Anyone interested in UK property investment is spoiled for choice nowadays as new projects are consistently being developed up and down the country. Whether you are looking for scenery or close access to the metropolitan areas, you will find something that appeals to you. The UK is riddled with new developments of all calibres from cheap and cheerful one bedroom bungalows to prestigious central London penthouses. Obviously it is advisable to conduct as much research as possible before tying the knot on any deal, however this can often be part of the excitement. Opportunities lurk at every corner and in a business such as property investment, surprises can make their appearance at any moment.
Where to start
When looking into UK property investment, one of the most important things to consider is your budget. Calculate it properly and do not deviate from it for any reason as dark horses can gallop into the equation easily and without warning. For example, exceeding your budget may cause problems if an unexpected weather phenomenon shows up a few days after closing a major deal. Insurance companies will often not cover mishaps like this and they will usually do their best not to cover you. If possible, it is advisable to stay below your budget when purchasing, which will leave you with a little spare change for renovations, or if you plan to lease the property, advertising.
Another essential part of the research process is to take an in depth glance at the property developer you will be doing business with. Find out as much as you can about the company history and ask to speak with previous clients. You are well within your rights to ask penetrating questions of these companies if you have never dealt with them before and if they have nothing to hide, they should put up no shield. Asking to see their tax records will give you a clear indication of their legitimacy and you can pass it onto your own lawyers to review and verify.
Bradley from Innovo property says that the UK has a growing number of investment hotspots and if you are looking to invest, now is the time to do it.
Some of the most highly regarded investment hotspots
The Limehouse area of London is up and coming for several important reasons. The infrastructure of this neighbourhood has improved dramatically since the Olympic Games and in terms of finance, Limehouse is recovering at a steady pace. Houses which sell at great prices and get snapped up quickly are primarily located near the Docklands Light Railway Station.
The Eastside area of Birmingham is becoming increasingly appealing for property investors too, especially near Icknield Port Loop. This canal side district is abundant with new properties and the area is about to undergo a £ 6 billion revamp.
According to the Daily Telegraph, Cambridge is currently considered one of the top ten investment hotspots in the UK at the minute and for good reasons. A small residential area known as Silicon Fen is attracting many science based investors and around 40% of the residents here possess some kind of degree.
An obvious place to invest if you are in the property market is Manchester. Over the last few years, thousands of new job opportunities have opened up for creative people thanks to the development of Media City in Salford. The BBC has moved a large proportion of its forces here and this is highly appealing to anyone looking to gain solid credentials within the media industry. What’s more, the council have proposed to increase the size of the metrolink service by 100% by 2015 which will create hundreds of new positions of employment. The Wythenshawe area is becoming more popular too as numerous concerts are staged here every year, appealing to more than 50,000 music lovers in the region.
The Newcastle area has always been popular for property developers as it is within proximity of numerous universities and offers a fantastic dose of nightlife. However one of the most illustrious places to base property recently has been South Tyneside. House prices here are expected to rocket here over the next few years according to Savills estate agents.
The Southwest of England has always been a popular destination for families and this area is expected to see significant changes over the next year or two. The Northeast of Somerset and towns such as Bath offer excellent properties and this area is highly renowned for its Georgian architecture. Absolutely stunning, it is no surprise why so many families and property investors want to get their claws into this neck of the woods.