Best buy-to-let investment areas

Read about some of the best areas to buy in 2024

Are you looking for some of the best areas to invest in property in 2024?

Then you’re in the right place. As we’re well and truly into the year, we’ve taken a closer look at the property market and what investment opportunities may present themselves to you.

When considering where to purchase your next rental property, there are a few key factors to consider. Things like property prices, rental yields, tenant demand as well as things like regeneration in the area and career opportunities should all be high on your list. For any investors, understanding these metrics is a great way of figuring out where to consider for your next buy-to-let purchase.

So, let’s get started.

Why invest in Birmingham? (Average property price: £259,821)

First up we’ve got Birmingham. This city has catapulted right to the top of our 2024 property hotspot list. And for good reason, too. One of the biggest advantages Birmingham holds is its affordability. House prices here tend to be more accessible than across the wider UK – according to Rightmove you can snag a terraced property for £213,263, and flats are going for an average of £154,904*. The city has started attracting and retaining skilled workers that have the income to spend in this rapidly growing city, and it’s definitely one for investors to keep a keen eye on.

Why invest in Manchester? (Average property price: £285,493)

For locals, Manchester is the best city in the world; for everyone else, it's just a brilliant place to live. It’s a northern powerhouse of a place, and investors have already spotted the opportunity here. Terraced houses go for an average of £235,946 and flats have an average asking price of £201,356.

It’s an exciting place to put your money as the city continues to grow rapidly both in terms of economy and population. Of course, the city centre is a safe bet, but you’ll also want to keep your eyes on the outer suburbs of Manchester, which offer some hidden gems for investors who are willing to think outside of the box. Now is a great time to look further afield at places like Stockport, Wigan and Bolton.

Why invest in Leeds? (Average property price: £263,332)

Leeds. Another northern powerhouse. This city has already been recognised by investors as a playground of opportunity. Terraced houses here go for an average of £191,176 and flats for £160,717**. It’s a university city with a buzzy atmosphere and fantastic job opportunities. In addition, there are billions of additional pounds being injected into the city – including investment in a HS2 station for high-speed trains to London. With an average rental yield from 2.6% to 9.2% across all Leeds postcodes, there’s plenty of opportunity for buy-to-let investors^. It certainly is a city to add to your list if you’re in property for the long game.

Why invest in Glasgow? (Average property price: £200,271)

While Glasgow has often been overshadowed by Edinburgh, Scotland’s second city is a true hotspot for investment. With four different Universities and a growing population of young professionals, sale prices and rents are expected to rise over the next few years. It has been on our city-to-watch list for a few years now, and we believe the explosive capital growth phase here is still yet to come.

Why invest in Liverpool? (Average property price: £216,882)

Liverpool is a safe bet for those of you looking for the best place to invest in property 2024, especially for those looking for good rental yields. The average cost of a terraced property here is £157,049, whilst flats will set you back a very reasonable £143,583. If you think about where Manchester is now, we believe there’s still plenty of growth to come from Liverpool. Watch this space.

Finally, don’t take our words as hard facts. These are the places where we’d put our money in 2024 based on research and our local knowledge. However, it’s worth remembering that these might not be the perfect places for you to invest – especially if you’re new to buy-to-let or live far from these locations. If you’re serious about your landlord journey, or you have your eye on a property, you’ll want to know what you could potentially rent it out for. That starts with a quick and easy valuation…

How much rent could you generate from property?