Despite the economic uncertainty and difficult situation that millions of us around the globe find ourselves in at the moment, the property investment market seems to be holding strong and presenting plenty of potentially lucrative opportunities – providing you look in the right place, of course.
Many investors with their capital tied up in more volatile asset classes such as stocks and shares have already begun to transfer their money into property investments, as they are often more long-standing and reliable in strange times such as these.
One market, in particular, that is extremely exciting in the property investment sphere, is the UK. While a comparatively small country in terms of real estate, there are a variety of different prolific cities with investment opportunities, some with better statistics and promise of growth than others.
Let’s look at some specific spots in the country that might be worth looking into if you’re a property investor who wants to grow your portfolio in 2024 and look toward the long term.
Liverpool
The stereotype of London’s red telephone boxes and the London eye might come to mind when thinking about a UK investment, but all of the market forecasts and growth charts for the UK’s property market point towards the North West, specifically Liverpool.
A city bursting with culture and world-renowned exports, Liverpool has many different sectors that are promising for investors looking to seat themselves in an area surrounded by growth potential in the coming years.
RWinvest, an award-winning company based in the center of Liverpool, recommends the Baltic Triangle as an ideal spot for young professionals and graduates wanting to work in the city, compared to ‘Shoreditch’ for its unique bars and creative atmosphere.
The northern part of the city is also set to grow massively over the next few years, with the waterfront undergoing a £5.5bn regeneration plan that will generate a ton of jobs and living opportunities.
Manchester
Another prolific city in the North West, and home to perhaps the most globally recognizable footballing brand Manchester United, Manchester is often referred to as the UK’s second city (or the ‘northern capital’) after London, and for a good reason.
Not only is its influence and scope starting to grow to try and rival the southern satellite city, but many businesses and young people are migrating there from London to receive better job opportunities, business development, and an overall better standard of living compared to what they would receive for the same money in the souped-up apartment complexes of London’s competitive streets.
From an investment perspective, Manchester’s statistics might not be as abundantly enticing as Liverpool’s in 2024, mainly because the city experienced the sort of development and regeneration boom that Liverpool was going through around five or so years ago.
However, it is still a fantastic investment spot. Tenant demand alone generated from its student population is excellent news for those wanting to invest in student accommodation; the city has one of the largest and most vibrant student populations in the entirety of Europe.
