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" I looked on Rightmove today and there were lots of 3 beds from £450 to £495 in Middlesbrough. "I would seriously question as to what is the point of buying in an area like that? After fees etc. you'd be lucky to scrape £200pm out of it. What's the point of signing up for such a minimal return?
Capital growth? Hmm, not so sure about that.
There are many easier ways of netting £200pcm for a lot less hassle.
Totally agree, I would never buy a house for a paltry £200pm return. Absolutely not worth it..
The point I was making is that £450 is too low for me, and I was struggling to find rents higher than that in Middlesbrough
The capital growth refers to Newcastle, (see the link sent by Vesta Properties) not Middlesbrough, and is not my reason for investing there, I am investing for cash flow.
There are some good suggestions by others above (and in previous discussion threads). Key is to make sure that you understand the rental demand in the area where you decide to buy. As DL rightly notes, each town/city has better/worse parts. Check the rents being achieved in each area, ideally buy close to good transport links (as this will help to underpin tenant demand), and try to understand which areas are up-and-coming if you want better prospects of capital growth (e.g. if there’s any regeneration, or if you know of an area where there’s increasing economic activity such as cafes or shops opening up, or where there’s a vibrant or outstanding school, or the council is spending money on improving local amenities etc).
Unfortunately at Vesta Property we don’t have anything in Middlesbrough right now. We think there’s good prospects for Newcastle and we’ve recently published our Newcastle investment case. We hope to have more properties in the North East soon. In the meantime we have one in Ashington which more or less meets your criteria and is already tenanted (so makes your life easier and gives you rental income from day 1) with a good rental yield. You can find it here.
Kind regards and good luck!
Hi Vesta Property,
Thats great, thanks for all the detailed info. I will definitely take your advice about the rental demand and up and coming areas. I am primarily looking for income, but the potential for capital growth would be a real bonus. I didn't think I would get any capital growth get in Newcastle, so the link about all the improvements, increased rents and regeneration in the City is brilliant. Thank you so much for that, it reaffirms that I am on the right track and doing the right thing. I have never been there, but am looking forward to visiting it now!
In regards to the Ashington house, I am still in the research stage and need to check areas, including the ones highlighted in the brochure before I am ready to buy.
Thanks once again, it was very much appreciated!
Best wishes : )
Both Middlesborough and the North in general are fantastic places to invest, with great potential returns on both capital appreciation and yield. Is Middlesborough local to yourself? The rental range you desire is achievable depending on the property’s potential and at the that purchase price you can find some gems.
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
Capital growth in the North East has been very poor in the last 10 yrs.Rental Yield on the other hand is a better proposition.
No I am based in London, and now looking more towards Newcastle now.
Would be interested in having a chat though.
Of course, instead of putting your personal details on the thread, if you like you can fill out our contact form (see link below) with your personal contact details and we will contact you.