A study has revealed the best places for landlords to invest in buy-to-let properties, with the historic city of York and topping the list.
Real estate firm CBRE undertook the recent survey, and their findings have underlined the attraction of buying property at a sensible price and in a location with soaring rents.
CBRE looked at those cities with the highest rent growth, and of the 29 analysed, the top 5 to emerge were York, Edinburgh, Oxford, Milton Keynes and Coventry. In York, the firm found that rents have risen on average by 26% to £901 a month, while house prices grew at a rate of 3%.
Most attractive areas for buy-to-let landlords
According to one national newspaper, York is an historic city and a great location with house prices that are 10% below the national average which make them very attractive for buy-to-let landlords. Landlords in Edinburgh have seen their rents increased by 19% to £942 a month, while the population earns around 20% more than the average UK salary.
Landlords in Oxford have seen their rates rise by 18% to £1459, while landlords with rental properties in Milton Keynes saw a rise of 15% to £949 per month. The cost of renting a property in Coventry, meanwhile, has risen by 14% to £677 per month. To underline the popularity of York for investment property opportunities, real estate firm Savills has also recently highlighted the city as offering the highest rate of capital growth in the UK.
My|Deposits offers online applications
Meanwhile, letting agents can now apply online to join My|Deposits, the approved tenancy deposit protection scheme, as part of a process to reduce cumbersome paperwork. The firm says that the process will improve the time taken to let a property and make the experience 'simpler and faster'.
Letting agents who belong to a trade body or possess Client Money Protection Insurance will be dealt with even more quickly. Business Development Manager Kate Hayes said: “When the account has been confirmed by our team, letting agents can protect their client deposits, which will dramatically speed up the process.” She added that the scheme was open to all letting agents and the process means joining is now easier than it has been before.
