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Buy to let in Leeds


radium0022

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Hi, 

Nice to meet you all. It's my first post on this forum.

I planning to do my buy to let in the north. I was thinking that Leeds might be a great location to start (house prices are still decent compared to larger cities such Manchester) and it feels that the city is growing and attracting more businesses. 

I have seen this place on right move (https://www.rightmove.co.uk/properties/73474821#/). The price looks incredibly low and the yield pretty interesting (11.5%) - to be double checked though. 

I was just curious to have your opinion on the below questions:

1)  Is it usual to achieve ~10% yield in one bed flats in Leeds or is there something I should be sceptical about? 

2) Do you believe that the city is in an upward trend and that we could expect to see a decent demand in the rental market over the coming years? 

Many thanks for your help!!

JB

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  • 2 weeks later...

Hi JB,

I’m based in West Leeds, not too far from this property. Answers to your questions:

1. It’s rare to see flats in Leeds with yields in excess of 8%. A property like this is less appealing due to it being sub £50k, so too low value to get a BTL mortgage.

2. I’m confident in Leeds prices continuing to steadily go up. There’s still lots of redevelopment going on in Leeds, so more jobs coming to the city. HMRC and Channel 4 are due to open their new offices in 2021 I believe. 
 

I personally prefer freehold houses over flats, partially due to a bad experience with a flats management in the past. But I’ve also heard that houses go up in value faster and you don’t have to pay ground rent/service charges. 
 

hope that helps a little.

James

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