With interest rates still offering a measly 2.4% return at best, is the buy-to-let market still a feasible place to invest your hard-earned savings? On behalf of our landlords, I’ve been researching whether buying homes for rent is going offer a good return in our part of this country.
Most landlords would agree that 2017 was a tough year for the residential lettings business, with increasing taxation on returns and worries about Brexit, Brexit, Brexit. However, there is a growing awareness amongst landlords that the north is the new direction to go- and that’s good news for us northerners up here in Carlisle.
What sort of property is offering the best returns?
Northern Powerhouse cities, such as Leeds and Manchester have seen a boom in rental investment returns during recent months with increasing demand for student properties and the development of the lucrative aparthotel schemes.
With good transport links to several major cities: Glasgow, Edinburgh, Newcastle and Manchester, Carlisle could well be within easy reach of similar successes if landlords are prepared to take an intelligent and innovative approach to the low entry prices of the property market here.
Carlisle Lake District Airport
At last, Carlisle Lake District Airport is going to be used for commercial passenger flights from June of this year, bringing passengers from Southend, Dublin and Belfast airports. 2017 saw the Lake District being granted World Heritage status, so our particularly beautiful part of Britain is becoming more and more viable and attractive to investments in both property and business.
Cumbria has more than 20 000 companies registered for the first time, figures from 2017 reveal, and Cumbria’s Local Enterprise Partnership (LEP) has urged the county’s businesses to apply for support from the Northern Cultural Regeneration Fund.
According to the ‘Choose Cumbria’ site, there is every reason to believe in future growth prospects for our Carlisle region:
‘The region is set to witness £25 billion worth of investment over the next decade, helping to create around 56,000 jobs in the next five years in a wide variety of industry sectors. Many people are surprised to learn that Cumbria is the long-term home of some of the biggest names in global business including Kimberly-Clark, BAE Systems and GSK. While Kimberly Clark is preparing to invest £5 million in its site in Barrow-in-Furness, GSK is developing a £350 million biopharmaceutical facility in Ulverston, and BAE Systems is undertaking a £350 million redevelopment of its submarine site, also in Barrow.
Add to that a number of nuclear and renewable energy developments planned for “Britain’s Energy Coast” and the continued expansion of home-grown ventures, involved in LED lighting to confectionary, there is a vibrancy to the variety on offer.’
Exciting times ahead……
So with the Lake District Airport development and excellent prospects for increasing employment and prosperity for our region now may well be the time to snap up properties to buy-to-let in our area.
Happy house hunting, and give us a call when you are considering taking the plunge!