Thanks to advancements in technology and infrastructure building, many areas in the UK that were previously not-so-interesting to live in are no longer as dull as they used to be. In fact, they can be comparable to big cities nowadays, as more and more people are ditching the expensive lifestyle and demands that cities like London offer. Paying almost £4 for a cup of tea in some shops is outrageous for most, so there is a rising trend of people moving to the north of the UK.
This is why properties for sale in these areas are getting swept up, and investors are receiving the best rental yields in the UK in areas away from London. Rent continues to shoot up in big cities, driving people to move to either other areas of England or even internationally to live cheaper lifestyles.
Rent Takes Up a Good Chunk of a Person’s Monthly Income
Property rental is very expensive, which is why people want to have more for less when it comes to renting a home. The rental costs of a studio apartment in London can probably get you a full home in other UK areas because that is how the real estate industry works.
This is why people, especially young ones, are moving out to places like the north of the UK, where properties cost less to buy and rent. Being away from the hustle and bustle of the city has also proved to be beneficial for a person’s health, which gives an even bigger incentive to leave the city for greener pastures.
Places With the Best Investment Properties
If you have the resources to put your feet into real estate investing, there are three places that are said to have the best rental yields in the UK. The three of these are Leeds, Sheffield, and Newcastle, which are the biggest cities attracting Londoners who are tired of the exorbitant living standards of the city.
Leeds is now a hub that sees large-scale redevelopments and more industries popping up, such as Channel 4, which is employing 250 new people, and the new HMRC hub with a projected 6,000 employees. Public transportation is still in its early stages compared to London, but as long as people start to flow in, the entire area’s development is ensured. There is a thriving shopping scene with a revamped market, as well as a melting pot of cultures that is attractive to younger professionals.
Sheffield’s cultural scene is flourishing, and is extremely independent. The existence of plenty of young people gives the city its quirks, as well as being on their way to becoming stable financially after their crash. The city is going through significant gentrification in the western areas, as well as the development of the Moor Quarter, making investment properties a good choice in these areas. With trendy new businesses and many cafes in the old factory areas of Kelham Island that have been repurposed, there is sure to be great rental yields in Sheffield.
The city’s creative vibe has attracted many people who wish to experience an amazing arts scene coupled with great food and drink businesses. With a great shopping centre in Eldon Square, there are plenty of things to do. The city centre has also become increasingly popular and posh, giving a better atmosphere to the place. What used to be known for delinquency, the Bigg Market area has been invested in to turn it into an amazing place full of establishments, all while maintaining the heritage buildings.
The future of the UK is away from London. As prices start to rise significantly for products, services, and real estate, the real investments will be found in other cities. The best rental yield in the UK is suggested to be found in these three cities, so start investing in properties here as soon as possible.
If you are looking for excellent investment properties in Durham, look no further than Ready Let. With buying, selling, refurbishment and tenant leasing services, we can help you achieve desirable rental yields. Get in touch with us today to see how we can help you achieve your property management goals!