Concerned that the money in your savings account isn’t beating inflation? Regardless of whether you’ve always put your money into a savings account or have decided on investing in property in recent years, every individual wants to find a way to make their money go further. Choosing the best route, however, is dependent on a wide range of personal, economic, and financial factors – factors that are constantly changing. Fortunately, the team of property investment experts at The Mistoria Group can help you to understand the impact of these factors. To help you determine whether your money is better off in investing in property or a savings account, we explain whether 2024 is the time to invest in property below.

Is property still a good investment 2024 UK?

With slightly lower house prices (a drop between 1-1.5%) being predicted for 2024 by investment experts, interest rates currently on hold at 5.25%, and strong rental demand, a well-chosen investment property could be a great place to put your money.

Overall, the UK housing market is being widely described as both resilient and favourable for prospective property investors, with predictions for stability in 2024.

Is it better to save or buy a house?

Weighing up whether it’s better to put your money in a savings account or put it in an investment property? The best route will naturally depend on your personal circumstances, but also upon whether your financial goals are short-term or long-term.

If you’re searching for a long-term financial plan that provides you with more protection from inflation, for example, then putting your money into property is often a good approach.

This is because property prices and rental incomes tend to rise with inflation which helps landlords to protect themselves from being negatively impacted by the effects.

Furthermore, as property is a physical asset, there’s no sharp rise or fall in value, making it an ideal investment if you’re concerned about losing money.

On the other hand, if you have short-term financial goals, then putting your money into a high-yield savings account could be more beneficial.

This is because high-yield savings accounts boast more favourable interest rates, allowing you to grow your money gradually on a risk-free basis.

On a long-term basis, however, this method is not recommended as the rate of inflation can be higher than the yield.

For more specific and tailored advice, it’s always best to contact a professional that can fully assess your financial circumstances and help you to make the right investment decisions.

Is it worth buying property as an investment?

Looking at investing in property? If you have long-term financial goals to grow your money, then investing in property may be a more effective strategy than putting it all into a savings account.

Buy-to-let (BTL) property investment is one of the most common ways to invest in property in the UK as it provides the landlord with regular income and a long-term yield if the property increases in value over their ownership period.

However, it’s important to bear in mind that there are many costs associated with being a BTL landlord. This includes everything from the essential tax costs and letting agent fees to insurance and mortgage interest.

As a result, before you take your first steps to becoming a landlord or purchasing another investment property to add to your portfolio, it’s crucial that you seek independent financial advice first.

Iinvesting in property with The Mistoria Group

If you’re keen to put your money into property located in the North West of the UK, then look no further than The Mistoria Group.

To help you find lucrative opportunities and make the best property investment decisions, our expert team is composed of knowledgeable letting agents, experienced chartered accountants, and property investment professionals. To get in touch, you can either give us a call on 0800 500 3015, reach out via email at info@mistoriagroup.com, or fill in and submit our convenient online contact form.