The UK property market is growing again in 2024 and indications are that this is the start of another growth cycle. House prices and rents are forecast to keep growing over the next three years as the uncertainty and economic challenges of 2023 are left behind.
So, given the strength of the market, where are the best UK buy to let locations in 2024?
When looking for the best areas to invest in, we considered the following aspects to be the most important:
When considering those factors, three candidates stand out most strongly as the best areas for buy to let in 2024 and beyond.
Birmingham
Birmingham occupies a central UK location and has the second largest city population in the UK after London. The city is an economic powerhouse and there are not enough homes to go around.
Billions of pounds of investment are underway to improve the city's infrastructure, public spaces, business districts and more that will make Birmingham an even better place to live.
Learn more about Birmingham's boom here>>
Even though more than 8,000 new homes are in construction in the city, City Council estimates of population growth of approximately 50,000 by 2031 mean that there will not be enough homes to go around.
That will make developments like Neighbourhood Heights extremely popular. These high spec, luxury apartments with great transport links to the city centre are ideal for young professionals and families.
Manchester
Manchester is well known as a buy to let hotspot and that is not going to change anytime soon.
The city's housing market performed extremely well in the last 18 months with Zoopla naming it one of the UK's top three cities for house price growth in its latest cities index.
With the City Council estimating population growth of 5,000 people a year in the city, the pressure on the housing market is enormous. Even the 11,000 homes set to complete in the next four years can't meet demand.
Rental growth of 20% was recorded in 2023, and the market has only kept growing since - particularly in the busy city centre where luxury apartments are rented out almost immediately when they appear on the market.
Developments like Berkeley Square on the Manchester waterfront are especially popular with the city's young professional renters.
Learn more about Berkeley Square and Manchester's best buy to let location here.
Bristol
Finally, Bristol is another location that is a great place to buy UK investment property. The city is located in the heart of England's beautiful South West and it has a major shortage of homes.
The city's major regeneration push and its booming economy have made it an extremely popular place to live. A unique culture and easy access to London are the icing on the cake for young professionals, families and student renters.
The Chocolate Factory is one of the finest residential developments in the city and apartments are available to investors now.
High spec luxury apartments, a fascinating history and quality amenities are all attractive to renters. Additionally, the development is surrounded by green space and has easy access to the city centre.
All of that in one of the UK's best buy to let locations makes The Chocolate Factory an opportunity that investors can't afford to miss out on.
Want to learn more about investing in UK buy to let property? Contact our team of experts today to find out more.