The Worst Places To Buy A House 2024: If you're thinking of buying a property in the UK, I want you to stop right now and think about what you're doing. Buying a property is an enormous investment decision. People spend years saving up a deposit to buy a house, whether that's an investment or somewhere to live. As important as it is to know what to invest in, it's also important to know some of the danger zones where potentially not to invest.
In a recent video, I give you the top six places where not to invest in property in 2024. In this article, I will give you a summary of the list. If you want to know more about each location, I highly recommend watching the full video at the top of the page until the end! If you enjoy this article, please consider sharing it on social media. The more people that know about the worst places to buy a house 2024, the better!
The Worst Places To Buy A House 2024: 6. Blackpool
The huge decline of domestic tourism, in favour of overseas travel, has hit Blackpool hard. In the last few years, the number of visitors has significantly decreased. This reduction in tourism has had a devastating impact on the local economy. Many hotels and B&Bs have struggled to stay afloat, leading to closures and job losses.
The high unemployment rates and economic challenges have further compounded the issues, contributing to a 3% decrease in property values over the last year. The average house price in Blackpool is now about £135,000, a reflection of the economic struggles the town is facing.
The Worst Places To Buy A House 2024: 5. Croydon
I have loads of students in Croydon, Greater London! It once was a bustling hot spot with massively ambitious redevelopment plans, but it has seen a significant decline in property values.
In the last year alone, prices have dropped by 3.4%, making it the biggest faller amongst the London boroughs. The average house price right now is around £396,000, and Croydon has a very low rental yield of around 3.2%, which is terrible!
The Worst Places To Buy A House 2024: 4. Reading
The commuter town west of London, Reading, has a lot of challenges, especially with the implementation of Article 4. Article 4 directions have removed a lot of permitted development rights, making it very difficult for property owners to convert houses into HMOs. The Reading Council is notoriously bad at giving planning permission, which has significantly slowed down development projects.
Reading's house prices have dropped by 2.8%, with the average home now costing around £360,000.
The Worst Places To Buy A House 2024: 3. Hemsby
Hemsby, in Norfolk, on the surface, might seem like a great idea for investing. It's a quaint coastal town with beautiful landscapes, a peaceful lifestyle, and the charm of seaside living. It's easy to see why someone might be attracted to buying a property there. However, Hemsby has been severely affected by coastal erosion. In recent years, several properties have literally been lost to the sea, including dramatic scenes in 2013, when seven houses fell onto the beach.
The average house price in Hemsby is around £220,000, which is a little less than average, but for houses directly on the erosion line, the values are getting closer and closer to zero.
The Worst Places To Buy A House 2024: 2. Covent Garden
Covent Garden, known for its vibrant market, has seen a staggering 27% drop in property prices over the last five years! Every year, prices just keep dropping. That said, the average house price in Covent Garden is still high at around £1.2 million.
Rental demand in Covent Garden is considerably lower than in other central parts of London. Serviced accommodation is regulated there, and if you buy a property, its price is very likely to continue dropping.
The Worst Places To Buy A House 2024: 1. Aberdeen
Aberdeen, Scotland, known for its ties to the oil and gas industry, has seen significant fluctuations in property values over the past few years. House prices in Aberdeen have declined by about 7%, mainly due to the downturn in the oil sector and broader economic challenges. The average house price in Aberdeen is around £160,000, reflecting the decline.
In terms of rental yields, Aberdeen offers better returns than Covent Garden, but local market conditions make it a very tricky area for investment. There have been notable differences between Scotland and England generally when it comes to legislation. Scotland has different stamp duty rates and different tenants' rights, with much stronger protections for tenants. This makes it harder for landlords to turn a profit.
From The Worst Places To Buy A House 2024 To The Best Places To Invest
Those are the worst places to buy a house 2024, but property is still the best investment in my view! If you want to profit from property, you will need some training! Why not learn from a property expert? Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
