Recent reports of an economic downturn may make you want to delay your property investment. But the professional advice is actually the opposite! As the UK emerges from the coronavirus lockdown, now is the perfect time to take advantage of the property investment opportunities available to you.
Property Investment Opportunities – A Simple Guide
You may have spent your time in lockdown thinking about property investment opportunities you’d like to take advantage of. Now that the market has reopened, many property experts are seeing demand hit pre-lockdown levels. By delaying your purchase, you could miss the chance to benefit from a very eager market.
People who have been stuck inside their accommodation for the previous few months have changed their priorities about where they want to live. A large proportion of tenants are now beginning to look for new homes that fit their new needs. There is no better time to take the next step on your journey and invest in a buy-to-let with outdoor space and somewhere to work from home.
Don’t let reports of a shock contraction in the UK economy scare you off an investment. Although forecasts report a drop of 15% during the second quarter of 2021, these same predictions foresee a GDP growth of 5.6% in 2021. This is a positive improvement on the previous forecast of 4.5%.
This means any downturn will be sharp, but short-lived. The economic impact of lockdown will begin to resolve as things return to normal, once again establishing a secure environment for property investments.
There have been reports of a possible fall in house prices during 2020, which may cause people to hold off on their buy-to-let investment. As we reported in an earlier article, this fall in property prices will be short-lived and the market will recover within nine months. If you wait too long, you may see no benefit at all.
Waiting for a drop in housing prices could also cost you money. Any rental income you’d have made on your buy-to-let would have been lost, which is hardly covered by the money saved on the property purchase. There is no financial gain to be made in delaying an investment.
Since lockdown ended, numerous investors have already completed transactions on new investment properties.
Oli Banks, managing director of North Property Group, says that many people have already begun investing in property again: “Since the easing of the lockdown restrictions on the property market, over 70% of our transactions have been with investors. These unprecedented times have created new investment opportunities in property, which shouldn’t be missed.”
Contact us for Leeds property investment opportunities
Although The Preston is sold out, if you’ve missed your chance there are still plenty of buy-to-let Leeds property investments. To find the perfect Leeds property to add to your portfolio, contact North Property Group today.