Top Property Investment Areas in the United Kingdom
After sever years of ups and downs and after practically seeing a period of doom, the property costs in the United Kingdom have finally reached a good value. In the last year, property costs have gone up by almost 3.1 in just 6 months. These figures have been confirmed by the Royal Institution of Chartered Surveyors who have also confirmed that property rates have not risen at this rate ever before in the past. Following the lull period of 2006, these property rates are expected to go up by almost 7% by early 2104.
What is Spiking the Interest of Buyers?
There are several factors that have caused this sudden increase in buyers interest. The three most popular factors that have made it possible for people to invest in property are the :
· Help to Buy Scheme that has been initiated by the government.
· The Funding for Lending Scheme that allows banks to borrow money for a lower interest rate.
· The confirmation by the Bank of England that the rates of interest will remain on an all time low.
Investment Hot Spots in UK
If you are looking at investing in property, then you must be snappy and pick one of the following six hot spots to make your purchase:
· Wales: Wales was one of the most affected area during the recession phase. However in the coming years, Wales will see an increase in prices by about 4.3 % year on year. Therefore, the property purchase activity has also seen an all time rise.
· The West Midlands: The number of interested property buyers in this area has always been up. Right from April 1999, this trend has been observed in this area. In areas like Worcester in particular the number of buyers both new and stock has been high. Several deals ranging from £300,000 to £750,000 have been completed in the last few months. According to Halls Estate Agents, this is definitely competitive market for home buyers.
· Huddersfield: In this area, purchasing activity has been up in the last few months. Vendor enquiries and regular market appraisal requests have made it even clearer that the future of property investment in UK is quite bright.
· North East: According to the Royal Institution of Chartered Surveyors the interest rates in this area have seen an all time high in the last 14 years. Jesmond is the area that is in maximum demand where homes fetch three times their price in the nineties.
· Leighton Buzzard: A sudden downward dip was reported in this area with the prices of a semi detached house being as low as £230,000 in the last three years. However, this area is expected to bounce back as areas that are in the southern part of this market have already seen fair price increases in the last year.
· Cambridge: It has been reported that all the houses sold in the last year have been sold for prices higher than their guide price. Offers of up to 21.53% above the guide price have been made.
With the bright future of the UK property Market, it is a wise decision to make an investment as soon as possible. All you need to do is pick the area correctly and you can be assured of great returns on investment.