Where NOT To Buy Property In 2024

Thinking of investing in property in 2024? Watch this video to find out where NOT to buy property in the upcoming year. Don’t make a costly mistake – watch now!

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Video Chapters
0:00 – Top 6 worst places to buy
0:37 – Number 6 – Blackpool
2:18 – Number 5 – Croydon
3:18 – Number 4 – Reading
4:32 – Number 3 – Hemsby
5:38 – Number 2 – Covent Garden
6:55 – Number 1 – Aberdeen
7:55 – Summary

#PropertyInvesting

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 and 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 this video I’m going to give you the top six places where not to invest in property in 20 [Music] 24 so at number six I’m going to say Blackpool Blackpool back in the ‘ 50s and 60s and even when I was growing up as a kid was kind of like the go-to area to go on a on a holiday Resort it was the crown jewel of British stations millions of visitors every single year used to go to Blackpool on holiday so for service accommodation it was amazing I did a Financial Freedom challenge in Blackpool in 2019 so not to say you can’t make money in Blackpool but let me tell you why right now I think Blackpool is a dangerous place to invest firstly the huge decline of domestic tourism in favor 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 even stay afloat leading to closures job losses local businesses that once thrived in the influx of Tourism have now seen a significant downturn in trade the high unemployment rates the economic challenge have further compounded the issues contributing to a 3% decrease in property values over the last year and the average house price in Blackpool is now about £135,000 a reflection of the economic struggles the town is facing can you make money in Blackpool yes is it a tough nut to cck absolutely and unlike many cities normally the closer you get to the city center the more popping it is whereas with Blackpool fy1 the center of Blackpool the closer you get to the center the more devastating it is the higher the crime and the more problematic the property Investments are so number six is Blackpool now on to number five I got loads of students in croon greater London and it once was a bustling hot spot with massively ambitious read development plans but Cy 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 bers the average house price right now is around £ 396,000 and cin has a very low rental yield of around 3.2% which is terrible so let me explain what return on investment is so when you’re investing in a property you want to buy low rent high but the problem is in croon is yeah rents might relatively high but house prices compar compared to rents the returns really bad is Cen good or bad I’d say it’s pretty bad pretty tough market and that is why I’m listing it at the worst investment areas number five number four is reading I know some people for reading going to be upset here the commuted town west of London reading has a lot of challenges especially with the implementation of article 4 article 4 directions are removed a lot of privileg development rights making it very difficult for property owners to convert your houses into hmos without getting full planning permission and the reading Council are notoriously bad at giving planning permission which is significantly slowed down development projects it’s added to the costs and the hurdles for property investors and many local developers have shared how these restrictions have affected their ability to create profitable HMO Investments contributing to a decrease in property values again the HMO is a property rented out room by room with at least three people in it which is a great strategy for a property investor you know renting out a house room by room you increasing the value you’re maximizing the rent but that’s very very difficult now in reading and reading also houses have been dropping in Reading they’ve dropped by 2.8% with the average home now costing around 360,000 to buy in Reading at number three we’ve got hemsby which is in Norfolk and on the surface investing in hemsby might seem like a great idea you know it’s like a quaint coastal town like other beautiful landscapes peaceful lifestyle charm of Seaside living and it’s easy to see why someone might be attracted to buying a property there however hemsby has been severely affected by Coastal erosion and in recent years several properties have literally been lost to the Sea including dramatic scenes in 2013 when seven houses fell onto the [Music] beach and recently local residents have shared their heartbreaking experiences of watching their homes literally crumble away due to the Relentless erosion so the average house price in hemsby is around £220,000 which is a little bit less than average but for houses directly on the erosion line the values are getting closer and closer is zero hemsby definitely had to be on the list of a very dangerous area to [Music] invest number two is Cent garden now this will shock you okay Cent Garden you might know it as a vibrant Market the district has seen a staggering 27% drop in property prices over the Last 5 Years every year just dropping dropping dropping the average house price in common Garden is still high at around 1.2 million be mind it’s dropped 27% in The Last 5 Years the average rental yield is 2.7% which is probably the least attractive area for property investment in the entire country the average rent for a one bedroom apartment is around £3,000 a month for two bedroom apartment £ 3,500 but to buy a property in the area I mean you are literally going to get a 2% return investment which is probably not even going to keep up with inflation rental demand in Covent Garden is considerably lower to other Central parts of London service accommodations are regulated there and if you buy a property there it’s very likely to continue dropping so I’m out CL Garden I’m [Music] out next number one worst place to invest my least likely place to do a Financial Freedom challenge where be the toughest would be abedine Scotland abedine Scotland known for its tires to Oil and Gas G industry has seen significant fluctuations in property values over the past few years house prices and abdine have declined by about 7% That’s mainly due to the downturn in the oil sector and broader economic challenges as well the average house price in abedine is around about £160,000 which reflects the decline in terms of rental yields abedine offers you know better certainly better than coven Garden returns with the local market conditions make it very very tricky area for investment there have been some 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 also Scotland has implemented rent caps and eviction banss to protect tenants so abedine I’m saying it’s probably my least favorite area to go and invest right now so there you have it from me as requested from you subscribers that is my top six worst areas to invest in the UK it’s really important to note as well just because an area like Cent Garden for example might be terrible for balet it might work for something else maybe development opportunities or it might be that aine might be really bad for one thing but could be good for something else so I wouldn’t rule off an entire city for property investment altogether important to just choose the right strategy for the right area but those were my six most dangerous areas dropped with problems I want know do you disagree with me or do you agree with me were there any areas that I missed off that you think are even worse let me know in the comments don’t forget to like And subscribe I engage and interact and listen to all of your comments and if you got any more ideas that you want me to do to shoot a video on you got thoughts comments questions let me know below I look forward to reading your comments and I’ll see you next time