UK property investors looking to the North
Investors in UK property are increasing looking at Northern destinations, says a top consultant.
Stuart Law, Chief Executive of UK and International property investment specialists Assetz plc, says UK buyers are not just considering the capital.
“There is substantial overseas money beginning to come into the country other than London. We are still selling a lot of stock to overseas buyers in the North.
“Increasingly buyers are flying into Manchester and are looking at investment options in the north of England.
“They take a flight into Manchester and are looking anywhere in the North. Development sites are included.
“We recently sold a very large part of Manchester centre. I can’t say where or how much. This is all evidence of overseas buyers getting much more active.”
Mr Law estimates that residential property prices in Britain will rise on average by up to 5% over the next year, a little more than in 2012.
“Partly this is as a result of the government’s Funding for Lending scheme making a difference. It started this year, but it is still small, but by next year it will have quite a decent effect.”
Assetz believes that rents could rise 4% next year, but they will be constrained a little by wage growth.