The property market has always been one of the best options for investment. It gives a considerable return, saves the financial future, and gives prosperity to life. Buy home and rent it to exploit a good profit. But the first condition for a better return on such investment is the selection of the best location.
A property in an isolated or backward area that attracts no buyers is just a COMPLETE waste of time. There is a list of the best places to buy a home in the UK for investment purposes. The location factor is also essential to obtain the funds smoothly. For a right and popular spot, the lenders are always ready to offer the best deals of buy to let mortgages or any related mortgage type.
- Manchester – Enhances everyday
Manchester is among the best buy-to-let market spots. It gradually has developed a lot. Until the last decade, it was not able to get into the notice of the investors, and most of the people preferred other places like London. However, now the area is a changed city.
In recent times, the Government has started many new things on the part of the city infrastructure. It includes one of the magnets of the city, Spinningfields, the favorite place for the corporate community. The town is well connected to all national and international destinations and has three train stations.
The PCM, per calendar month rental of a home here, is £400. Not bad!!! Right?? You can easily calculate the profit you are going to make if you choose Manchester for investment buying.
Best areas to buy a home for investment in Manchester are –
- Birmingham – Fast growing
The city is usually tagged as the ‘second city of the United Kingdom’ in terms of population and GDP. The two factors denote the progressive nature of place for the investors. After the chapters of Brexit and now Covid-19, there are estimations that the city may perform weak on the economy part. That certainly is a phase that will pass, besides the town still in the top options for the property investment.
The current per calendar month (PCM) rent price in Birmingham is £250. With time it can increase but to start with this rental income is not so bad for you. Isn’t it? The city has one of the best connectivity statuses among all the cities in the UK. It can never disappoint you on the profit part if you are planning to buy a property for investment.
Best areas to buy a home for investment in Birmingham are –
- Sutton Coldfield
- Glasgow – Where dreams come true
Another promising name that the UK property market cannot neglect because it gives a promise of a pleasant return to the investors. The property agents here are quite efficient and can show you the best spots in the city that are good to earn the rental income.
The per calendar month rent in Glasgow is £659. It is an excellent price to reciprocate your hard work in investment. The total population of the place is 1.8 million, which shows that the city provides a roof to a large number of people. According to research, the population can become 2 million by 2022.
Best areas to buy a home for investment in Glasgow are –
- City center
- East end
- Leicester – City that gives jobs
If you ask that one big reason to buy an investment property in Leicester, then it will be the fast development of manufacturing units. This fact brings forward the capacity of the city to employ a vast number of people. The residents here are living a good life with raised standards and better purchasing power.
Due to the flourishing industries in the sectors like – textile, knitwear, footwear etc. people come to this city for employment. They need rental homes to live, which means you never have to search the tenants as they are in plenty. You can keep the rental price maximum according to the market trends.
Per calendar month rent in Leicester is £560. It is also not a deal of loss if you want to invest. The place is sure to be more profitable in the coming years as according to estimation, the population here will increase by 11%. Currently, 5,40,000 people live here.
Best areas to buy a home for investment in Leicester are –
- Stoneygate/Clarendon Park
- City Centre
Keep your research deep and patient because investment decisions cannot be taken in haste. They take time to offer the desired result. All the above locations are best to buy a home for investment in the UK. The final decision depends on your priorities. The budget also puts the limit on the final decision. For example – if you are buying with a tight budget in Leicester, then Syston is the best area.
The following points can help you make a safe decision in your investment property buying and get a better return. Have a look -
- Always decide the location first but not without comparison
- Never buy with a short-term target, consider the future profitability
- Investment in three or more flats is more profitable than the one flat
- Hire a property manager to manage the rental property if you live out of the country
- Do not forget to ask for the property use certificate from the seller
- Never take a mortgage in haste it can make you borrow on higher rates
- Stay aware of your legal rights against the tenant
The above points are necessary but significant for a mistake-free home purchase for investment purposes. Follow them and take time for everything.
Always embrace the safe play strategy, take rational decisions, and develop the art of anticipation. An investor needs to be able to predict things to prevent any significant loss.
summary – Read about the best places to buy a home as an investment in the UK. The suggested places own certain features that make them stand firm in the priority list.