Any buy to let tips for north of England?

irishno1

Hi,

I am looking to purchase a buy to let property in the north of England, anyone any tips where would be a good investment for something under
£100k. I have been told that Newcastle, Wigan, Leeds worth a look?

BobProperty

I suggest the OP reads back through the threads on this forum before we all repeat the same arguments about whether it's a good idea......

Gem_

Leeds prices are very high at the moment so I wouldn't, the surrounding area is doing very well at the moment though so might be worth a look. Bradford is in the process of spending a £1 million regeneration grant on its city centre so that will help prices there.

As Bob says though, the old arguements are all over this board. Think how much it costs - if you are not going to make 20 / 25% profit over costs it is not worth it (in my opinion).

Gem

irishno1

Thanks for those posts,

Anyone any tips about where else suggested as a good investment in north of England? Anyone any advice about Grimsby as was suggested it would be worth a look?

Zammo

I'd find the extra cash needed and buy one down south if I were you.

bs0u0128

north wales is up and coming, theres been 3 properties bought for BTLs in my road, im hoping someone will buy mine for the same purpose, people begging to rent them here lol im 50 50 myself

biting_the_bullet

I'm in Grimsby, well Cleethorpes to be exact but its the same town really. Here is a low down of our local market.

Tonnes of property available at the moment on the selling market, with homes under 160K getting interest/viewings. These are semi's, once over this figure things really slow down. Above 200K and you could be looking at years not months to sell, and then only with really hefty price drops from 2005 prices. Have a detached across the road from me that has dropped 30K over a year and a half to 179950 and its still there, looking very very sad and desperate.

Pick up our local Evening Telegraph on a Friday for the property supplement and you'll see the private classifieds full to the rafters of propert to rent, every tom, !!!!!! and harry has had a go at the btl scene. If its not renting adverts, the paper is full of those terrible companies that always crop up when prices are high and people are getting into trouble. You know the sort, "we will buy your property instantly and rent it back to you for 30% less than market value types". Vulture scumbags come to mind!

So yes, come into the housing market in Grimsby/Cleethorpes, its absolutely booming..................................

clutton_2

before buyinig anywhere, establish the rental demand. Put an advert in the local paper for a few weeks and see what happens - no response ? dont buy !!!

irishno1

Cheers,

Surely it is hard to go wrong with rental properties bought for under £100k?

Where is seen as best buy-to-let investment options for say £80-100k at the minute?

A_Nice_Englishman

Don't foget to compare what you could get leaving the money in the bank (or not borrowing it in the first place) with the profit you will make after allowing for ALL the expenses which will include things like void periods, legal costs of evicting bad tenants, repairing damage caused by same and bad debts as well as the obvious ones like mortgage interest.

clutton_2

""Surely it is hard to go wrong with rental properties"" - it is extremely easy to go wrong with rental properties if you dont know what you are doing.

I have bought 3 houses off amateur landlords who have lost a lot of money because they did not know what they were doing. The DEMAND for a property is the crucial thing, as i said before - if there is no demand, dont buy.

Lenders can take you to court if you miss 2 months mortgage repayments - and frequently do.