Find out what’s happening in the property investment arena both in the UK and internationally
From travelling tenants to loyal locals, property investors enjoy strong demand
July 22, 2015Article by Charlotte Ashton
Tenants are abandoning their hometowns and flocking to pastures new. At least, in some areas of the country!
The Rental Index Regional Variance Figures from Homelet have revealed that Wakefield, Coventry, Brighton, Nottingham and Greater London top the list of towns where the largest proportion of new tenancies signed are by those who are new to the area.
Britain on the move
So why are the UK’s tenants being drawn to certain areas? Economic factors certainly come into play, with many young professionals moving to urban areas in order to enhance their career prospects. In the case of Brighton, there is also the lifestyle element to consider, as Ray Withers, Chief Executive of leading property investment specialists Property Frontiers, explains,
“As well as being a thriving working town, Brighton is known for its Bohemian atmosphere, it’s picturesque seafront and its excellent independent shopping facilities. It has a direct train link to London, a fabulous food scene and a lively nightlife, making it ideal for those looking to squeeze the most out of their leisure time as well as their work time. This multi-faceted appeal has seen new tenants flock to the area of late.”
The other side of the coin
At the other end of the table are those cities where tenants remain hugely loyal to their current area, with the Homelet data flagging up Belfast, Cardiff and Birmingham as three areas where over 95% of new tenancies taken on were by those who already lived locally.
Interestingly, both situations are appealing to property investors, as Ray Withers points out,
“In Brighton, you’ve got a fast paced market with strong demand for exciting new properties, like the modern Park View Apartments. It means that investors can enjoy owning their buy-to-let properties in an area of marked demand. Meanwhile in Belfast you’ve got the appeal of tenants who are looking to remain in the area for the long-term, providing an appealing level of stability for investors in developments like The Sandford. Both situations have their benefits and it is fascinating to see these highlighted thanks to the Homelet data.”
Brighton’s Park View Apartments are available for investment from £330,000. Overlooking Preston Park, the units each come with their own parking space, as well as a host of high end internal features such as recessed LED lighting, under-floor heating and oak flooring.
At The Sandford prices start at £110,262. The collection of one and two bedroom apartments enjoys an attractive location between Belfast city centre and the bustling Titanic Quarter, close to the waterfront and its trendy bars and restaurants.