Where Are The Best Cities For Buy To Let Landlords?

August 8, 2022

During the height of the pandemic, many areas that were formerly popular on the rental market become ghost towns. Fortunately, that trend is now reversing, with demand picking up as the students and office workers returned to urban areas.

However, some areas of the UK are showing more resilience than others. Here’s a look at where the best cities for rentals are in the UK.

According to the latest figures from property portal Rightmove, the north of England and Scotland are bouncing back strongly. Edinburgh in particular is showing a jump of 134%, compared to the same time last year. Glasgow and Aberdeen also make it into the top ten of the list, with increases of 65% and 59% respectively.

Salford in Greater Manchester has seen an increase of 91% between May 2021 and May 2022, with the going monthly rent at £1,036. Neighbouring Manchester shows an increase of 81%, and the average rent is £1,041.

The Greater Manchester region is especially popular with buy-to-let landlords, as it has an active market of young professionals, who see it as a cosmopolitan yet more affordable alternative to London. The city centre is now a very attractive place to live, with several regeneration schemes and new residential developments completed or currently underway.

There is a marked North/South divide in rental prices, with London showing an increase of 115% year on year. Here, the average monthly asking rent is more than double that of northern areas, at £2,449.

Other areas showing increased popularity with renters include Southampton, which has seen a jump of 73% since last year. Newcastle upon Tyne, Durham, and Cardiff also showed an increase in competition by over 55%.

If you are looking for a mortgage broker, please get in touch today.

 Your home may be repossessed if you do not keep up with your mortgage repayments.

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