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According to recent research carried out by HSBC, Blackpool is one of the top four hot spots for investment property opportunities. Landlords from far and wide are flocking to property auctions in the town, determined to snap up a bargain or two before someone else does.
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Investment Property Market Booming in Northern Towns
This trend is backed up by local estate agents.
“At the last auction I went to in Blackpool, the room was packed with out of town buyers, and we had one lady from Hong Kong who bought for big money. It’s a great return on your investment up here.”
London is Too Expensive for Landlords
Traditional investment markets such as London are becoming increasingly unpopular with investment landlords. Property yields in the capital are only around 6% because house prices there are so high. Property prices far away from the capital are much lower and property yields are therefore higher. Landlords in Blackpool can expect a yield of around 7.63% and only landlords in Manchester, Nottingham and Southampton can expect to do better.
As the head of mortgages at HSBC says:
House prices in these locations, while still out of reach among many first-time buyers, are relatively affordable for landlords investing in property and the demand from young professionals has pushed up rents and driven up returns. Landlords are reaping the benefit as young professionals say goodbye to capital living in favour of more affordable commuter towns.”
So, according to HSBC, Blackpool is the place to be if you want to invest in property for the buy to let market.
