This was supposed to be the year where Britain could finally catch its breath following a decidedly turbulent 2016. But now, as we turn over the final pages of our calendars, we find ourselves in yet another frenetic climate.
Between the snap election, hung parliament and striking a Brexit deal, it’s been another dizzying 12 months in the UK – casting an ambiguous cloud over the property market. Naturally, you need a sense of security about your surroundings before you plug in the money pump. But contrary to what some might tell you, investing in property remains very much a sound investment. Here, we explain why:
Demand for property is far greater than supply
Economic experts are attempting to dissect current property trends to make accurate market predictions for the upcoming year, but there remains one statistic that trumps all others: There are more people than properties in the UK right now.
A whirlwind couple of years hasn’t changed the fact that people need homes. The demand for rental properties has actually never been higher, so making an investment today is less of a gamble than it is a calculated choice.
Foreign investment in UK property remains high
We’re still not quite sure what sort of deal we’ll get out of Brexit yet, but international organisations are still investing in UK property nonetheless. A weakened pound (as a result of the EU referendum) has only encouraged foreign companies to shack up over here, rather than deter them.
Foreign investment has boosted city economies with additional capital, creating new attractions and tempting people to the area. Manchester is a perfect example. More businesses mean more employees – and more tenants looking for a place to live.
Opportunity for great deals
There’s a good chance we could see more properties popping up on the market as the next few months tick by. Once Britain officially leaves the European Union, a sizable number of people will sell their properties and move elsewhere – leaving investors in a terrific position to secure excellent deals.
Buying property soon also gives you a chance to take advantage of low mortgage interest rates – which the Bank of England are likely to increase in the future. Investing in a property now, rather than waiting years for everything to “blow over”, could potentially save and gain you thousands of pounds’ worth of extra money.
Despite all the big changes over the past year, there are two things we remain absolutely sure of here at Summermere. Firstly, the property market is still a terrific place in which to invest. And secondly, we are still the best team to turn to for property management and letting agent services.
Thinking of investing in Manchester rental properties? Get in touch on 0161 798 6633 to partner with a team who will help you make the most of your new (or expanded) portfolio.