Best Areas to Invest in Property 2024

2024 Property Market

After a rocky 2023 property market, 2024 looks more promising for investors. Even as the market adjusts to mortgage rates and house price inflation, buyer power will rebalance and be more open to price negotiations.

For activity to ultimately return, either house prices must continue to fall alongside rising incomes or mortgage rates should reduce. Luckily, for those who have been holding off buying, 2024 property forecasts are showing either solution to be likely.

Have you missed our 2024 Property Market Forecast? Catch up here!

Liverpool

Liverpool has the perfect complimentary combination of affordable property prices and high rental yields. Prices in Liverpool average £191,335 alongside gross yields of 7.5%. The city is certainly one of the best areas in the UK to invest in property, especially in 2024. Following the success of Eurovision in May 2023, Liverpool is on an upward trajectory – of a £250 million increase to its economy over the next 3 years, no less. Even rental growth is expected to thrive, increasing by 15.9% over the next 4 years.

As well as a thriving student destination, filled with 70,000 a year, Liverpool is also a global hotspot for both tourism and business start-ups. Thanks to the ongoing regeneration of Liverpool Waterfront, its business sector is making the city an even bigger magnet for young professionals. From affordability to capital growth, there are many reasons to invest in Liverpool.

Manchester

Manchester is named the ‘Canary Wharf of the North’ for a reason. Due to the growth of MediaCity, Manchester has long been London’s main rival – and its house prices have been growing in reflection of it. Despite this, with average prices sitting at £251,038 and average monthly rent reaching £1,515, the city remains one of the top investment hotspots. Even the city’s outskirts offer fantastic ROI, due to Manchester’s ongoing regeneration, and are city favourites for commuting.

The average rental yield for Manchester is currently 7.2%. This means a great return on investment potential, which will only continue to increase. The city has an impressive forecast for rent growth over the next five years, making it one of the best areas to invest in buy-to-let property in 2024.

Birmingham

Birmingham sees high tenant demand from young professionals who leave London in search of better affordability. Birmingham is the UK’s largest hub of professionals, second to London, with approximately 100,000 workers. The population of the Heart of the Midlands is even forecast to reach 1.24 million people by 2030. What is more, 40% of the city’s population is under 25. All of these relocating young professionals are in constant demand for rental properties.

Its rental market alone makes Birmingham one of the best areas to invest in property in 2024, before even looking at ‘Our Future City Plan’, the budding new tech hub, and the entire future of Birmingham’s house prices.

Bradford

Not only has Bradford been named the best city for first-time buyers, but it has also been recognised as the ‘Best City in the UK for Investors’. This is simply down to its affordability, fantastic connectivity, and growing desirability. With regeneration in Bradford improving the public realm and investing more in its business sector, seen in the city centre One City Park, this city is certainly one of the best up-and-coming property areas for 2024.

Net yields near 7%, low FTB house prices of £104,643, and young population make Bradford one of the best places in Yorkshire to invest. Its youthful population is due to its rewarding university, as well as its ideal commutable location for Leeds. With its combination of affordable prices and demand from young professionals, Bradford benefits from highly profitable returns.

Hull

With average rental yields reaching a gross of 7.30%, Hull is currently the highest-yielding area in Yorkshire. As regeneration in Hull continues to improve the public realm and resident pride, and its lead in the green revolution takes the UK by storm, Hull certainly makes for a great investment choice.

The best places to live in Hull span across both the city centre and the suburbs in terms of affordability and desirability. Properties in Hull City Centre are £30k less than Hull’s overall house price average of £164,997. This creates fantastic opportunities rare in investment hotspots, where city centre property can be cheaper than commutable districts. Here, investors can greatly benefit from both assured shorthold tenancies and short-term lets.