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As 2022 draws to a close, you may be thinking about your property investment goals for 2023.
Whilst the UK economy still faces significant challenges, it seems that 2023 promises some exciting investment opportunities for those wanting to expand their portfolios. If you are thinking about expanding your own buy-to-let portfolio, you should now be considering opportunities outside of London. Rising student demands and growing industry in northern cities is presenting new and exciting opportunities for landlords which offer cost-efficient investments with high yields.
Where should you invest in 2023?
1. Birmingham As the largest professional hub outside of London, Birmingham is a cost-efficient yet exciting opportunity for landlords who want to expand their portfolios.Birmingham is a solid choice for landlords seeking to expand their portfolio in a new city. With a consistently high demand from both relocating professionals and students, finding new tenants will never be an issue.
With 40% of the population in Birmingham being under 25, we can only expect demand for rentals in this city to continue growing over the coming years which could mean that now is the perfect time to explore options in this city.
2. Bristol In 2022, Bristol took top spot in Aldermore Bank’s buy-to-let city tracker, which ranks the UK’s best areas for buy-to-let investments. The research takes into account average rental prices, rental yield, short-term returns, long-term returns and percentage of the city population who are in the rental market. Its top ranking was mainly due to long-term property growth; with an annual average growth of 5.1%, along with the lowest number of long-term property vacancies (0.6%).
This thriving city in the South West presents a research-backed solid investment that will likely appeal to landlords in the south looking to expand their property portfolios.
3. (any) Student Cities If you haven’t already, it is highly worthwhile exploring student lets as an option for your new investments. Student lets provide higher yields for landlords due to charging rent per student and now might be the perfect time to invest.
Demand for student accommodation across the UK is at an all time high, creating a competitive market as increasing numbers of students struggle to find accommodation.
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