UK regions attracting foreign property investors
Different regions of the UK are proving to be increasingly popular with real estate investors around the world, an expert has noted.
According to Charlie Cunningham, chief executive at FreshStart Living, foreign investors have traditionally concentrated their efforts on the London property market.
However, he said they have recently begun to realise that good opportunities can also be found in other parts of the country.
North-west England in particular was flagged up as one emerging hotspot of activity, partly because of the BBC's recent move to MediaCityUK in Salford.
Mr Cunningham said the corporation's relocation has brought greater credibility to the city and raised awareness of the location among people who may have previously never heard of it.
"We have experienced a growing interest from people looking to invest in the north-west in recent years," he commented.
Mr Cunningham noted that overseas investors are also starting to look further north because they have realised it is a more affordable market than London.
Indeed, he said some believe the cost of buying real estate in the capital has become excessively high in the last few years and consider markets such as Manchester and Salford more affordable alternatives.
"They can get more for their money," Mr Cunningham observed.
Prospective landlords who are considering investing in north-west England were advised to consider the cost first and foremost.
Mr Cunningham said this is because many people mistakenly believe they are likely to make a profit when they put their property on the market.
He stated that the key to making a profit is actually making sure they buy the home at the right price, ideally at less than the market value.
"It can really increase the returns they see on that property," Mr Cunningham said.
"They can charge below-market rent, whilst still achieving the same yields."