Now there’s a surprise - guess which Fenland town is in the nation’s top 10 for landlords looking for best returns on ‘buy to let’ homes?
- Credit: Archant
Housing experts have identified Chatteris as one of the country’s most attractive towns – outside of London- for anyone wanting to ‘buy to let’.
The town is in the top 10 places where landlords get highest total return on their investment outside London, with most hotspots in the counties of Essex and Hertfordshire.
Overall annual rental growth in East of England (+6.4 per cent) is highest of all regions, more than double the rate of Greater London (+3.0 per cent)
Nationally rents are up 1.3 per cent outside London compared to last quarter, while London records a muted 0.2 per cent quarterly increase
Landlords in the East of England are reaping the rewards of strong rental and house price growth in the region over the past year, according to the latest Rightmove Rental Trends Tracker.
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Halstead, Borehamwood and Brentwood make up the top three investor hotspots outside London, all seeing a total return on investment of over 25 per cent.
But at number nine in the top 10 is Chatteris which has enjoyed a 23.2 per cent increase on investment.
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Rightmove says their calculation takes into account the area’s capital price growth over the last year and the average rent a landlord would have collected in that time. This identifies the locations where buy-to-let investors have seen the highest overall return on their investment.
Places in Essex and Hertfordshire make up seven of the top 10 investor hotspots, with Cottingham in Yorkshire being the sole appearance from the north.
Sam Mitchell, head of lettings at Rightmove, said: “Investors and tenants who’ve been priced out of London and the South East have looked for better value areas in the East, and it seems they’ve both found a winning formula.
“For example, if you look at the top 10, six of the areas have average asking prices below the national average, making it affordable for buy-to-let investors.
“From tenant affordability perspective the East of England’s average rent for a two bed is less than £900 a month, compared to over £2,000 in London.”
Mr Mitchell said: “Those landlords who bought in the East of England are seeing much higher returns on investment as the region leads the way for rental growth”