House prices mapped
House prices mapped: A property expert has revealed where to invest in now
Tim Mycock, Development Director at Reditum Capital, picked five hot spots you may not have thought of to buy property in now. As house prices continue to rise, now would be a good time to invest.
Speaking about the current property market, Tim said: “If you are investing in property, changes occurring in that area can be a big indication of what sort of return you can expect.
“Stamp Duty increases, housing shortages and Brexit are all likely to have profound effects on the British housing market this year.
“But by keeping an eye on regeneration plans and new transport links, it is still possible to find great areas to invest in, even in times of political unrest.”
First-time buyers are already flocking to the area and prices are believed to have risen by 20 per cent in 2016 according to Rightmove figures
Enjoying resurgence in reputation, the introduction of Boxpark and the impending arrival of a Westfield shopping centre are only going to further fuel investment into the London borough. And with over a 1,000 new start-ups coming to surface, Croydon has fast become the “Silicon Valley of the south”.
First-time buyers are already flocking to the area and prices are believed to have risen by 20 per cent in 2016 according to Rightmove figures, the highest rise in the UK.
All is not lost though as prices still sit at about £185,000 below the capital’s average. The sheer scale of development may temporarily keep prices from shooting up but expect demand to quickly match it.
House prices mapped: UK hotspots revealed by a property expert
The commuter belt around London is becoming increasingly popular for professionals who can’t afford to live in the capital, and Basingstoke is arguably its most attractive new investment.
Basingstoke has its own thriving employment sector attracting companies such as Sony and Barclays to it, with 66 per cent of its residents working in the town itself. But with the highest concentration of digital businesses compared to overall businesses in the whole of the UK, and several large regeneration and redevelopment projects to look forward to, Basingstoke’s stock will be on the rise.
Situated just west of Tottenham, Wood Green’s house prices are considerably more modest than those in areas around it such as Muswell Hill and Crouch End. With a target of a £3.5 billion investment to revitalise the town centre and the redevelopment of over 25 sites to facilitate more restaurants and cafes, prices in Wood Green are expected to rise as these regenerations proceed.
The creation of Crossrail 2 has named Wood Green as one of its hotspot zones which will fuel demand in an area that is by no means poorly connected. To a patient investor, this long-term option is worth considering.
It’s not just ITV and the BBC, both having moved office recently here, who should have their eyes on Salford, but property investors too. The recent £1 billion investment into Salford MediaCityUK only goes to affirm Manchester as the biggest tech and creative centre outside London.
Over 60,000 people now work in the creative and digital industries in Greater Manchester, according to Amion, which forecasts that number will grow 27 per cent by 2034.
Those considering Buy to Let schemes also shouldn’t ignore the 70,000 students who descend upon the City each term with Salford always a popular option to rent. Supposedly yields are even higher than in London. You can also expect the arrival of HS2 to only add to this appeal.
Undergoing several housing regeneration schemes including the Liverpool docks, pricing all across Liverpool is expected to rise. Take the L1 postcode where house prices have risen by a whopping 41.2 per cent, as a clear example of that.
The student population also means that a combination of low house prices and high rental values has given the city the second highest rental yields in the UK, just behind Manchester, amalgamating to make student investment particularly profitable.