These postcodes have the worst BTL yields
Property owners may be interested to learn which areas of the UK have the best buy-to-let yields and which areas are the worst for buy-to-let investors. Buying property to let is a great way to make money if the figures go in your favour, so read on to discover which postcodes are the winners for homeowners in the BTL market.
The amount you can get from the BTL property varies dramatically depending on where in the country you are letting. Some areas give huge yields, while others are less generous. After analyzing 580,000 properties, independent credit broker TotallyMoney has revealed the BTL hot spots and the places to avoid.
The Worst BTL Yield is in Bournemouth
Bournemouth – postcode BH14 – ranks as giving the lowest BTL yield, so this is bad news for people who have invested in a buy-to-let property in this area. The asking price on average was £704,370, but the monthly rent paid was only £1,389 on average from a property in the area. This makes the buy-to-let yield in Bournemouth a lowly 2.37%.
The second worst BTL investment in the study is Watford, postcode WD3. The average property value is £699,428 and the average monthly rent is £1,363, giving a BTL yield of a disappointing 2.34%.
A good area for buy to let investors is Manchester. Reports show that many people are choosing to rent property rather than buy homes in the Greater Manchester area, with increasing property prices cited as the reason. This surge in renters in Manchester means it could be a good time for investors to buy property to let in the area.
Wherever you are buying, it is always important to obtain the services of a reputable solicitor experienced in handling property transactions. When looking for conveyancing solicitors Manchester has many options to choose from, such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-Manchester. Finding the right solicitor can make your property purchase a much smoother process.
Nottingham is a BTL Winner
The winner of the BTL league tables was Nottingham, postcode NG1. The average property price is £152,631 and the average rent is £1,525, giving a BTL yield of 11.99%. In second place was Liverpool, postcode L7. The city centre, Edge Hill and Fairfield all come out on top for those wishing to buy-to-let on Merseyside.