With a new year comes a new set of challenges. Many use the changing of the calendar as their opportunity to set out their goals for the year – both personal and financial. But most importantly, finding something tangible that’s going to weather any economic storm is what’s going to set you on the road to success .
We’ve put together a simple set of resolutions to incorporate into your property investment goals this year. Finding the best property investment in 2024 starts here.
Secure High Rental Yields
Throughout 2023, the UK rental market saw some of the highest growth figures for the past 5 years as yields in key Northern cities outweighed the UK average of 10.5%.
Large scale regeneration and government-back transformation have led to the North becoming the number one region for property investment opportunities. Manchester experienced a 13.1% annual change in rents, marking the largest single increase of any UK city outside of London.
As these rises are expected to continue through 2024, cities such as Manchester, Liverpool, Birmingham and Newcastle will maintain their status as property rental hotspots.
To secure high rental yields, you should consider cities posting year on year rental growth alongside significant investment in local transformation, public infrastructure and business. Combined, these factors drive tenant demand and lead to the opportunity for robust rental returns.
Consider Your Long Term Position
If you’re entering the property market in 2024 through buy to let property, a longer-term investment plan might be a better focus for your investment strategy if generating income through rental yields is not your desired path.
With house price growth at a five year high, it’s worth considering a purchase that will benefit from capital appreciation.
In the past 12 months, House prices in Manchester, Liverpool, Birmingham and Leeds grew above 0.1% compared to the year prior. By contrast, many southern cities saw a decrease in house price growth.
As the economy recovers from several years of turmoil, early indications suggest that growth will slow in the short term but continue to climb, nevertheless. Looking longer term as the market bounces back, property owners looking for capital appreciation can expect to be in a much stronger position in 5-10 years time.
Investing in property with these key cities in 2024 is going to set a course for a profit generating asset in the medium to long term.
Become Hands Off
If you’re looking to grow a property portfolio, it might be an idea to explore opportunities which benefit from a hands-off approach. Not only does this streamline your personal management of your property, but it allows you to consider more markets, where rental yields might be higher and tenant demand outweighs supply.
Leveraging the talents of experts will make the entire process relatively painless. So Alesco have partnered with Short-term rental company, Guest Ready to help investors develop a hands-off approach to their apartments.
Guest Ready handle a range of services including Housekeeping, Guest communications, check-ins and other aspects of property management.
Build A Portfolio
Whether you’re a first time or seasoned property investor, we can help you with planning and growing your buy to let property investment portfolio. The most important first step is to outline what it is you’d like to achieve from your property investment in 2024.
This might be high rental yields from short term lets, consistent rental income from long term lets or capital appreciation as the market improves over time.
Whatever your desired outcome, it’s advisable to start now while the market is working in favour of investors.
The Journey to financial freedom
The start of the year is a great time to outline your goals and when it comes to your investment options, making smart decisions now can set you on the path to financial freedom in the future. Though the UK property market experiences ebbs and flows, it remains one of the best performing in the world for rental returns and capital appreciation.
In 2024, establishing how your property investment can work harder for your financial ambition is going to provide you with a clear road map to follow. But the first recommended step is to speak with a expert who can present you with the best possible options for your budget.
How to invest in UK Buy To Let Property in 2024
Using this year’s data as a roadmap can provide a great insight into your property investment options for the year ahead. Now is the time to Identify the right opportunities in the UK property market. Whether this is your first time investing or you’re a seasoned property investor, we can help you with expert market insight and access to one of the UK’s best property investment portfolios.
Get in touch with us for more information or to make an enquiry
Written by: Perry Jax
Experienced Marketing professional working in the real estate investments sector.