A quarter (25 per cent) of Brits plan to invest in buy-to-lets in the north east to generate income for their retirement compared to just 19 per cent in the south. Traditionally attractive areas of investment, such as the south west and east Midlands, reported that sales are down by 11.4 per cent and 15.3 per cent, according to TwentyCi.
According to data from Cornerstone Tax, investors affected by the increase in interest on their mortgages have begun chasing higher rental yields in the north east of England, making it “the buy-to-let investment capital of Britain” due to low house prices and relatively high rent. Cornerstone said the landlord’s exodus to the north was inevitable. Data by Hamptons also revealed that just over a quarter (26 per cent) all property purchases in the year to date in this area were from buy-to-let investors.
The average cost of a property in the north stands at £178,000 compared to £465,000 across the south of the UK, according to Plumpot. As a result of lower mortgages, and the promise of higher rental yields, TwentyCI has reported that new rental instructions are up 12 per cent in the north east, versus 6per cent nationally.
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