Wisbech is number one town in the country to invest in property, says survey.
- Credit: Archant
Wisbech is the top place in the country if you have £100,000 to buy a property, according to a survey.
The Fenland town beats North Devon, St Neots and Birmingham in a list of six investment hot spots.
The Guild of Property Professionals said that with the average UK house price edging closer to £300,000, finding a £100,000 home is becoming more difficult every year.
However, in a round up of the best places to invest, Wisbech came out as the best.
A spokesman for the Guild said: “First-time buyers and buy-to-let investors can still find good-quality properties with the right research.
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“Properties for £100,000 can be a great investment.
“An increase in first-time buyers has led to increased demand for properties at the low end of the market, so prices are likely to increase steadily.
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“With buy-to-let, these are also properties that are in high demand for rental and can create a healthy return.”
Sharon Carter, director at C Carters Estate Agents, said: “Wisbech is an area where yields of over eight per cent can be achieved.
“It is an agricultural and industrial area so there is constant demand from tenants.
“£100,000 can still buy a two to three-bedroom property in the town, with rents ranging from £500 to £650 per month for a two-bedroom home to £650 to £750 for a three-bedroom house, which is a great return.
“The area has had a lot of recent financial investment so new restaurants and cinemas have opened and more businesses are heading this way as they get priced out of the science capital of Cambridge.
“There are also talks of reintroducing the railway to the town, so a great potential for capital growth.
“The good news is that it is still a small town so not everyone has heard of it, so plenty of opportunities are available for new investors to get in quickly.
“Plus, two and three-bedroom terraced and semi-detached houses sell swiftly to first-time buyers who have rented for some time and been saving to get their foot on the property ladder.”
The other top areas in the country in the list are:
2. West Bridgford, Nottinghamshire.
3. Birmingham, West Midlands.
4. Wakefield, West Yorkshire.
5. St Neots, Cambridgeshire.
6. North Devon.