Where should property investors put their money in 2023?
When it comes to property, there are no hard and fast rules when choosing where to invest.
The UK has a rich, diverse and ever-evolving swathe of properties. From Art Deco, Tudor and Edwardian to ultra-modern there is an endless choice, and where you choose to invest comes down to your vision, budget and individual aspirations.
The possibilities are endless, it could be that you are a seasoned investor and you have now turned your attention to creating flats in what were terrace houses. Perhaps you are making your first steps on the buy-to-let ladder by letting your home. Perhaps you enjoy refurbishing properties or simply looking for a rental-ready property that needs no work for a solid and straightforward investment, managed by a letting agent.
A good opportunity is just that!
It’s no secret that property prices have increased rapidly over the past few years. Great investment property opportunities exist everywhere. Right now, as property price increases cool there is greater scope for buying below the asking price. This allows a little more budget for development. As a landlord, you can raise standards and achieve a greater rental yield.
Rental Yield
To calculate rental yield, divide the difference between annual rental income minus the annual costs, by the purchase price of the rental property. You can find many rental yield calculators online which will save time when calculating what is an appealing investment.
The Lancashire coast is an example of a region that in terms of an average rental yield offers a good return on investment. This is because the average property price is relatively low, while the average rent price is relatively high. House prices on the southeast coast over the past ten years have doubled, while in other regions prices have increased at a much slower rate.*
Every property is unique and while rental yields differ from property to property there are other factors to consider, as you seek your ideal property investments it’s important to focus on more than rental yields.
How quickly do you want to let your property?
Refurbishing a property depending on the level of work involved can take time. Investing in an already refurbished flat means it can be let out immediately. Waiting for builders or materials while you refurbish a terrace house or suburban detached house, can eat into your rental revenue. That said, letting a larger house room by room could offer a greater rental return and could be easily worth the investment of time and money.
What motivates you?
There are many developers and landlords savvy enough to realise that raising the standards of let properties is a passion that makes a lot of business sense. Providing the best possible property to let may cost more initially but it will increase, the value of your property and rental revenue and attract great tenants.
Not entirely sure where to invest in the property market? Contact us today to see how we can help.
*Office for National Statistics
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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