If you’ve planned to make 2019 the year you take control of your finances, then property investment is definitely something to consider. Investing in the UK property market can offer excellent financial potential, provided you take all the right steps. Find out how to make a successful venture with our top tips for UK property investment in 2019.

Research the best locations

Some cities in the UK offer better return on investment than others, but with a wide range of cities all claiming to have the best opportunities, it can be overwhelming to choose. That’s why doing some research into the UK property market can help, looking at aspects like average yields, house selling prices, rental demand, and capital growth. You’re likely to find that some of the cities with the best prospects when it comes to property are in the North, with Manchester boasting average rental yields of 5.55% and 5.05% in Liverpool. London isn’t as promising when compared with these Northern cities. The capital has average yields of 3.05%, a dwindling demand for property, and slowing rental price growth. RW Invest is one property investment company that have recognised this appeal of Northern property, with fantastic apartments in Liverpool and Manchester with impressive yields as high as 8 and 9 per cent.

Get into your tenant’s mindset

Like with any business venture, it’s always important to know your target audience, which in the world of property means the type of tenant you want to attract. This will rely mainly on the type of property you’re going to invest in. For instance, those investing in student accommodation will naturally be targeting students. Therefore, it is advisable to spend some time thinking about the qualities that appeal to this demographic. In recent years, students have become more likely to spend larger amounts of money on a luxury way of living, with high-end student apartments with modern designs, prime locations, and other amenities like high-speed internet. On the other hand, if you’re purchasing a residential property, like a house or flat, you’ll most likely be renting out to families or young couples, so spend some time researching the qualities that this type of tenant requires such as space, and proximity to transport links and local schools.

Get clued up on financial and legal issues

For any type of venture to be a success, you need to be as informed as possible about the financial and legal side of the investment. Make sure you work out the amount of tax you’re likely to pay, whether you need a buy to let mortgage to help you pay for your property, and research any financial issues you might have overlooked. For 2019, there are some legal changes that are expected to occur in the new year, including the finance bill which will come into effect in April, which requires overseas investors to pay capital gains on disposals of UK property and property rich entities. The more you stay on top of the in’s and out’s of your investment, the higher the likelihood of a smooth and successful venture.