London landlords look North for buy-to-let investments as the latest data and analysis from Commercial Trust Limited has revealed that Northern regions of England are beginning to have a greater influence on the buy-to-let market.
The largest year-on-year growth was seen in the North East, with an increase of 77.6%, just behind was Yorkshire and the Humber with 73.2% and in third place was in the North West, with a significant growth of 24.8%. The majority of buy-to-let purchase applications have been taken out in London and the north continues to attract London landlords buy-to-let mortgages.
Andrew Turner, chief executive at Commercial Trust Limited commented: “With property prices typically cheaper and a strong demand for private rental homes from a workforce in regenerated cities that have a thriving student population, there has been a resurgence in buy-to-let activity in the North of England.
“There have been signs showing healthy growth in the North East, Yorkshire and the Humber and the North West, which has ultimately resulted in plenty of incentives for London landlords to invest in property, to look North.”
The latest Your Move index confirmed that the North East and the North West are set to deliver the best yields for buy-to-let landlords in England and Wales and is no surprise to see London landlords taking advantage of the high-rental demand and cheaper property prices available in the North.
Alex Huntley, Head of Operations at Simple Landlords Insurance, added: “We’re seeing more and more London landlords investing in properties further afield from where they’re based. The impact of the 3% stamp duty surcharge on second homes is typically more expensive in London and the South East, so it’s no surprise we’re seeing that growth up North.”
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