When you are looking at investing in a property to rent out, many landlords stick to the area that they live. They believe this will make the entire process easier. However, this may not be the best idea if you are trying to make the most money possible.
If you feel comfortable doing so, then branching out across the UK is likely to make you more money. Which is particularly important when you consider that landlords are paying a higher stamp duty. Also as having to pay more tax on their rental income too.
So, where do you need to look at when it comes to buying a property to rent out in the UK?
One of the best parts of the UK for renting at the moment seems to be those north of the border. In fact, those who invested in property in Manchester have seen a rather phenomenal return on their investment and this looks to rise. Particularly when you consider that there is an incredibly high demand for rental properties that are located a small walking distance from the city centre. Not only this, but Manchester has a much lower property price than some of the other big cities in the UK, which is even better news for those looking to buy.
It isn’t only Manchester that is doing well when it comes to rental properties, other Northern hotspots such as Liverpool and even some of the smaller towns and cities throughout the area are also growing with time. This includes Halifax, Wakefield, Doncaster and Bradford.
Trying to put together a list of places to look at investing in a property? If you do, then you are going to want to know where to keep an eye on. Gateshead and Leicester seem to be the popular places at the moment they not only have lower property prices than some of the other locations in the UK, but they are also experiencing an economical growth with more and more people working and choosing to live there.
Moving down the country, another hugely popular place to buy a property is Birmingham. This city is not only a cultural hotspot, but it is also growing in size too and is becoming the place to live away from London.
Not only this, but as you hit the outskirts of the city, away from the centre, you are also going to find that property prices are lower and lower, which is going to be ideal for your return investment.
Of course, all of these amazing cities make for the ideal investment opportunity. But that isn’t to say that London still isn’t a great place to choose to buy a property. Whilst the property prices may be high here, so is the rental income and the amount of people that are looking to rent a property, which is the ideal situation for prospective landlords to find themselves in.