As the UK property market stabilises to pre-Covid-19 norms post-pandemic, certain UK property hotspots are stepping ahead as preferable investment opportunities for buyers, and the North West region of the country has a number of ideal locations worth exploring. In fact, according to Rightmove, the North West has five of the top 10 property hotspots with the fastest growing increase in property prices, averaging 8% growth. See our breakdown of two major possible areas for North West property below:
Hardly a surprise to be featured on our list, Manchester has long had a significant list of benefits for property investors, and the city falls part of the Greater Manchester area which is experiencing a boom in interest.
Since the outbreak of the Covid-19 pandemic many buyers have left London searching for something more affordable, or offering a better lifestyle, and the last two years have resulted in the biggest number of homes bought by Londoners outside of the city since 2007. There are a few reasons why Manchester has been a possible substitute.
With an efficient railway system that allows people to reach London in a little over two hours and featuring the third busiest airport in the United Kingdom, the city is well positioned as a convenient hub from which to be based. Additionally, Manchester is a well-established business hub that offers economic and job opportunities. Several high profile companies like the BBC and ITV have made Manchester their base, while football giants Manchester City and Manchester United attracted both investment and tourism.
The city is also a great hotspot for buy-to-let property owners looking to capitalise on the bustling education scene, where several major universities are bringing thousands of students to the city from around the world.
Zooming out slightly, several Greater Manchester towns also offer promising property opportunities, including Wigan, Rochdale, Leigh, Stretford, Oldham, Heywood, Stockport and Preston.
Another major property hub in the North West, Liverpool boasted an average rate of 10.6% growth in house prices in 2021. In fact, at the end of last year, Toxteth in Liverpool topped the list of Britain's top 10 places where house prices were rising fastest, having shot up by an average of 20% over the past year.
Similarly to Manchester, a surge in interest can be attributed to the ‘race for space’, while Liverpool’s commuting distance from other major cities and the proximity to three major universities come into play, bringing around 70,000 students to the city looking to rent property.
Job opportunities also beckon, with the city developing a strong start-up culture, boasting large financial entities such as Barclaycard and RSA, and hosting over 650 major law firms. Thanks to its legacy as a historic maritime centre, the city also boasts port and logistic infrastructure, and is a UNESCO World Heritage SIte.
With major projects underway to improve the city centre, and offering plenty of galleries, museums, an iconic waterfront, and two Premier League football teams, the city boasts an enviable lifestyle too, and makes it a great investment prospect.
As always, ensure you contact a professional as you explore your investment and property opportunities, in the North West or elsewhere in the UK. Contact Tailor My Property and be put in touch with our excellent network of financial and property experts today.