Investing in a new home is an exciting concept, but there are also numerous potential risks involved. Will you enjoy living in your new area? Will the region’s house prices go up or down during your time there and will you make a profit or a loss as a result?
For many, a major question is whether to purchase a property inside or outside of London. The capital is understandably a magnet for ambitious, hard-working people who long for a taste of fast-paced, metropolitan life.
But what about the north? There are a number of major benefits, often overlooked by eager homebuyers, which may allow them to reap considerable benefits when buying in this region of the UK.
Here, the sell house fast experts at Property Solvers explain why investing in property in the north of England may be the best decision you could make.
One of the obvious ways in with the north comes out on top is its house prices. For the same price as a tiny studio flat in the capital, you could purchase an attractive four–bed end terrace property near Manchester City Centre.
Newcastle and Leeds see even better value for money, with the same budget buying you a sizeable five–bed semi or a four-bed detached respectively.
Because of the variety of properties that are accessible for a much lower budget in the northern cities, there is also often a great deal of opportunity to increase their value by working on them cosmetically and structurally.
Many have gardens that provide ample opportunity for landscaping, as well as numerous sizeable rooms that can be renovated. A studio flat in London can be decorated too, but really, the only considerable change in its value will come from the development of the surrounding area.
London life is fast-paced, crowded and pricey. What’s more, the average commuting time is an exhausting 74 minutes, as homes near the centre are way out of the price range of most workers.
In the north, a typical commute takes under an hour (sometimes way less than this), so while it’s always difficult to avoid some level of rush hour crush in a thriving urban centre, at least it won’t take too long!
Leeds and Manchester, in particular, are just a stone’s throw from some of the most beautiful scenery in the country – with the rolling Pennines and romantic moors accessible within a twenty-minute train ride.
Furthermore, thanks to some considerable investment, northern city centres are on the up too. Stylish new flats, trendy bars and eateries and attractive public spaces are springing up on a regular basis.
As a result, those moving from London may be surprised at how little their social lives will change. There will be one difference though – getting to and from the city centre for a night out will generally become a much quicker, cheaper and less stressful task!
Sports and music are huge pastimes for many residents of the north, with Manchester and Liverpool, in particular, being the birthplace of some of the UK’s most famous teams and bands.
History and culture abound – the north shaped the careers of the Brontës and the Lakes poets and was also the centre of a great deal of political change, from the industrial revolution and the Luddite uprisings to the Peterloo massacre, Chartism and much more besides.
Stress can be a major problem for residents of London, but there are also physical factors at play that are likely to impact your health there far more than elsewhere.
On a scale of 0–100, London sits at 64.91 on the air pollution scale. Manchester lies at 47.73 and Leeds at 47.58. From there, we see a considerable drop, with Newcastle sitting at just 23.15, Liverpool at 21.15, Sheffield at 34.52 and Hull at 33.33.
From these figures, it’s clear that your health will benefit considerably from a move to a northern city.
Things are definitely changing up north and the major cities – Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle – are seeing investment like never before.
Manchester, in particular, now benefits hugely from the opening of the northern BBC branch in nearby MediaCityUK, Salford Quays. As a result, the surrounding areas are swiftly growing in popularity and value.
Recently, it has been published that more people than ever are leaving the capital, with matters such as the high costs of living potentially influencing their decision. Luckily, this choice may not long have the severe knock-on effects that it used to. The development of HS2 promises that the commute from Manchester to London will take just over half of the current quickest possible time – meaning workers can benefit from cheaper living costs and a larger home of better value, while still travelling to their job in the capital.
As a result, now is the best time to buy in the north. House prices continue to rise and, as a result, you’ll see a much-improved return on your investment if you decide to move again at a later date.
Of course, it’s hard to predict what the future may bring, both in the capital and in the regional areas of the UK, particularly considering the current climate of political uncertainty.
Despite the exodus it is now experiencing, London will continue to be a popular place of residence for many. After all, our great business and financial centres remain there.
Furthermore, with HS2 offering greater ease of access to the capital from all around the UK, prices may even out around the country and residential overcrowding may ease – though this is difficult to predict.
Property investment and development has slowed considerably at the moment, and buying in any region of the UK could be considered something of a gamble. However, prices in the urban centres of the north continue to rise, and development is still being funded.
In the end, personal preference plays a considerable part in the decision of any homebuyer – and the power of the “London bubble” cannot be denied.
However, there is no arguing with the fact that you will get a great deal more for your money when you buy in the north, and the potential for your home’s value to rise there is very real.