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Just wondering how many LL's on here have recently (lets say last 3 years) shifted their emphasis to investing in northern areas when they'd already bought BTL in the south?
What were your reasons for doing it, how has it gone, and where will you look to get more in the future?
Interesting question Adam.Through experience of the Manchester and Leeds area over the past 10 years or so, I would not be tempted to invest in the North (again).My reasoning for this is here:
Why higher value properties are better Clearly if you live in the North and know your patch inside out, then that is a different proposition for a landlord who lives 120 miles away ...I still believe London and the South East to be the most robust markets we have here in the UK and demand will continue to outstrip supply, especially in commuter towns with fast access to London.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi Vanessa. I would totally agree with you and have no desire to invest outside of the south-east.
It would appear though that investing in the north appears to be getting a bigger push now than ever before due to the likes of S24 and less stamp duty (due to lower value), and I just wonder how/why/when etc. southern LL's are doing with their new investments in the north.
I would agree 100% with you vennessa
You do need to know your patch
I could show investors 15% yields and on the surface it looks fine
The areas change here within 100yrds and less
The places I invest I know like the back of my hand Its the area I grew up in and its the area my family have done business in for over
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Hi Vanessa, what was your experience of investing in Manchester? I am currently buying houses outside of the centre. I check all properties with local letting agents / investors for a second opinion before making an offer, and only buy in areas with high tenant demand by working families, no flats or city centre locations. I don't even view an area unless speaking to half a dozen lettings agents.I am just curious to find out your opinion in case it gives me something new to think about. Manchester seems like a solid bet to me, and London doesn't feel like a good place to buy at the moment. Many thanks in advance for any help
Of all the LA's I've had the misfortune to speak to, not one has ever told me that there isn't sufficient demand from a variety of different tenant types. They'd be turning away business otherwise and havd a vested interest in getting you on board!
I have - coincidentally I've just put up another post looking for other people who have for an article I'm writing.
I didn't really shift emphasis though - I'd never invested in London apart from my own residence as I didn't have the funds available. I do agree with Vanessa's sentiments about high value properties in many ways, but if the choice is to not invest or invest somewhere more affordable then I'd rather go for the latter!
We bought a place in Hull two years ago and I'm happy with the decision. Earlier this year we bought a second one using some funds released from the first one. Obviously the rent is much lower than London but the mortgages cost a lot less and it's easy to pass new rent affordability rules. We did have a couple of problematic tenants with the first house but nothing dire (as in no damage to property) and now both properties have good tenants who seem settled.
In my opinion the most important thing is to find a good letting agent or I can see how it could all go wrong. Ours is good.
When we leave the EU you could well find Hull recovers it's status as a major fishing town.
The fishing fleet will return once we have got rid of the EU lot and control our own territorial waters.
Only problem currently is there aren't enough Royal Navy fishery protection vessels.
But I guess we could get the UK shipyards to build some!
The benefits of Brexit continue
The North is on the up but it will take time
I don't believe London and the SE will be the place to invest for a long period to come
Just because it has done well in the past 25 years doesn't mean it will be good in the next 25 yrs
we live in very different times now and the Euro thing will hit the SE hard
Never thought of that. I'll probably pretend I did if it happens!
Have to say people in Hull were very in favour of Brexit, think it was one of the most pro-Leave areas. Maybe that's why
One of the reasons we started The Property Management People - which has piggy-backed off our existing property management business - is that we could see that Section 24, the fees ban and the PRA, were going to become huge influencers on landlord behaviour.Section 24 and the fees ban would drive landlords to cut costs wherever possible.The PRA would encourage landlords to invest in lower value, higher yielding properties, meaning that more landlords would become "remote" from their properties.We think these are definitely trends that will become more obvious as S24 and the PRA begin to filter out into the wider landlord consciousness and start to bite.Therefore, we came up with a solution of nationwide property management for £40.00 per property per month, including VAT, so that portfolio landlords could essentially have one professional property manager running their portfolio and dealing with all their stock, no matter where it was located in relation to the landlords home town.
"Looking after landlords for less"