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Property prices may have fallen during May 2018, but buying your own home is still a rock-solid investment. As a matter of fact, experts predict substantial price growth over the next five to 10 years. Therefore, whether you plan to buy your own residential property in the near future or you wish to invest for business purposes, you may be interested in discovering more about UK residential property. Does your home fall into the top eight UK residential property locations? Read on for more details.
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Slough is becoming an increasingly popular choice for buying UK residential property. This is due in part to the high prices for homes in the London area. Additionally, Slough is very close to the capital and access is easy using the Crossrail service. Slough is also home to a number of top corporations such as O2, Ferrari, Unilever, and Honda.
Birmingham has been a long-term favorite location for UK residential property purchases. A recent report from PwC put Birmingham in 21st place for investment prospects, both within the UK and throughout the whole of Europe. A large number of global businesses are located in Birmingham. This includes HSBC, which has its new headquarters at the Arena Central. Additionally, the company is building a regional office in the city. Average house prices hover around £184,000. Therefore, it’s a far more affordable location than London, for sure.
Manchester was ranked just above Birmingham in the PwC report. That is, it came in at number 20 on the list. It’s hardly surprising, as Manchester is one of the key cities in the Northern Powerhouse proposal. Some of the businesses that are relocating into the city include Barclaycard, HSBC, and RBS. House prices in the Manchester area have surged in recent years. It is a thriving city in which to live.
Stevenage is another city that’s within easy reach of London for commuters. What’s more, it offers average house prices of £287,000. This price increased from around £181,000 in 2007, so it looks like purchasing a property in the town could well be a good buy. The town offers direct train links to Kings Cross, with a journey of just over half an hour. Extensions to the Great Northern Railway Line look set to make Stevenage an even more popular location for home buyers, as there will be links to Farringdon and London Bridge stations.
The London borough of Redbridge is also proving popular with home buyers, with its suburban areas like Woodford and access to the rural beauties of Epping Forest. The Office for National Statistics has recently highlighted that Redbridge residents possess some of the highest levels of satisfaction with life. What’s more, many of the areas in the borough are connected to the Underground, so travel into the capital can be fairly quick. Property prices in the borough can average up to around £280,000.
6. Milton Keynes
Average prices in Milton Keynes come in around £276,000, so they’re much cheaper than many properties within this Oxford corridor. Commuters will find Milton Keynes an ideal location for a home. That’s because it’s so convenient for a number of top cities, including London, Birmingham, Oxford, and Cambridge.
Nottingham is a city with a growing reputation as a hub for younger people. Up to 25% of the city’s population is aged between 16 and 24. With average property prices around £130,000, it’s not difficult to see the reason for this.
Glasgow is experiencing huge regeneration and offers a range of employment opportunities. Property prices in the city have been increasing by almost 1% monthly. Further, experts forecast that the average Glasgow home will be worth around £285,000 by the year 2027.
So whether you’re looking for UK residential property as a home for yourself and your family or you’re investing for business purposes, make a point of looking into the eight areas we have highlighted here.