Derby named as one of best places to buy property in the UK

Derby is one of the best places to buy a property in 2024, according to a new national study.

The research, carried out by property investment company Joseph Mews, found that Derby was among the most investable places in terms of purchasing property.

According to the firm, property price forecasts for Derby for 2024 suggest valuations could increase by 20.53% over the next four years.

It said the city presented an attractive proposition due to its major regeneration, its connectivity, high-tech global businesses, not to mention its proximity to the Peak District.

John Forkin, managing director of Marketing Derby, said: “This new research reaffirms what investors in our major city centre residential schemes have been telling us for some time now.

“Demand for property in Derby is high – not just from local people, but also those from across the UK, particularly the south-east. They are attracted not just by factors such as Derby’s affordability, connectivity, job opportunities and work/life balance – but also the sheer quality of developments that have been delivered – and continue to be delivered.

“This explains why, in addition to schemes currently being developed, there are numerous other residential-led projects waiting in the wings.”

The Joseph Mews study points to Derby’s ongoing regeneration, which includes the £200 million Beckwetwell regeneration project, the transformation of the city’s historic Market Hall, and numerous major residential schemes.

The research said that Derby’s “exceptional growth” is underpinned by its youthful population and above-average connectivity.

And it predicts rental growth of 12% by 2026, making Derby one of the best places to buy to let in the UK.

Joseph Mews said demand was being driven by the city’s “exceptional career opportunities”, with Derby home to global players such as Rolls-Royce, Toyota Manufacturing UK and Alstom.

The study said: “There’s a huge amount of working professionals within the market that are helping push prices in a positive direction, helping Derby’s claim as one of the best places to invest in buy to let property in 2024.”

Last year, Grainger launched Derby’s first ever buy-to-rent apartment schemes at Becketwell called The Condor.

And last month, Wavensmere Homes, the company behind Nightingale Quarter, the residential scheme being built on the former Derbyshire Royal Infirmary site, reported that Derby was outperforming other UK cities when it comes to rising residential rental prices.

Average private rents across the UK have soared by a quarter since the start of the Covid pandemic, according to Savills.

But in Derby city centre, Wavensmere reported that the cost of renting had nearly doubled.

Donna Smith, sales director at Wavensmere Homes, said: “Derby has – and is set to continue to – outperform other UK cities.

“The investment and growth the city as a whole is experiencing is attracting national attention, which is reflected in the enquiries and level of reservations in our final phases at Nightingale Quarter.”

To read the Joseph Mews report visit https://joseph-mews.com/uk-property-investment/where-to-invest/#.