7th November 2019
Are you searching for the latest buy-to-let investment hotspot – consider Burnley
Burnley has been revealed as England’s top spot for buy-to-let investments and Andy Thompson, our head of auctions North West, is urging landlords to consider adding properties from the town to their portfolios.
Research by lettings platform Howsy put Burnley at joint fifth in the UK with Belfast, with rental yields of 6.5%, and the only town in England to make it into the top 10. The remaining towns and cities in the top 10 were all in Scotland; Glasgow topped the list with rental returns of 7.5%.
It’s no surprise to us that Burnley comes out so well in this research as we know it’s a great place to invest in property. Compared to the rest of the country, prices are still affordable, and rental properties are much in demand, which creates the perfect climate for buy-to-let landlords.
One example of a Burnley property with a high rental yield is 2 Laithe Street in Burnley, a two bedroomed terraced house which sold in our August North West auction. At the time of the auction, the house was let at £4,680 per annum and sold for £28,000 from a *guide price of £25,000. If the rent continued at this rate, this would give a yield of 16%.
Another is 33 Wynotham Street in Burnley, a mid-terraced property with a sitting tenant which sold for £33,500 in an online auction in partnership with Bridgfords. With a rent of £340 every four weeks, this gives a yield of 13.1%. The property has gas central heating and double glazing throughout and is well placed for access to Burnley General Hospital and bus routes.
The Lancashire mill town of Burnley is not just a great place to invest but a great place to live. It offers the twin delights of town and countryside, being surrounded by open fields and moorland, but with easy access to Manchester city centre, thanks to a direct rail route. What’s more, the town centre is about to undergo a £26 million regeneration, with the first phase featuring an £18 million leisure and retail development.
The planned regeneration of the town is also good news for investors, as this creates new employment opportunities and is likely both to increase demand for homes and boost property values. My tip would be to take a look at Burnley sooner rather than later.
We currently has several properties for sale in Burnley and the surrounding area, including 23 Harold Street in Burnley, which has a *guide price of £25,000+ and is offered for sale by unconditional online auction in partnership with Aubrey Lee & Company.
The mid-terraced property has uPVC double glazing but is in need of modernisation, providing the opportunity to add value. It has two reception rooms, two bedrooms and an upstairs bathroom. The auction ends at noon on Friday 22 November. For more information, or to book a viewing, please call 01617 208108 or email firstname.lastname@example.org.
A second terraced property in the town can be found at 123 Albert Street, which is for sale by conditional online auction in partnership with Belvoir Burnley.
The mid-terraced property, which has gas central heating and double glazing, has a lounge and fitted dining kitchen on the ground floor, with two double bedrooms and a bathroom upstairs. It has a long-term paying £300 per calendar month which, if sold at its guide price of £37,000, would give a yield of 9.7%.
The auction until noon on Friday 29 November. To book a viewing or for more information, contact Belvoir Burnley on 01282 710183 or email email@example.com.
With landlords and investors likely to be turning their attentions to Burnley, now would be a great time to sell your property in the last SDL Auctions North West auction of the year at the AJ Bell Stadium in Manchester, on Thursday 5 December. Properties can also be sold at any time via online auction.
To find out which method of sale best suits your property, and to request a free, no obligation auction appraisal of your property, click here or call 0116 774 7333 to speak to a member of the auctions team.