Being a landlord is a great way to generate a steady extra income for yourself and gain financial security for the future. Being a landlord is becoming an attractive prospect in the UK, with around one in ten people having considered taking out a buy to let mortgage in 2018. With a number of UK cities offering promising prospects for potential buy to let investors, it’s easy to see why buy to let property investment is such a popular venture to consider. For those who are keen to become a landlord but want to be sure they’re making the right investment, find out more about some of the best UK cities to pursue for buy to let.
Liverpool is one of the most exciting and dynamic cities in the UK, having gained a name for itself as a hotspot for property investment. One of the main selling points of Liverpool when it comes to buy to let is the rental yields the city offers. Rental yields in Liverpool are amongst the highest in the country, with an average of 5.05%, and some postcodes in the city boasting rental yields as high as 11.79%. There’s a lot to choose from in Liverpool for buy to let investors, with attractive opportunities available both in the city centre and more suburban areas. With a booming student population of over 70,000, investing in student accommodation is a promising prospect, with high demand for purpose-built student accommodation in the city. Rather than living in shared student houses in more residential, affordable areas of a city, students today are keen to spend more on rental properties in prime city centre locations close to their university. This is a great route for prospective landlords in Liverpool to take.
Just a train ride away from Liverpool, Manchester is another UK city that’s full of potential. Along with a number of other Northern cities, Manchester is a city with all of the appeal as London, but with better affordability. For instance, in Manchester, you could buy a three bedroom semi-detached house with a private garden and two parking spaces, whilst you could purchase a two bedroom flat in London for the same price. Along with Liverpool, Manchester is another city with some impressive rental yields, with property investment company RW Invest offering investment opportunities in Manchester city centre with yields as high as 9%. The appeal of Manchester and its affordability, business prospects and general stance as a rising city has led to more people moving there from London. Pair this with the fact that Manchester has a population of around 99,000 students, and it’s safe to assume that the city will have a steady demand for student and residential property for years to come.
Another thriving city up North, those looking to invest in buy to let should definitely consider Leeds. Leeds is one of the UK’s biggest student cities, with plenty to offer in terms of culture, attractions, and nightlife. It is also popular with professionals, boasting the second largest financial sector in the UK. Big regeneration plans are in store for the city, including a £350 million scheme that plans to develop a number of new homes and introduce new business opportunities to Leeds. To cater to the growing scene of young professionals expected to hit the city, landlords interested in investing in Leeds should consider seeking out modern city centre apartments to target a potentially in-demand market.