How To Maintain A High Performing Portfolio In 2024
As we step into 2024 and plan for the year ahead, it is more important than ever to stay ahead of the curve in order to maintain a high-performing portfolio. Understanding the property landscape, socio-economic trends, and being aware of your portfolio performance is the key to success for the New Year. So, whether you’re a seasoned investor or just starting out, here are some tips to ensure your investments continue to thrive in 2024.
Invest Wisely
One of the fundamental principles of successful property investment is diversification. In 2024, the importance of diversifying your portfolio for long-term success cannot be overstated. Not only should you diversify across different types of properties, but also across various locations: the key is to identify areas that are undergoing extensive regeneration, as these are often prime opportunities for future growth.
Consulting with experts in the field, such as Joseph Mews, is crucial to making informed decisions. We are able to provide valuable insights into emerging markets, potential hotspots, and the types of properties that are likely to yield the best returns in 2024. What’s more, by spreading your investments across different locations and property types, you not only mitigate risk but also position yourself to capitalise on diverse market conditions.
Consider allocating a portion of your portfolio to up-and-coming cities where regeneration projects are breathing new life into neighbourhoods. These areas often present attractive opportunities for both rental yields and property appreciation, contributing to the overall success of your portfolio. Here at Joseph Mews, we are constantly on the lookout for prime investment opportunities in regions experiencing growth and regeneration, and have pinpointed the following areas as the most lucrative for 2024:
Bradford
Keen property investors ought to have Bradford front and centre on their investment radar. As the 2025 City of Culture, Bradford is experiencing huge amounts of investment, all of which is greatly impacting local property values. From the One City Park scheme to City Village and Darley Street Market, Bradford is certainly a location worth investing in.
Manchester
This Northern powerhouse city is set to see the most drastic property price growth in the UK over the next few years according to JLL, and it’s easy to see why. With the creation of a Northern Gateway, the modernisation of Piccadilly Gardens, and as home to the ever-growing MediaCity, Manchester is one to watch out for.
Birmingham
Birmingham is experiencing exceptional growth and regeneration, and has been for decades. From the huge investment for the 2022 Commonwealth Games, to the upcoming HS2 hub at Curzon Street, to the ambitious Big City Masterplan – the second city is thriving, and will continue to do so in 2024 and beyond.
Derby
With the East Midlands set to experience exceptional growth in 2024 and beyond, it’s no wonder Derby is becoming one of the top hotspots for investors. It is the UK’s 6th most productive city, is experiencing investment into projects such as Infinity Park and Becketwell Performance Centre, and average property prices have already increased by £75,000 over the past decade.
Stay On Top of Market Trends
In the dynamic world of real estate, staying informed about market trends is essential. After all, just like any market, there are peaks and troughs that you ought to be aware of. For example, during the pandemic there was a strong desire among tenants for more outdoor space, but this has since been replaced with a need to live in inner-city hotspots now that office working has had its resurgence. Understanding these trends will allow you to invest wisely and optimise your long-term growth.
It is key to regularly research and analyse market trends to identify what types of properties are thriving. Keep an eye on shifts in consumer preferences, technological advancements, and economic indicators that may impact the real estate market. This proactive approach allows you to align your investment strategy with the current demands of the market, ensuring that your portfolio remains attractive to tenants or potential buyers.
It is also worth considering incorporating sustainable and energy-efficient features into your properties, as environmentally conscious living continues to gain popularity. For more information on the market forecast for 2024, and what trends you can expect to gain popularity in the year ahead, please do not hesitate to get in touch with one of our Joseph Mews investment experts.
Spot Underperforming Assets
Regularly evaluating your portfolio is crucial for identifying underperforming assets that may require your attention. Is a property struggling to attract tenants? Does a unit need renovation to meet current market standards? Or perhaps it’s time to consider selling and reinvesting elsewhere?
Pinpointing underperforming assets allows you to take proactive measures to maximise your returns. This could involve renovations or aesthetic upgrades to make your properties more appealing to potential tenants or buyers. If a property consistently underperforms, it is worth considering whether selling it and reallocating resources to a more promising investment is the best course of action. This is something an investment expert, such as those here at Joseph Mews, will be able to provide guidance on.
To find out more about identifying an underperforming asset, check out our blog.
Schedule A Portfolio Review
When it comes to making the best choice for you and your portfolio, seeking professional guidance is invaluable. That’s why scheduling a comprehensive portfolio review with experts such as Joseph Mews can be pivotal in providing insights into the performance of your current investments and guiding you toward future success.
During a portfolio evaluation, we can assess whether you are charging the right amount of rent for your properties, helping you maximise rental income without compromising tenant satisfaction. We can also analyse your current portfolio to ensure it aligns with your broader property investment goals, as well as offering strategic advice on where to invest next. Whether it’s identifying emerging markets or highlighting untapped opportunities, this expertise can guide you toward making informed decisions that contribute to the sustained growth of your portfolio.
To maintain a high performing property portfolio in 2024 and set yourself up for long-term success, schedule a portfolio review with the Joseph Mews team today and unlock the potential of your property assets.