Without question, the UK has one of the hottest property markets in the world. Even with the full rollout of Brexit on the horizon and a global pandemic affecting the economy to boot, housing prices are continuing to stay strong throughout England, Wales, Scotland, and Northern Ireland. Many investors have reported seeing their holdings increase by as much as 20 percent in the past year alone.
The UK is a large and diverse country; as such, predicting the trajectory of its housing market as a whole can be a tricky proposition. Here are just a few points to consider as 2021 gets underway.
- London Will Continue to Boom
In terms of the UK housing market, there is London and there is everywhere else. Property prices here are truly astronomical, and foreign investment in real estate is keeping prices climbing. And by no means are price increases limited to upscale areas: The entire city seems to be experiencing a housing boom at present.
As a real estate investor, getting a foothold in London can be tricky, but the results can be truly worth it. Even a modest property can see big returns after only a few years. If you have the chance, it can definitely pay off to invest your money in property here.
- The North Will Have Great Deals (And Great Rewards)
As more and more people seek out housing options in cities other than London, buyers should expect to see big things happen in cities like Manchester. Although it is considerably smaller than the capitol in terms of area and cultural clout, Manchester has an arts and sports scene that rivals that of its bigger neighbor.
Property investing is also still affordable here; indeed, this can be a great place to launch a real estate career in earnest. If you’re looking to buy property outside of London, Manchester might be your best bet.
- Housing Prices Will Stay Consistent Almost Everywhere in the UK
Even in smaller cities and towns in the UK, houses aren’t losing their values in the wake of the pandemic. With a bit of refurbishment, even modest townhomes in smaller cities are easily fetching upwards of £300,000-£500,000. In desirable areas like the Cotswolds, you can basically double that figure. Get in early on a great deal, and you might just see a substantial increase in your earning potential.