Best Areas for Buy to Let
When it comes to choosing a buy-to-let property or the best areas for buy to let for your property portfolio, there are plenty of things that you need to think about and consider. One of these things is where you want to buy the property; you will let out.
Whilst buying a property to live in is going to involve you choosing an area that you can see yourself living in, such as near to your work, family or the types of schools that you want your children to go to when you are buying a property to let out, things are different.
You will choose an area that will appeal to a niche audience if this is something that you want to target or that will have a broad appeal to bring in the possible tenants.
To help you to work out where might be the right idea for you, we have put together some of the best UK areas for buy to let and why they may be worthwhile for you to take a look at.
Bristol
Thought to be one of the friendliest cities in the UK, Bristol has a reputation for being a vibrant and bold place to live. It is a popular choice for many people thanks to the beautiful city harbour and the different opportunities for the arts and sciences that can be found.
For potential buy-to-let investors, Bristol house prices have increased over the past few years, and whilst this is not entirely great news for your wallet, it will help your longer-term budget plans.
Not only are you likely to make some money back if you decide to sell, but it also helps with rental yield, as this has also been increasing along with the house prices.
Manchester
Manchester may be much further North than Bristol, but it is an equally great place to buy a rental property if you want to invest. Not only are there plenty of opportunities in Manchester (which will bring in potential tenants for various reasons), but the house prices are manageable, too, especially when compared to some of the other cities where you can buy property.
Manchester is also known for having a high rental return on properties, which, if you want to make sure that you can make as much money as possible from your investment, is going to be an essential consideration.
Oxford
Another great city to buy a rental property in is Oxford. Oxford is known to be a university city (and one of the world’s most famous universities at that) which means that you will be able to feel the benefit of the student market and, in turn, a high request for properties.
Whilst it is not relatively as high in rental return as you may expect it to be, the best thing about Oxford is that you are likely to find that your rental property is going to have tenants at all times and that any replacements, should they be needed, are going to be easy enough to find.
Luton
London is a great city, but it can be expensive, often putting potential property investors off. The good news is that if you want to buy a commuter property that will match the needs of those working in London, there are some alternative options.
Luton is rising in popularity. Known for its airport more than anything else, the location of Luton means it is an ideal commuter city with excellent links to the town. Property prices are better in Luton than in the city centre, but you still need to be prepared to pay out more than you might in other cities.
As you can see, these are just four options open to you when it comes to investing in property for the future. There are plenty of choices out there for you to consider, so take the time and think about what will not only be right for you but also has the best chance of making you some money.
Also Read: How to build a buy-to-let portfolio?