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Do any experienced landlords here invest in Leeds?
I have about £110,000 to invest and thought this night be a good location.
I had in mind 2-3 bed terrace houses.
Could someone please advise me as to the best areas / post codes. Also, any good getting agents?
Good starter thread here:Getting to know Leeds for my first BTLUse the search function and put "Leeds" in inverted commas to pick up more relevant results of past discussions.
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**
We like Leeds, along with Manchester, Liverpool & Birmingham (we'd likely put Leeds in 4th place as our favourite BTL hot spot) but be careful because where and what you buy can make a huge difference. At £110K, I assume you're looking a bit further out from the centre probably in a cheaper area? That can cause issues with vacancy rates, quality of tenants and capital growth potential.
A few things to consider;
1. What got you to £110k? are you able to stretch that a bit to get a better property in a better location?
2. Why a house? have you considered centrally located flats? In our opinion, there is safety in central locations as that is where you have depth in employment, facilities and amenities so lower vacancy rates, better quality of tenant and more sustainable on bad economic times.
3. Why Leeds specifically? Have you considered other areas?
I'd be happy to help you assess all of your options and make the right decision for you and your goals in mind.
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I've already had a chat with Joseph, who was very helpful.
I think Leeds is a good area to invest as I am myself searching for properties deals here (but I am slightly biased as I live in here). Student areas, such as city centre and Headingley are very popular. However, these areas are more expensive. If you are buying cash, you could get a 2-3 bed terraced or semi in areas such as Seacroft, Harehills, Hyde park, etc. but as Jar7 said the quality of tenants would likely be poorer.
I guess another thing to think about is the strategy, i.e. if you are prepared to use the money for a deposit/legals, etc which would give you more options to buy of greater value or go ahead with cash only purchase.
As an example, the owner of a property I offered would sell for 110k on a 2 bed semi-detached property in Seacrof, achieving £650 rent pm and producing gross yield of 7.2% and 13% ROI (with a BTL mortgage - 75% LTV).
You have more than one option here how to utilise your money as you could potentially buy 2-3 properties depending on your strategy.
I hope it helps.
Thanks for this.
I was hoping to buy for cash, but might use mortgages (I already have 4 BTLs in Hull).
I'd prefer to avoid students, an instead go for working people.
Are there any areas / postcodes you'd recommend for this? I want to avoid rough areas.
Better areas in Leeds I would say are Alwoodley, Moortown, Chapel Allerton, Roundhay in some areas, Horsforth and Morley, which by a few people who live there has been described as a fairly quiet area good for working professionals due to good transport links to Leeds city centre (e.g. train to city centre takes 8min). Also while Holbeck seems to have had bad reputation, it is getting better, so it has potential for the future.
I am not an expert though, but am focusing on these areas myself. Properties there can be more expensive, except Holbeck, but I am sure you can find a very good investment there and quality of tenants will likely to be a lot better. It would be definitely worth asking other people who live in Leeds to better understand how living in certain areas looks like.
One other question - can you recommend a good management agency?
Happy to help!
Regarding management agency, it does depend on the area you would be looking for your investment. Preston Baker are very good in my opinion. Though I find that smaller agencies tend to care about their clients more than big ones. When you find a property you like, I would suggest to give a call to the ones local to that area and see how they communicate on the phone.