A specialist buy-to-let lender, Paragon Mortgages, found from their research that landlords receive a higher rate of return on their properties, in the North of England. The reason for this is because properties typically cost more in the South of England. Therefore a larger mortgage is needed to buy a property, so these landlords are unable to make much profit from their high rent prices compared to northern property landlords. So for those landlords who have a higher mortgage, searching for a cheap landlord insurance quote is of great importance.
Of the higher yielding Northern regions, the North West had the highest rental yield of 6.6%. This has grown from its previous figure of 5.9% in the fourth quarter of 2011. Due to this recent news, we’re going to take a closer look at 3 of the North West’s most popular residential areas. What makes Manchester, Liverpool and Chester such an appealing place to live?
Manchester
Home to popular football clubs Manchester United and Manchester City, this city is the most visited in the country outside London. Manchester boasts many features which make it an attractive place to live, what with its booming nightlife, excellent transport connections (Piccadilly train station and the International Airport), diversified culture and top educational facilities.
With one of the country’s largest concert venues (MEN Arena) and well attended universities, landlords here have a great opportunity to rent out their property as a temporary let or student accommodation.
Job prospects in the city are highly favourable and a strong prompt for many people looking to relocate. Late last year the BBC completed their move to neighbouring city of Salford and The Co-Operative group are one of many notable companies that have made roots here with their head office.
Liverpool
Similar to Manchester, Liverpool is a city with a tremendous ability to draw in regular tourists. Home to one of the world’s most famous and popular bands, The Beatles, the city’s musical culture and continuously growing prominence in other areas has allowed it to shed its rough, scouse image.
Despite their rivalry, Liverpool offers many similar benefits to Manchester such as travel connections, a rich culture, strong heritage and a growing economy. The same student accommodation opportunities are also available here as Liverpool is home to 3 universities, 1 performing arts school and other higher education facilities.
With regard to holiday lets, there are plenty of opportunities for visitors to spend days on end in the city including; the glamorous night life, Everton and Liverpool football matches, the Grand National in Aintree, festivals like the Mathew Street Festival and concerts at the Echo Arena, built after Liverpool became Capital of Culture 2008.
Chester
Chester refers to itself as a renaissance city, with historic Saxon and Medieval architecture. The city has a relaxed, quaint feel which makes it ideal for those who want the benefits of a city life, but with a more tranquil atmosphere and way of life. Unlike Manchester and Liverpool, it has a different kind of appeal.
It can be expected that families, students who attend Chester University and people looking for a more relaxed way of life, will be the main occupiers of Chester’s fine real estate. However it is by no means a sleepy town, with many retail and social offerings to maintain a regular stream of tourists and keep the locals highly entertained. They include Chester Zoo, Cheshire Oaks Shopping Centre, gardens and stately homes, racecourses and historic tours.
A final attractive aspect of Chester is its easy transport connections to Liverpool and Wales. So an exciting mini-break to either location is always an option for local residents.