If you’re considering buying property to rent it out for profit, it’s important to be aware of several factors that will affect how worthwhile the venture will be.
New research from GoCompare has revealed the best places to purchase property for buy-to-let across the UK, determined by comparing average property price and rental yields, the population under the age of 35 in the area, number of properties available, number of letting/maintenance agencies, number of new housing developments, properties currently available for rent and rental price growth.
The study showed Manchester as the best place in the UK for buy-to-let, with the highest average yield in the country at 5.55 per cent. Gaining the most profit is the prime concern for buy-to-let landlords and this northern city is the top location to have higher profits long term. Manchester has also seen the biggest rental price growth in the country with an increase of 5.76 per cent.
Belfast is the worst city in the UK for renting property out, according to the research. Even though the average property price is one of the lowest in the country, average yield is low and there has only been a 2.19 per cent increase in rental prices over the last five years.
Find out the 31 best places for being a buy-to-let landlord in the infographic below…