Where to buy your first home in the UK at a better price in 2022?

Investing in property has always been considered a safe and stable investment, and a profitable one too. Seeing how the property prices continued to rise in the past year, hitting a record high eight different times, it is safe to say that investors who bought the property in the past few years have certainly made a hefty profit. In essence, an investment made in the property will have a good return on investment, in the long-term and short-term future. 

Of course, buying a house is a pretty big investment, be it for first-time buyers or property investors. From choosing the right mortgage to saving for a down payment, from choosing the right location to buying the right kind of property, there are so many things that potential buyers have to consider before investing in a house. According to estate agents in Oakwood, these are the places where you should buy your first home in the UK in 2022. 

Edinburgh

Edinburgh, the capital of Scotland, is one of the best areas to buy a property in the UK in 2022. In certain areas, potential buyers can get a great property under £200,000, which makes it a very affordable city for first-time buyers. With ample job opportunities, four world-renowned universities and a large population of young professionals, Edinburgh is a great place to live for first-time buyers. Also, this city is considered a global financial hub, which means an investment in Edinburgh will certainly be profitable in the long run. The average selling price of property in Edinburgh is around £311,217, which makes it a great area for investment. With the average rental yield around 5.7 percent, with some areas having a rental yield of 7 percent, Edinburgh is a great place for buy to let properties and rental properties as well. In fact, in the last 5 years, the average price of property in Edinburgh has risen by a whopping 27.7 percent! Potential buyers can look at large family homes, townhouses, modern apartments as well as terraced houses, all of which are very affordable.

Liverpool

 Liverpool is considered to be one of the most up and coming areas in the UK. With a massive student population and a young renter population, Liverpool is a great place to live for first time buyers, and it is a great place to invest in rental properties. This city has been ranked one of the best places to live in the UK, with a high income to house price ratio and an upcoming regeneration plan which will further the development of Liverpool, thus upping the prices in the long run. In the last 5 years, the average price of property in Liverpool has increased by 20.6 percent, which is indicative of the development, and the demand, in the area. The average purchase price of property in Liverpool is currently around £205,620 while the average rental yield is around 6.3 percent, with certain prime postal codes having a rental yield of 10 percent! From contemporary apartments to luxury penthouses, as well as detached homes and townhouses, potential buyers have a variety of options to choose from. 

Manchester

Another student-friendly city, the population and property prices of Manchester are all set to grow rapidly in the future. In the past 5 years, the average price of property in this developing city has risen by 15.2 percent. In 2020, Manchester has ranked as one of the top places in the world for startups. Also, Manchester is a hub for finance and media, which is what makes this city attractive for young professionals and students. A modern developing city with around 56 per cent of the population under 49, Manchester is a great place for first-time buyers who are looking to settle down in an upcoming youth-oriented area. As of now, the average price of property in Manchester is around £233,806, which is relatively affordable. Manchester is also very popular among landlords and property investors, as the rental demand here is very high due to the large student population. In Manchester, the average rental yield is around 6.1 percent.

Glasgow

Glasgow, a beautiful city with the perfect balance of modernism, heritage and culture. Despite the recent development projects in Glasgow, property here is very affordable; the average price of property in Glasgow is around £200,124. In the past 5 years, the average price of property here has increased by a massive 22.1 percent! Right now, Glasgow is very popular among students, first-time buyers, property investors and potential buyers alike. This is mainly because the government plans to make Glasgow a net-zero city by the year 2030. This clean and green inactivate will certainly put Glasgow on the map as an up and coming city to look out for in the future! With an average rental yield of 7.9 percent, which is considered to be the highest rental yield in the UK, Glasgow is a very stable and profitable city to invest in. 

For those of you who are planning on buying a property in the UK in 2022, there are some important things that you need to keep in mind. For one, with the continuous rise in property prices and the constantly changing buyer demand, it is very important to understand the property market. Make sure to choose the right area, the right location and the right property type before investing. Also, it is important to understand the current market trends and make an offer at the right time. Secondly, first-time buyers need to speak to estate agents, banks and mortgage lenders to understand exactly how much they can afford to spend on their new home – this budget needs to be decided beforehand to apply for a mortgage pre-approval. To do so, first-time buyers have to understand their housing requirements while being able to differentiate between their needs and wants. And lastly, potential buyers need to start saving for a deposit at least 6 to 8 months before making an offer. While doing so, make sure to work on your credit score by paying bills on time and clearing any existing debts or loans.

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