The property market is experiencing huge growth, with a number of major UK cities making names for themselves as hotspots for buy to let investment. If you've been thinking about investing in a property, now is a great time with lots of exciting opportunities and potential. Before going ahead with your first UK property investment, make sure you read these tips on some things to think about to ensure a successful venture.

Choose the location

The location you choose has a lot to do with how successful your property investment will be. Some cities are performing better than others on the property investment front, with a number of investors looking up North for their next opportunity.

Northern cities like Liverpool and Manchester are gaining momentum as some of the best areas to invest in buy to let. This is down to a number of reasons, including a rising population and growing demand for high-quality property. Liverpool, for example, has around 6,889 properties available, with a population of 484,578 that continues to grow each year.

The Northern Powerhouse is a driving force that's sure to contribute to the popularity of Liverpool and Manchester, aiming to bring economic growth, science and innovation, and improved quality of life to Northern cities. Perhaps most important of all, Liverpool and Manchester offer the chance to invest in property with low prices and high rental yields. The affordability of Northern cities is a major selling point when compared to London, where house prices average a whopping GBP 484,173 with a disappointing rental yield average of 4.05%.

Choose the property type

There are lots of different types of property out there to invest in, so it's vital to spend some time researching the best one for you. Student accommodation is an asset that's been growing massively over recent years, with the purpose-built student accommodation market having a worth of GBP 42.5 billion in 2017. With rising numbers of students studying in UK universities, along with around 450,000 international students heading to the UK in 2016/17's academic year, high-quality student property is always in high demand. Investing in student accommodation is a particularly good option for first-time investors, often providing low costs and high rental yields.

For those who want something a bit different, investing in residential properties is also a thriving market in the UK. Luxury city centre apartments are a strong route to take, particularly in cities with a high population of young professionals such as Manchester. Demand is always high for apartments in convenient city centre locations that are close to workplaces and local attractions.

Think about your budget

Before getting involved with any investment, you'll need to think about the costs involved. The type of property you choose to invest in will inevitably dictate the costs, with aspects like the size, location, and target market all being contributing factors.

It is not just the cost of the property itself involved with buy to let investment, as you'll also need to consider additional expenses such as stamp duty tax. To help you work out how much you should stamp duty tax you should expect to pay, take a look at this stamp duty calculator and guide from RW Invest - one of the UK's leading property investment companies.