Situated in Lancashire, Burnley is fast becoming the most popular area for investors looking at buy-to-let properties.
Burnley has the lowest average house prices in the UK, which is always good news for investors as it will mean investing less while getting more in the long run from letting the property. It’s growing and evolving constantly, and with the train link having opened from Burnley to Manchester Victoria, it’s become more accessible than ever before. This accessibility is key for investors; with property prices being so low and the option to commute to big cities such as Manchester and Leeds it will encourage young professionals looking to rent close enough to their work but in an area that isn’t too expensive making Burnley a perfect choice.
Whilst the house prices are low, the number of households purchased has dropped by 15% in the last decade and is expected to continue to decline as more and more people are renting instead of buying. Most young professionals can’t afford to buy a property so rely on renting and will do so for the foreseeable future meaning that buy-to-let investments are a safe investment to make.
The business investments in the area are increasing regularly which also creates local employment opportunities which will bring outside workers to the area who will always be looking for somewhere to rent. These businesses are also making the town more appealing and as they continue to increase, the demand for accommodation will also increase.
Burnley has been described as an up and coming town, experiencing steady growth that is helping boost the economy. Investors want to get in early whilst places like this are developing; investing during the development stage often means you get a better deal as once the economy has boosted the investment opportunities will be more costly. Getting ahead of the game gives you the best chance to let your investment to grow and give you the best return. It’s also been named the number one place in the UK for property investors to get the highest average yield.
The town has recently undergone heavy government and heritage-funded regeneration throughout the town, helping clear it up and investing in local businesses to create more jobs and put Burnley on the map. The Burnley Council have also invested £51 million from outside businesses to create more jobs in the area, which will in turn, raise the demand for accommodation which is why investors are snapping up these opportunities.
If you’ve been looking for the perfect investment opportunity, contact Urbane Brix today for more information on what we can offer.