich history, Liverpool is an attractive place to live, making it a hotspot for property investors. Average property prices here are £211,051 and average rents are £1,091 pcm.* Liverpool’s rental yields average around 6%, making it worthwhile having a look to see what this city could offer you.
Burnley
Located in Lancashire, Burnley may not be the first place that springs to mind when wanting to invest in buy-to-let. However, you may find it worth a look. Here, house prices average £131,642 and average rents are £635 pcm.* Attracting those who like to be close to the countryside, while not being far from the thriving town’s centre, Burnley is a great location for nature lovers and adventurers. For property investors looking to buy a buy-to-let in Burnley, average yields are between 5-6%.
Bristol
Moving south-west to the vibrant city of Bristol, you’ll find that investing in buy-to-let here can be very rewarding. The city attracts students, young professionals, families, retirees, and with strong job growth, its population is bound to keep growing too. Average property prices are £387,048 and average rents lie at £1,791 pcm.* This means that, on average, rental yields are around 5%.
As you can see, the UK has much potential for property investors. If you'd like to discuss the best place for you to invest in property in 2024, you can contact our team of experts.
Better yet, if you have a property that you’d like to rent out, find out how much you could let it for with a free, expert valuation.
