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UK Regions poised for the most significant property price increases in 2024

December 20, 2023

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Article Summary

Buy-to-let
  • The two primary drivers behind the projected price increases: A scarcity of available properties amplifying demand, and the lack of supply.

  • The subdued nature of the government's house building plans for 2024 is expected to contribute to sustained price growth in these select regions.

  • The list includes diverse locations such as Halifax, Motherwell, Margate, Ramsgate, Bolton, Liverpool, Reading, Derby, York, Rotherhithe in London, and Aberdeen.

Introduction

In the ever-evolving landscape of the UK property market, characterized by a prevailing ‘buyer’s market,’ certain regions stand resilient, presenting a unique opportunity for property investors. While the overall forecast suggests a decline in house prices, industry expert Jonathan Rolande, the founder of the National Association of Property Buyers, provides a more optimistic perspective. He anticipates monthly price increases in various towns and cities outside of London throughout 2024, creating a silver lining for investors seeking avenues for capital appreciation.

 

Resilient Regions and Market Dynamics

Cities like Halifax in West Yorkshire and Motherwell in North Lanarkshire emerge as stalwarts, defying market uncertainties and showcasing the resilience of specific areas. Conversely, regions in the southeast, including Kent and Essex, face the aftermath of a golden period of price rises, now witnessing a plateau and subsequent decline. Jonathan Rolande attributes the projected price increases in resilient areas to a combination of factors—primarily a shortage of available properties driving heightened demand and the absence of a clear roadmap for comprehensive housebuilding exacerbating the supply shortage.

The two primary drivers behind the projected price increases become apparent: a scarcity of available properties amplifying demand, leading buyers to pay premium prices, and the lack of a clear roadmap for housebuilding aggravating the supply shortage. The subdued nature of the government’s house building plans for 2024 is expected to contribute to sustained price growth in these select regions. However, the impact of a General Election looms large, as a new government could inject a much-needed feel-good factor into both the property market and the broader economy.

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UK Areas Poised for Growth in 2024

Highlighting the specific regions set to experience house price rises in 2024, the list includes diverse locations such as:

– Halifax
– Motherwell
– Margate
– Ramsgate
– Bolton
– Liverpool
– Reading
– Derby
– York
– Rotherhithe 
– Aberdeen

Notably, Rotherhithe in the Borough of Southwark emerges as a potential hotspot for price appreciation, attributed to ongoing regeneration projects in nearby Canada Water and a scarcity of housing stock.

 

The Property Landscape

For investors eyeing opportunities in London, the focus extends beyond traditional hubs, encompassing not only regeneration projects in Zone 1 but also the vibrant district of Canary Wharf. This diversified approach reflects the breadth of investment opportunities available to those with a discerning eye, acknowledging the evolving dynamics within the city’s real estate market.

Liverpool captivates property investors in 2024. Famed for its cultural richness and regeneration in areas like the waterfront and Knowledge Quarter, the city experiences a surge in demand, creating a shortage of available properties. This, coupled with its iconic landmarks, positions Liverpool as a prime destination for investors eyeing both cultural vibrancy and property appreciation.

Bolton, a key player in Greater Manchester’s real estate scene, offers unique investment prospects in 2024. Balancing historic charm with modern amenities, the town’s strategic location and resilience in the market make it a compelling choice. Bolton’s real estate market reflects a harmonious blend of history and contemporary liveability, appealing to investors seeking stability and potential growth in Greater Manchester throughout the upcoming year.

Conclusion

In conclusion, amidst the prevailing challenges in the UK property market, astute investors find themselves presented with a strategic window of opportunity. The projected price increases in resilient regions, coupled with regeneration initiatives in both traditional and emerging hotspots, create a landscape ripe for capital appreciation. As the market evolves, the interplay of supply and demand, government policies, and broader economic factors will continue to shape the narrative, offering investors a dynamic canvas on which to paint their success stories. For those navigating the property investment landscape, a comprehensive understanding of these trends, coupled with strategic decision-making, will be instrumental in unlocking the full potential of this exciting market.

To find out about more of some of the most attractive new-build and regeneration projects that the UK has to offer, click here.

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