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Revealed: 10 Most Searched-For UK Areas for Homebuyers and Renters

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    Buy-to-let investors need to keep an eye on the broader UK market rather than focusing on one particular location. This helps them identify high-yielding areas with good value buy-to-let property investments.

    Therefore, keeping tabs on which areas are popular with homebuyers and renters is a good idea. This will give landlords a better grasp on which type of location is proving popular with tenants, helping them hone their investment strategies.

    Today, we’ll look at the areas that are tickling interests up and down the country and discuss the benefits of some of those buy-to-let rental hotspots.

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      According to research from property portal website Rightmove, London is the most searched-for location for homebuyers and renters.

      This is typical for the English capital, thanks to its huge economy, high interest from overseas investors and the allure of living in one of the most recognisable places in Europe.

      However, affordability in the London property market is enough to put off many investors and renters, which may be why many better-value locations, such as Liverpool and Glasgow, have appeared in the top 10. Those two cities have good job prospects and below-average property values. They also have thriving student populations, which is good news if you’re looking for a student investment property.

      According to Rightmove, searches for London properties increased by 1% between 2022 and 2023.

      The data indicates that traditionally popular cities continue to attract buyers, while cheaper places found their way onto the list in the face of a cost-of-living crisis.

      2023 was a year in which mortgage rates made it difficult for many to get onto the property ladder.

      High inflation and burgeoning interest rates forced more people into the rental sector, making rental prices rocket due to unprecedented tenant demand.

      Find Out More: If you’re interested in property, check out our guide on UK buy-to-let properties for sale.

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      Most Searched-for UK Locations in 2023: At a Glance

      The list of most searched cities for homebuyers and renters is as follows:

      Most searched-for by buyers

      1. London
      2. Cornwall
      3. Devon
      4. Glasgow
      5. Bristol
      6. Edinburgh
      7. York
      8. Sheffield
      9. Cambridge
      10. Manchester

      Most searched-for by renters

      1. London
      2. Manchester
      3. Bristol
      4. Glasgow
      5. Birmingham
      6. Liverpool
      7. Leeds
      8. Nottingham
      9. Sheffield
      10. Cambridge

      Read more: Interested in earning a passive income in the UK with buy-to-let investment in the North West? Check out our buy-to-let Manchester guide.

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        Will 2024 Prove Different for the UK Housing Market?

        While it is difficult to predict the housing market, mortgage rates have been coming down slowly since July 2023 – so has inflation. For this reason, we can expect more people to enter the property market, especially as affordability seems to be on the up.

        Inflation is down to 3.9% and expected to fall further in the opening months of 2024. As such, many forecasters believe the Bank of England will lower the interest rate from 5.25% sooner than planned.

        According to Rightmove research, the average asking price of a home fell by 1.9% by the end of 2023 – sitting at £355,177. The property portal states that those figures would fall by a further 1% by the end of 2024.

        Rightmove’s Tim Bannister says:

        “While it is early days for the 2024 housing market, it will be key to monitor activity as it ramps up through the end of winter and into spring, particularly to track whether sellers are pricing attractively enough to agree a sale with a buyer quickly.”

        In addition, Savills predicts that the rental growth will rise by 6% throughout 2024 and points to the North West buy-to-let market as one of the most lucrative niches in this UK property sector – reporting an expected return of 9.2% for North West landlords.

        Learn More: For more information on regional buy-to-let, consult some of our handy buy-to-let area guides:

        Revealed: 10 Most Searched-For UK Areas for Homebuyers and Renters

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        Author

        Dale Barham

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        Dale is a property news and onsite content writer at RWinvest.

        1. The Most Popular City Searches in 2023: Where Do Homebuyers and Renters Want to Live?
        2. Which UK Cities Are Popular for Homebuyers and Renters?
        3. Most Searched-for UK Locations in 2023: At a Glance
        4. Will 2024 Prove Different for the UK Housing Market?
        Market & Investment Trends, UK