In 2018, the path towards buying a house looks likely to be strewn with obstacles. Interest rates could rise further in the wake of the base-rate increase from 0.25% to 0.5% The Guardian reports, while Brexit could also weigh down on the market – albeit in ways that currently cannot be easily foreseen.
These twin spectres could necessitate homebuyers becoming more particular regarding where in the country they buy; the following areas look set to be relatively promising property hotspots in 2018.
Croydon, London
The recent arrival of the Boxpark retail centre in Croydon has helped this London borough to enjoy something of a renaissance in reputation. Another shopping centre, Westfield, is also on the way and should further help nudge up property prices in the area.
In an Express article, Tim Mycock, Development Director at Reditum Capital, observes that those prices are currently roughly £185,000 beneath the London average. This helps to explain why you can expect great value for money in Croydon, despite a 20% rise in its property prices in 2016.
Salford, Greater Manchester
Media giants the BBC and ITV have recently chosen the Greater Manchester city of Salford as an office base. Furthermore, largely due to the £1 billion investment recently poured into Salford’s MediaCityUK development, Manchester has cemented its place among the UK’s leading tech hubs.
Therefore, Salford is an ideal place to move to should you be eyeing a creative or digital career; Amion forecasts that Greater Manchester’s workers in these sectors will number 27% more by 2034.
Liverpool, Merseyside
With much housing currently being regenerated in Liverpool, you shouldn’t be surprised if the Merseyside city’s property prices soon rise. In fact, those in the L1 postcode area recently have – by a staggering 41.2%. Hence, you might want to buy a Liverpool home sooner rather than later.
The city is also an ideal place to invest in student property – as, while house prices in Liverpool are low, the large number of students has helped make rental values – and, thus, rental yields – high.
Luton, Bedfordshire
Like Croydon, the Bedfordshire town of Luton warrants shaking off its negative image from the past. These days, Luton could be deemed unjustly overlooked; it is well-supplied with good schools. That should hearten parents; several secondary schools locally have attracted “good” ratings from Ofsted.
Property here is varied, too. Whether you want a new-build home, Thirties semi or something in-between, you’re covered. However, the town’s average house price remains a low £252,896.
Berkhamsted, Hertfordshire
Though less well-known than St Albans in the same county, Berkhamsted offers more for the money you would pay. Local attractions include the National Trust-run Ashridge Estate and twice-weekly market. Jamie Dyson of estate agents Brown & Merry has praised Berkhamsted to the London Evening Standard, calling the area “the perfect commuter town”.
Homes here are varied, and improving them doesn’t have to be hard. Despite the town’s country location, a local resident can still easily receive a folding door to be fitted by Bifold Shop.
