Investing in property is a decision that shouldn’t be made lightly, especially when the housing market is still in a period of instability. However, with house prices predicted to fall further going into 2024, now may be the best time to get on the property ladder.
The East Midlands has quickly become one of the best places to live in the UK thanks to increased job opportunities, economic growth, and great transport links. Also, investors are starting to purchase land to develop further properties throughout the region.
In this guide, we take a look at some of the best places to invest in property in the East Midlands based on housing demand, infrastructure development, and quality of amenities.
Nottingham
For a fairly small city, Nottingham certainly packs a punch, competing against major cities like Birmingham, Manchester, and Liverpool. The economy in Nottingham has grown year on year and there are thousands of jobs expected to become available by the end of the year.
The city is also committed to becoming carbon neutral by 2028. It has already created green and open spaces as well as investing large sums into the UK’s greenest bus network. In terms of property, the high demand has made Nottingham one of the top locations in the UK for growth.
Property prices site at around £230,000, which is considerably lower than the national average; however, these values are expected to rise until 2025. You’ll notice that there are various property types in Nottingham including new homes, detached family houses, and single flats.
Derby
Recognised for its engineering and manufacturing industries, Derby is now experiencing a resurgence in property investment interest. Out of all of the locations on this list, it is actually the most affordable based on utility bills, council tax, and home insurance.
With close ties to cities like Birmingham and Nottingham, Derby has extensive transport connections, making it an appealing location for companies looking to locate their head offices and individuals who plan to commute to work. Residents in Derby will also be able to take advantage of the building of HS2 East due to the rail contracts and systems deals it will create.
Because of these significant transformations and a growing population of professionals, Derby is becoming a hotspot for purchasing property. With prices expected to increase, now is the time to invest.
Northampton
While it’s less widely known than other cities like Nottingham and Derby, Northampton is emerging as a great location for investing in property. The city is now in high demand as a result of increased businesses, its growing economy, and affordable prices.
Since Northampton is well connected to London and other major cities, it has become a hub for those looking to commute, helping to drive the demand for housing in the area. Despite not being the cheapest location in the East Midlands to buy a home, it is still relatively affordable and a great choice for those on limited budgets.
The cultural scene in Northampton is growing and has never been better, offering a range of events, festivals, and markets throughout the year. This has attracted a younger demographic consisting of creative and innovative individuals who are further boosting the demand for housing.
