Where to Invest in Property in 2024 | UK Property Investment

Are you wondering where to invest in property in 2024? We’ve analysed the UK regions and considered which locations offer the greatest opportunity for investors this year.

The UK property market remains an attractive avenue for investment in 2024, distinguished by its stability, historical resilience, and potential for steady capital appreciation.

Investors from across the world are drawn to the UK for its diverse range of investment opportunities. Additionally, the market benefits from a robust legal framework and a transparent property transaction process, which creates a secure environment for domestic and international investors.

In this article, we will explore some of the key areas that are likely to offer good investment opportunities in the UK property market in 2024. From London to Manchester, we will examine the latest data and analysis to give you a clear picture of where the market is headed and what you can do to stay ahead of the curve. Whether you’re a seasoned investor or just starting out, this guide will provide you with the insights you need to make smart decisions and maximise your returns in the years to come.

Where to invest in 2024?

So where would we recommend our investors consider in 2024? The answer to the question where to invest in 2024 is very much dependent on a clients priorities, budget and ambitions.

Manchester – All-rounder

Manchester, in 2024, stands out as a premier location for property investment in the UK. This is attributed to its rapid economic growth, fuelled by significant investment in infrastructure and a flourishing business environment.

The city is a hub for innovation and has a growing reputation as a “Northern Powerhouse,” attracting a diverse range of industries and talent. The resultant demand for housing, both in the rental and purchase sectors, has led to promising yield prospects for investors.

Manchester’s property market also benefits from a balance of affordability and growth potential, setting it apart from other UK cities. Additionally, ongoing development projects signal a commitment to future growth, making Manchester an attractive option for long-term property investment.

London – Prime asset

Bolstered by its global economic significance and enduring appeal, London continues to be a prime target for investors seeking a trophy asset to add to their portfolio.

The city’s property market is characterised by resilience and a proven track record of long-term capital growth. Despite higher entry costs compared to other UK cities, London offers unique investment opportunities due to its diverse and robust economy, attracting both national and international investors.

London’s population continues to grow, projected to surpass 9 million by 2025, driving consistent demand for housing across various sectors. The rental market remains particularly strong, supported by a substantial professional and student population.

The city’s extensive regeneration and development projects, improving infrastructure and transport links, further enhance its attractiveness as an investment location.

Liverpool – Attainable rising star

Liverpool should feature on any investor’s radar if they’re considering where to invest in property in 2024. Fuelled by a substantial student population and an expanding workforce in key growth industries like digital technology and life sciences, rental demand in Liverpool is buoyant.

Property prices in Liverpool are comparatively affordable against other major UK cities, offering investors an accessible entry point. Regeneration projects across the city have sparked new developments, revitalising neighbourhoods and enhancing Liverpool’s overall appeal.

Additionally, the city’s rich cultural heritage and historical significance contribute to its allure as a desirable place to live. These elements coalesce to provide a solid investment opportunity, promising both rental yields and long-term capital appreciation.

Birmingham – Fast growing demand

In 2024, Birmingham stands as a strong prospect for property investment, underpinned by compelling statistics that highlight its growth and potential.

As the UK’s second-largest city, Birmingham has experienced significant population growth, with projections indicating a rise to over 1.3 million by 2030. This increase fuels housing demand, particularly in the rental sector. The city’s economy is diversifying, notably with a 4.2% increase in its service sector, driving employment and attracting a skilled workforce.

Property prices in Birmingham have seen a consistent upward trend, with a 5% increase in the past year, outperforming many other regions. With the predicted increases to the local Birmingham population, rental demand is only going one way making Birmingham one of the UK’s hottest prospects and certainly a location to be included when considering where to invest in property in 2024.

London Commuter Belt – A balanced choice

Property in the London commuter belt, encompassing areas within an hour’s travel of the city, typically comes with a higher price tag that locations further from the capital but brings the positives of a ripple effect of strong capital appreciation and increasing demand from London’s ever-growing population.

These locations offer a balance of accessibility to London’s economic opportunities and a more affordable property market compared to the capital itself.

Towns and cities in the commuter belt, such as Reading and Milton Keynes, have seen a surge in demand, driven by professionals seeking more affordable living options while maintaining easy access to London. This demand has led to a robust rental market and promising capital appreciation prospects. For instance, areas like Luton and Basildon have recorded notable property price growth, averaging around 6-7% annually.

These areas often offer a higher quality of life, with more green spaces and less congestion, appealing to families and young professionals alike. This blend of lifestyle appeal, affordability, and connectivity positions the London commuter belt as a strategic choice for property investment in 2024.

East Midlands – One to watch

Across the East Midlands, there are investment opportunities aplenty available to savvy investors. Cities such as Nottingham, Leicester, and Derby showcase significant investment potential, characterised by affordable property prices and a growing demand for housing.

The East Midlands has seen a steady increase in property values, with some areas experiencing an annual growth rate of approximately 5%. This growth is supported by the region’s expanding economy, particularly in sectors like manufacturing, logistics, and technology, attracting a skilled workforce to the region and bolstering demand for property.

Nottingham and Leicester, with their large student populations and vibrant cultural scenes, offer particularly strong prospects for rental investments. Moreover, the East Midlands’ appeal is enhanced by its relative affordability compared to the South East, offering investors an attractive combination of lower entry costs and potential for capital appreciation.

Investing in property in 2024

Investors should always consider factors such as location, property type, and rental demand when making investment decisions.

The UK offers an excellent opportunity to well-informed investors over the next 12 months.

With careful consideration and analysis, investors can identify profitable investments and achieve long-term success in the market.

Get in touch to talk to Thirlmere Deacon about your plans to invest in property.