This is according to Stuart Law, chief executive of the buy-to-let company Assetz, who told Property Reporter that he expects the UK average house price to increase by around seven per cent in 2015.
Stamp duty changes and annuity legislation updates that are coming into force early next year are likely to help drive interest in further property investment, with the strong momentum seen in London during 2014 likely to spread across the rest of the country in the year ahead.
This is set to happen due to the prevalence of young professionals, who would previously have been based in London, finding themselves are priced out of the property market in the capital, leading them to migrate to regional hubs such as Birmingham, where they will benefit from more affordable costs and a vibrant culture.
Mr Law said: "Although London has led the way through most of 2014, the capital is now cooling and 2015 will see UK regions playing a long-awaited catch up, helping to balance the effect of the London slowdown."
As such, the expert advised buy-to-let investors to seek property in areas with high levels of employment, such as affluent suburbs or city centres, to access a growing market of cash-rich tenants. Scotland is also likely to see a fresh resurgence in property price growth, now that the uncertainty surrounding the country in the run-up to the recent referendum on independence has been dispelled.
Property sector stakeholders were also advised to look to smaller housebuilders to become an increasingly important supply of new homes, particularly in the development of smaller parcels of land that are deemed less attractive to large developers.
This could be an important step towards helping the country address its long-term housing shortfall issue, with a recent National Association of Estate Agents survey suggesting that housing demand will continue to outweigh supply in 2015.
Source: www.rman.co.uk
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