The North West of England has been named the top buy-to-let hotspot for 2017, according to new figures from Rightmove.
The property portal found that the North West offers near double-digit rental returns, typically available in Merseyside and Lancashire.
Landlords looking to purchase a buy-to-let property this year should look to the following high yielding locations, Rightmove suggests: Bootle in Merseyside offers an average yield of 9.3%; Birkenhead is 7.5%; Burnley in Lancashire is 7.2%; and Accrington is 7.1%.
Research from The Mistoria Group, a specialist in high yielding property investment, claims that Liverpool, also in the North West, offers average annual yields of 10-13% for savvy investors, while tenant demand in student areas is surging in the city, up by 14% over the past year.
With the forthcoming changes to tax relief on finance costs for buy-to-let landlords, finding a high yielding investment property is crucial this year. Could the North West be the hotspot for you?
The Managing Director of The Mistoria Group, Mish Liyanage, says: “Investors need to look no further than the North West for great investment opportunities, with yields far exceeding those found in London and the South East. Investors enjoy lower property prices and minimal void periods in many towns and cities in the North West.
“Liverpool offers investors excellent yields, which are some of the best in the North West. Over the last 12 months, we have seen investor demand grow by 37%, as Liverpool offers high yielding property with excellent occupancy rates. Many post-graduate students are staying on in the city to work after their studies, and this is driving demand for affordable, high quality rental accommodation.”
He continues: “The city is undergoing a significant redevelopment, with more than £1 billion of projects, including a 34-storey triple tower residential development. There are a total of ten developments, which are set to transform the city centre.
“Investors can acquire a high quality, three-bedroom House in Multiple Occupation (HMO) from £120,000 onwards. The return on investment is very attractive too, with 13% (8% cash rental and 5% capital growth).”