A new report suggests you should look north. (Photo: Getty Images/iStockphoto)
The world of real estate offers tremendous financial potential, especially if you are willing to commit the cash, time, and effort to “flip” a home.
House flipping refers to buying a property (usually one that's a bit rundown and in need of repairs) and then increasing its value for a profit – in other words, buy low and sell high.
And now we've discovered the perfect city to do just that.
A new report finds that seven of the top 10 best places to resell a house are in the north of England or Scotland, with Manchester securing the top spot.
BestHeating data shows Manchester ranks highly in every category, including having the second-highest number of home sales (20,499) after London and the third-highest number of hardware stores per square mile.
House prices in the northern city have risen by more than a quarter (26%) in the past five years, with the average property owner adding £19,000 to the value of their home through renovations, making it a hotspot for making profits on resale.
Nottingham came second in the rankings, with Liverpool coming in third. In Liverpool, buyers are adding an average of £20,000 extra to their home, the highest gain in the UK.
Stoke-on-Trent came in fourth and Leeds fifth. It's notable that London doesn't feature in the rankings – in fact, Portsmouth is the only southern city to make an appearance.
Best places to resell a house in the UK:
City – Average home price appreciation over the past 5 years (average value added to a home)
Manchester – 26% (£19,000) Nottingham – 37% (£18,000) Liverpool – 12% (£20,000) Stoke on Trent – 25% (£16,000) Leeds 25% – (£12,500) Birmingham – 24% (£15,000) Glasgow 14% – (£12,500) Sunderland – 24% (£7,000) Hull 26% – (£11,000) Portsmouth – 13% (£17,500)
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Jess Steele, content manager at BestHeating, comments: “The number of people buying, renovating and selling homes for a profit has grown significantly over the last few years, providing a strong second income stream for many.”
“Our report shows there is a north-south divide when it comes to home resale, with seven of the top 10 places being in the north of England or Scotland. Manchester is seeing good house price growth and many people selling their homes, making it the perfect balance for those looking to resell.”
“The number of nearby hardware stores is important in this regard, as they allow easy access for updates and help increase the value when it comes time to 're-sell' the property.”
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