When investing in property in the South-west, most people invariably think of holiday lettings. After all, the area is famous for its beautiful beaches and scenic moors, and caters well to tourists.
However, there’s one city in the South-west that consistently performs well for residential landlords – and that’s Bristol. Here’s some more information.
Bristol – The Benefits
The latest government documents suggest that Bristol’s rental market is booming. The number of people renting has doubled since 2001, with a quarter of the city’s residents now living in rented accommodation, and that’s not including Bristol’s large student population.
It’s also a city desperately crying out for landlords. Last year, figures revealed that literally thousands of tenants were on the waiting list for just 41 houses – clearly demonstrating the high demand. Unsurprisingly, this has pushed rental rates up, which means that Bristol’s landlords enjoy good income from their properties. In fact, according to one recent report, the city offered one of the best yields in the country, not to mention the highest level of rental rate growth.
Add this to the thriving cultural scene, the good proximity to London (just two and a half hours by train), and great schools, and it’s clear to see why this city is becoming so popular with renters and investors alike.
Before identifying an area of Bristol to start searching for buy-to-let properties for sale, you’ll need to work out who you’re targeting. Students will want to be near the university campus, and also close to the heart of the city, as will young professionals. However, families may prefer the suburban areas, such as Westbury on Trym or Henleaze. If you’re not sure, talk to a property investment agent, who will be able to give you a better idea of where to begin your search.
What Can You Expect to Pay?
Bristol house prices are going up swiftly – rising by 9.6% in the last year (to March 2017). However, properties still remain fairly affordable, especially when compared to South-east prices. At present, the average cost of a home is £296,550. However, many savvy investors explore the option of buying a house at auction, as this offers the chance to make a significant saving.
Average rental rates in the city are currently £1,065 per month, which should offer landlords a good income, especially if the property has been purchased at the right price.
Working with a Property Investment Agent
If you’re keen to explore the options in Bristol (or any other location in the UK), but you’re not sure where to start, it makes sense to work with a professional property investment agent. They’ll have specialist knowledge of the market, and be able to guide you in the right direction, to find a good buy-to-let property for sale, at a price that works for your budget.
The Buy2Let Shop team specialise in helping UK property investors find a great buy-to-let bargain. Whether you’re new to investment or building your portfolio, we can help. To find out more, simply visit The Buy2Let Shop website today.