The Best Places to Buy Investment Property in the UK

With interest rates decreasing and the UK property market continuing to expand, there has never been a better time to invest. 

Choosing an investment property involves more than just selecting the right development; it’s about finding a location that promises a strong return on investment. 

In this article, we’ll explore some of the best locations in the UK for property investment in 2024 and beyond, examining factors such as economic growth, infrastructure development and rental demand.

Why Invest in UK Property?

The UK property market is considered one of the most stable in the world. 

Investing in UK property is a great way to diversify your investment portfolio and ensure a steady return on investment (ROI).

Top Investment Locations

Manchester

Average Property Price: £300,282 (Rightmove, May 2024)
Annual Rent Growth: 12.2% (ONS, April 2023 - April 2024) 
Average Monthly Rent: £1,205 (ONS, April 2024) 
Rental Yield: 8.9%

Manchester’s thriving economy and growing population make it a fantastic investment destination. The city has witnessed a significant increase in house prices in recent years, with sold prices up 7% on the 2021 peak of £281,038.

What Makes Manchester Attractive to Investors?

With a large student population and a growing number of young professionals flocking to the city, the demand for rental properties in Manchester is consistently high.

By 2027, JLL predicts 19.3% price growth and 21.6% rental growth, offering lucrative opportunities for buy-to-let investors.

Manchester’s robust economy is continuing to attract businesses and professionals.

According to EY’s latest Regional Economic Forecast, between 2024 and 2027, Manchester’s economy is expected to see annual average growth of 2.2%, exceeding the national average.

By 2027, GVA in the city’s local economy is expected to be more than £2.4 billion larger than in 2023, fueled by the city’s thriving tech sector.

Manchester is at the centre of the Northern Powerhouse, with great connections and a number of esteemed universities.

Recent regeneration projects, including NOMA, Spinningfields and MediaCityUK have transformed the city, boosting its appeal and increasing property values.  

Manchester is a city on the brink of expansion.  

With impressive growth, huge opportunities for new businesses and numerous developments and regeneration underway, this city is a must-watch location.

Built to be a real community, our latest development opportunity in Manchester is set to become the next hub for startups, cafes and restaurants.

With 450,000 sqft of government-funded commercial space being built, this area will also become the Secondary Business District for Manchester.

Struggling to decide where to buy an investment property in 2024? Get in touch with our team!

Birmingham

Average Property Price: £272,903 (Rightmove, May 2024)
Average Rental Growth: 13.5% (ONS, April 2023 - 2024)
Average Monthly Rent: £989 (ONS, April 2024) 
Rental Yield: 6.10% (Zoopla, April 2024) 

Birmingham, the UK’s third-largest city, has seen significant property growth in recent years. According to Rightmove, the average property price is currently £272,903, up by 5% on the 2021 peak of £258,927.

Why Birmingham?

With a population of over 1.4 million, Birmingham is a key location for young professionals and graduates seeking high-quality employment opportunities.

The city’s population is one of the youngest in Europe, with 40% of residents under the age of 25, creating a high demand for rental properties.

Did you know that Birmingham is one of the most affordable property markets in the country?

Delivering above-average yields for investors, the city is a must-have destination for those seeking consistent returns.

Despite recent price increases, Birmingham remains a highly affordable destination, with an average property price of £272,903 compared to London’s £755,413 (Rightmove).

This affordability presents a significant opportunity for investors to achieve substantial gains.

JLL forecasts that Birmingham property values will increase by an additional 19.2% between 2023 and 2027, making it an attractive option for investors seeking strong long-term growth potential.

Are you searching for premium investment properties in Birmingham? View our latest development opportunities in the heart of the city, now!

Struggling to Find the Ideal Investment Location - Let Us Help!

Looking for an investment property that ticks every box?

At Redmayne Smith, we provide our clients with a range of off-plan property investment opportunities in some of the UK’s best-performing cities. By investing with us, you’ll benefit from knowing that our team of industry professionals are on hand to offer unrivalled expertise and guidance throughout your time with us.

Whether you’re an overseas investor looking to expand your portfolio or a novice in the UK searching for the perfect first investment, we’re here to help.

To find out more about our latest buy-to-let opportunities, please get in touch. Call us today on +44(0)1302 898807 or book a free 30-minute consultation call with one of our portfolio-building experts.