North West is Buy-To-Let Hotspot
Property investors are looking North according to HSBC and Manchester is top of the list when it comes to buy-to-let investments.
Pearson’s advise many buy-to-let landlords as they build up property portfolios. Commenting on the latest survey, conveyancing solicitor, Victoria Marshall, said:
“With interest rates remaining at an all time low many individuals are finding investing in property as the more attractive alternative for their hard earned cash. Nationwide has recently reported that 38% of properties were sold to cash buyers in the first quarter of the year.
“Manchester has had a lot of money invested in recent years with the newly developed business district at Spinningfields, the relocation of the BBC and other major international companies such as AstraZeneca, Google and Kellogg’s establishing themselves in and around Manchester so it’s clear why people are choosing to invest in the North.
“The Northern Powerhouse and intended plans to transform Manchester airport also look to set it firmly as the second City of the UK,” she added.
The top three cities with the best rental returns are Manchester, Kingston upon Hull and Blackpool.
Manchester had only a small increase in average house prices (up from £104,244 in 2014 to £108,870) but has maintained strong rental demand. Annual rents in Manchester have risen 4% from £8,316 in 2014 to £8,628. With one of the largest student populations in Europe the city also has more than a quarter of housing stock privately rented (26.85%), the largest proportion of all locations.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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