Yorkshire is a diverse and vibrant county with a variety of locations perfect for property investment. Yorkshire consistently performs well in polls as being one of the best places to live in the UK, so considering a buy-to-let purchase in this region can yield significant returns for those looking to extend their property portfolio.
In celebration of the recent Yorkshire Day, take a look at some of the top reasons to buy a buy-to-let property in this beautiful part of the UK.
There are a wide variety of properties available to buy in Yorkshire, and the region has everything from pretty English villages to bustling city spots to choose from. With the diversity in locations, this opens up a myriad of potential renters looking for both long-term and short-term solutions.
More property for your money
Although house prices in the Yorkshire area are slowly rising, this region is ideal for property investors looking to get more for their money in regards to property size and land. Although the city locations are proving more expensive to buy properties than in previous years, there is a still excellent investment opportunity in both rural and semi-urban areas. Both types of location are seeing a rise in rental demand, and this is due to an increase in short-term holiday rentals and people who are looking to live on the outskirts of city locations to avoid the higher costs.
Affordable properties yield higher returns
Due to the house prices being more affordable across Yorkshire, buying a buy-to-let property can potentially yield better results than properties in others parts of the country. A survey carried out by TotallyMoney.com found that properties in Sheffield were performing well with average yields of approximately 11 per cent. Confidence in the area is increasing, and the county’s city spots are growing rapidly which in turn is pushing the demand for rental properties.
Regeneration of towns
In recent years, there has been a significant push in the area to help attract new people and young residents to work and stay in the area, rather than move to southern regions. This region-wide effort has seen regeneration in parts of the county, and this is providing better services and work opportunities for communities. These projects span both urban and rural locations, and as people gravitate towards these spots, rental demand is seeing an increase.
City locations great for student letting
Yorkshire has some of the best universities and colleges in England and the demand for student accommodation is rising within prominent city centre and outskirts locations. Last year both Huddersfield and Leeds were named as some of the top student towns to invest in. With a growing student population and lack of university accommodation, these areas are proving a popular place to buy a buy-to-let and build a portfolio of student housing options in and around these locations.
Rental demand is rising in Yorkshire, as people are looking to stay in the area or move to enjoy a more affordable lifestyle. Investing in this region and building a buy-to-let property portfolio here is a great way to yield positive results in this beautiful part of the country.