Buy-to-let increase in northern cities
27 November 2009
Discounted properties in northern England are being snapped up by investors, clearing out the unsold stock of several major housebuilders.
It has been reported that many of these new buyers are city professionals becoming landlords for the first time, after becoming disillusioned with the low rates of interest from deposit accounts and attracted by the returns available from lettings.
This marks a positive return to investment in cities such as Leeds, Manchester and Liverpool – as developers are providing discounted prices to their unsold stock.
It is this same group of professionals that are increasingly active in London’s property market, acquiring rental flats or homes for their grown-up children.
The large figure of unsold inner-city apartments in northern towns and cities was one of the major factors and contributors to the housing market downturn. However, we are now seeing investors considering these properties if they are of good quality and are close to transport links and amenities.
Source: Times Online
