The North of England: A Promising Destination for Buy-to-Let Property Investment in 2023
Why the North East region is a particularly strong location for property investors
As a landlord, are you on the hunt for the most profitable locations to invest in buy-to-let property?
Look no further than the North of England
According to Property Forecaster, a buy-to-let investment site, the North East region is particularly appealing for property investors in 2023 due to the government's "levelling up" strategy. But don't make the mistake of only considering major cities - Property Forecaster advises landlords to also consider nearby towns for the best investment opportunities.
Bootle in Sefton, Merseyside topped the list of most lucrative locations, with Washington in Tyne and Wear and Hartlepool in County Durham following closely behind. Other towns in the top ten include Burnley, Newcastle-under-Lyme, Grimsby, Gateshead, Kingston-upon-Hull, Salford, and Swansea.
Anne-Marie Humphreys from Property Forecaster explains that properties purchased in 2018 in the North East have seen an increase in value of up to 200%, particularly at the lower end of the market. For example, an entry level investment property in the region that was valued at £20,000 in 2018 is now worth approximately £60,000. While this may seem like a modest increase in monetary terms compared to London, the percentage gain is significantly higher.
Humphreys believes that properties under £350,000 will offer the best opportunities for investors in 2023. She does not anticipate a significant price crash next year, as some experts have predicted, particularly for properties in this price range. With interest rates stabilizing and the political climate becoming more settled, the market correction that many people have been fearing is unlikely to occur.
As a landlord, it's essential to do your homework and due diligence before investing in buy-to-let property. This means examining factors such as property values, rental demand, and potential for capital appreciation. Investing in the North of England, particularly in satellite towns like Bootle, Washington, and Hartlepool, may be a smart move due to the strong underlying strength of properties under £350,000 and the government's focus on the region through its levelling up strategy.
But remember, the real estate market can be fickle and subject to various external factors. It's crucial to have a long-term investment strategy and to diversify your portfolio to minimize risk. Seeking advice from professionals such as real estate agents, property managers, and financial advisors can also be helpful in making informed investment decisions.
In conclusion, the North of England is a prime location for landlords looking to invest in buy-to-let property. With a focus on satellite towns and properties under £350,000, this region has strong potential for capital appreciation and rental demand in the coming years. By conducting thorough research and seeking expert advice, landlords can make informed decisions and potentially realize significant returns on their investments.
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At Willow Private Finance, we understand that being a landlord can be a complex and challenging job. That's why we're here to help. As a leading independent mortgage brokerage with years of experience in specialist lending and finance, we have the knowledge and expertise to assist landlords in finding the right financial solutions for their needs.
Our team is dedicated to providing a bespoke service to each of our clients, taking the time to understand their individual financial situations and goals. We work closely with landlords to find mortgage products that offer competitive rates and terms, and we're committed to achieving the best possible results for our clients.
Whether you're looking to purchase a new rental property or refinance an existing one, Willow Private Finance is here to help. We believe that establishing a strong, long-term relationship with your mortgage advisor is crucial, and we're dedicated to providing the personalized support you need to make informed financial decisions. Contact us today to learn more about how we can assist you as a landlord.
