For many people, investing in the buy-to-let market is as good an option as ever to make a great return. With low interest rates, house prices in London soaring, what’s not to like? Rents are also being pushed up due to massive demand. We spoke to some of the UK capital’s property experts to get the lowdown on what areas investors should be watching…
1. To start we simply CAN’T miss out that thriving hub that is the West End! Here the letting market is influenced by professionals, students and media people who want to house share:
“The best buy-to-let areas are Fitzrovia/Bloomsbury. Young professionals are specifically keen on Tottenham Court Road spilling into Fitzrovia. Students on the other hand, prefer the area bordering Holborn and the British Museum, which are near the University Colleges,” says Laurence Glynne, Partner at LDG estate agents which is a specialist in property in Central London and the West End.
“Areas to keep an eye on in the future are the Kings Cross/ Euston Station vicinity. The ‘Crossrail Effect’ which has been on the drawing board for years, is now coming to fruition and will undoubtedly have a positive effect on people traveling to the capital,” he added.
2. Moving to North West London now and it seems as if the convenience of being located near to the tube and overground stations means that there’s a big demand from tenants in this part of town:
“One of the areas I’d recommend would be around the famous Queens Park. The park is a huge draw as are the local independent shops on Salusbury Road. Another bonus are the two stations and the ability to be in Central London in 15 minutes. The flats/houses on Lymington Road are also a good bet as they’re positioned perfectly, near to four stations including West Hampstead Thameslink and Jubilee Line, as well as West Hampstead, Finchley Road underground and Frognal overground,” says Spencer Lawrence, Lettings Director at Paramount Properties in North West London.
3. If you fancy buying in one of London’s most salubrious corners, the stucco villas of SW1 may well catch your eye. With its central location and popular bars and restaurants, Pimlico is always a good bet for investors as our expert highlights:
“When it comes to buy-to-let properties in our areas the Pimlico grid (all of the roads down Buckingham Palace and towards Lupus Street), are fantastic value with high yields for investors. They’re great for the Victoria station mainline and have brilliant shops. The station’s just down the road and offers good value in comparison to other areas.” says Phillip Bailey-Smith of Best Gapp, an independent estate agent in Belgravia.
4. It’s not just tennis (and new champion Andy Murray) fans that are attracted to Wimbledon – SW19 offers that special ‘village’ feel right in the heart of London as John Collard of Robert Holmes explains:
“Wimbledon Village and town offer buy-to-let purchasers the ideal mix of town and country – town rents with a country atmosphere and just 12 minutes from Wimbledon Station to Waterloo,” he says.
We hope that these insights give you tips as to where’s best to put your money in London. As you can see there’s lots of opportunities for investing in the buy-to-let market across the UK capital. It’s just important to find the right estate agent and get specialist advice regarding your preferred area.