Low interest rates plus a captive clientele of twenty and thirty somethings who have been priced off the property ladder have brought investing in rental property firmly back into vogue.
The latest figures for the Council of Mortgage Lenders show more than 130,000 buy-to-let mortgages were granted in 2013, up 50 per cent since 2010.
The recent Government changes made in last week’s budget allow a pension pot to be taken and used in more ways then previously, creating the option of buying an investment property – see link below for more information – and as the potential income from a rental property is significantly higher than what savings are currently earning on the high street, this is certainly an option to be considered.
Thornley Groves Estate Agents are here to help if you are considering a buy to let.
The first challenge is to buy the right property – one which will appeal to tenants and is in an area where you can hope to get some long term price growth, but most importantly, provide a good yield of at least 6.0% and even up to 9.5%
At Thornley Groves we believe it is not necessary to stick to Manchester City Centre for your buy to let, as we are experiencing a huge shortage of available property in the suburbs – particularly Urmston, Sale, Hale & Altrincham.
Thornley Groves’ Sale Office has a house for sale on Bolam Close which will rent for £595 pcm yielding a massive return of over 9.0% !
For further details click: http://www.homesonview.co.uk/Scripts/FullDetails.aspx?CID=THGRSALE&AID=THGRSALE&PID=TSP10194 or call the Sale Office on 0161 962 4111 for further information and to arrange a viewing.
Thornley Groves’ Urmston Office has a house for sale on Hazel Walk which, if rented at £575pcm, will yield over 8.0% return!
For further details click: http://www.homesonview.co.uk/Scripts/FullDetails.aspx?CID=THORURMS&AID=THORURMS&PID=TUP10543 or call the Urmston Office on 0161 748 4111 for further information and to arrange a viewing.
Thornley Groves’ Altrincham Office has an apartment on Charlock Square which, if rented for £495pcm will yield 6.25%.
For further details click: http://www.homesonview.co.uk/Scripts/FullDetails.aspx?CID=THGRALTR&AID=THGRALTR&PID=TAP08877
The lure of investing in bricks and mortar is still strong. Given the UK’s recent economic woes, it is easier to trust a tangible asset than banks or the stock market.
Landlords must always factor in void periods when their property is empty, the cost of maintenance and management and, should interest rates rise as is forecast, the maths you do today will need to be redone to take account of this.