New research from Barclays has given an interesting insight into predicted investment hotspots in the residential property market by revealing the areas across the UK where house prices and rental incomes are expected to rise.
According to the research, and despite an uncertain economic and political climate, the UK property market remains buoyant, with prices in areas across the UK set to rise by an average of 6.1% by 2021, bringing the average value of a UK property to almost £300,000.
Barclays predicts that over the next five years, high employment rates, growth in private housing market levels and an increase in rates of average earnings will contribute to rising property prices across the UK.
Perhaps unsurprisingly, the South is expected to see the largest annual property price increase over this period, however property investors are looking north of the property hubs of London and the South East for good value for money and income stability. Over a third (38%) of high net worth investors looking to purchase property in northern regions think that property prices are going to rise there, with over a quarter (27%) who plan to purchase citing strong rental income as a reason to invest there.
The Midlands has the fourth highest expected annual price increase in the UK at 1.22%, behind London, the East of England and the South East.
Scotland has the fifth highest expected annual price increase at 1.15%. East Renfrewshire makes the top 20 areas of highest growth, with an expected annual increase of 4.37%. According to Barclays, this predicted price rise is partly based on the large proportion of highly qualified residents in the region.
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