Newcastle is the top location for buy-to-let investment, according to data from lettings platform Mashroom.
For the most profit per calendar month excluding any fees such as interest and insurance, Newcastle is the best place for a buy-to-let scheme, gaining a profit of £233.76.
Mashroom looked at the average cost to buy a home in the millennial hotspot areas and compared it to the average monthly rent to find out where the most profit can be gained from property investment.
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In contrast, millennials who are investing in a buy-to-let scheme within London are losing an estimated amount of £253.83 a month.
The data also shows the happiest tenants are in London, Manchester and Birmingham.
Mashroom found that three quarters of tenants describe relationships with their landlord as “good” and “very good” and 89% of landlords feel the same.
In addition, searches for let-to-buy schemes rose by 614.29% over the past year.
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Stepan Dobrovolskly, chief executive of Mashroom, said: “Tenants and landlords often see each other as enemies, but a lack of communication is usually the reason why relationships break down.
“This could be because a letting agent or property manager is acting as the go-between but isn’t relaying the information correctly.
“When landlords and tenants communicate directly, the results are better – whether it’s arranging repairs or paying the rent on time.
“From what we’ve seen, by having strong lines of communication, both landlords and tenants have more respect for each other.
“This builds healthier relationships that create a better renting environment for everyone involved.”
By Jake Carter
Source: Mortgage Introducer
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