The start of a new year, whether or not you believe in new year’s resolutions, is a perfect time to set goals that you want to achieve. This could mean learning new skills, excelling in your career, or trying something new. One area that a lot of people might often consider but never get round to actually pursuing is property investment, but if you feel you’re ready to take the jump, then it might be time to think about going forward with this in 2019. Here are some of the reasons you should consider property investment in the new year.
A lot of people are often put off investing in property as they feel that they don’t have the right amount of money needed to do so. In reality, investing in property is possible even for those who don’t have as much money in the bank as they’d like. Buy to let mortgages are a way for people to invest in property without having the full amount to purchase the property outright. There are sometimes some limitations on who can apply for a buy to let mortgage, however, such as a minimum amount you must earn per year or the state of your credit rating. Be sure to read up on buy to let mortgages and ensure that you’re able to go forward with an investment in this way if this is the route you want to take.
Those who are set on investing in 2019 will be happy to know that property investment in the UK is looking promising for 2019 and onwards. A number of UK cities have become synonymous with buy to let investment due to their potential for returns and capital growth. Some of the hotspots for property in the UK include Liverpool and Manchester, both of which offer fantastic rental yields of 5.05% to 5.55% on average. These yields are down to the affordability of property up North compared to in London, paired with a rise in rental costs. Some property companies that operate in the North West, such as RW Invest, provide properties in prime city centre locations with rental yields as high as 8% and 9%.
In order for a buy to let investment to be successful, there needs to be enough demand for the type of property you have on offer. Demand for property is high throughout the UK, particularly in Manchester, which has seen an influx of people moving to the city from London to live and work. Along with thriving demand and high rental yields, the UK also has a lot to offer in terms of capital appreciation. Big regeneration projects are set to boost the economy of a number of UK cities, attracting investment interest from around the globe. The North is another big player when it comes to capital growth potential, with big plans in place such as Liverpool Waters, a £5.5bn development that will transform the waterfront in Liverpool and bring new jobs, homes and attractions to the city. Other cities like Leeds are expected to see huge capital growth in the coming years, gearing up to be the European Capital Of Culture in 2023 which is guaranteed to bring worldwide interest to the city.