Despite predictions, house prices continue to rise in many parts of the UK – leading to more confidence in the market and growing interest in UK property investment. Prices hit a record high this February, rising £12,000 on average from the previous year.
Here’s more information.
According to data compiled by the ONS, the Land Registry and other official bodies, house prices have risen 5.8% year-on-year (based on the price of a three-bedroom semi-detached property).
This comes as a surprise, given the negative property market predictions made in the wake of the EU Referendum – with one expert commenting that buyers are happy paying “1.3% more for their homes than they were pre-Brexit.”
England the Main Driver?
Statistics suggest that the main cause of this significant increase are property sales in England, which rose to an average of £234,000 – a rise of 6.3%. In Wales, property prices rose by 1.8% to £145,000, and in Scotland, average prices rose to £139,000 (a 3.1% increase). In Northern Ireland, property prices went up by 5.7% – with an average property now costing £125,000.
Scotland’s Shetland Isles experienced the most significant growth in price, with average properties increasing by a staggering 25.9% – reaching an average price of £184,000.
Where to Look for Buy-to-Let Property for Sale?
If you’re looking for buy-to-let property for sale, London still remains the most popular location for tenants in the UK. However, expect to pay significantly higher than the UK national average, as properties in the capital come in at around £475,000.
By contrast, Manchester and Liverpool offer high rental yield, without paying the high prices – but aren’t performing quite so strongly in terms of long-term capital growth. The East of England is experiencing a particular surge in property prices at present, with houses around 10.3% higher than last year – making it a firm favourite with UK property investors.
Property Investment Opportunities – Investing Wisely
Now is a good time to invest in UK property, but it’s important to be aware of the market, which is slightly more volatile than the previous year. Although sales prices are up, sales figures are down in many locations – which could affect prices in the future.
When looking for buy-to-let property for sale, do your research first. Find out which areas are performing well, both in terms of rental yield and longer-term profit. If you’re unsure, find a reputable property investment agent, who will be able to guide you through the process.
The Buy2Let Shop
If you’re considering investing in property in the UK, but aren’t sure where to start, talk to The Buy2Let Shop. We’re a team of expert property investment agents, and it’s our job to help you find the right buy-to-let property for sale, at a price that matches your budget.
We also offer assistance with buying a house at auction, and our regular free property seminars are designed to boost your knowledge of the market and empower your investment. To find out more, simply visit The Buy2Let Shop website today.