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I’m currently researching Nottingham and Derby as the next possible cities to buy a BTL property. I’m looking to connect with anyone who is familiar with these places and can advise me on which areas I work well in regards to BTL.
Hi Mez,One thing you can do is speak to a variety of local agents in both areas and get some first hand views from them.It is also good that you have asked here - search on Nottingham and Derby to view other related discussions, although I hope others will respond here.Nottingham buy to letNottingham property blues.Also worth notice that Nottingham is consulting on introducing selective licensing, so you may want to take that into account.See also - How to assess tenant demand in an area5 ways to assess an investment property without leaving your house
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**
To the west of Derby just outside the city centre there are a few neighbourhoods that would be good buy to let areas. I would say from north of Burton Road up to Ashbourne road you are going to get your terraced 2-3 bedroom Victorian houses up to £125,000 range at most (most range around £90-95,000) with a rent of £475-600 per calendar month. That would represent a reasonable yield, you might be able to pick up a good deal. The areas are not too bad for crime or notorious just working class areas (avoid Normanton Road area, cheap but a lot of crime/drugs/bad neighbourhood).
Hello Mez, my name is Mike Smith, I'm the director of a small HMO letting agency in Nottingham and can also put you in touch with other letting agents in Nottingham if is single lettings? Which areas specifically where you looking at in Notts? What type of property etc? Tell me more and I can see if I can help you.
Notts Relocate - HMO Lettings
Great to hear you are looking to invest. Nottingham are Derby in general are both good areas to invest. As you may know depending on which area you choose to purchase in will reflect which rental income you can receive.
For a 1 bed property the rental range in Nottingham is from £300 - £650 and in Derby slightly lower from £300 - £550.
Its also dependant on what type of property you are looking to invest in.
What type of property are you looking for? How many bedrooms? And if you don't mind us asking, what price range do you have?
Hi Mike and OneandOnlyPro
I am looking at properties in the 70-80k region which deliver 7-8% yield. Areas of Notts of interest are parts of Bulwell, Aspley, Hyson Green and willing to look at any areas that meet my criteria. It would be great to connect with you and share some ideas of what areas work well.
Thanks for getting back to us.
It sounds like you are leaning more towards Nottingham than Derby, as you have some areas in mind for Nottingham.
We believe that a 7-8% is easily achievable in the areas and price range you are looking for.
We hope this helps further your investments, and any questions feel free to ask.