London Rents Drop as Buy-to-Let Investors Head North
London rents have dropped by £65 a month, while buy-to-let investors are increasingly looking to the north of England.
According to Hamptons, the North East of England was the hotspot for buy-to-let investors in the third quarter of this year.
- 28.4% of homes sold in the North East were bought by a landlord.
- 8% of homes sold in London were bought by a landlord.
- 7.1% of homes sold in Scotland were bought by a landlord.
- 6.9% of homes sold in Wales were bought by a landlord.
“New landlords have increasingly become an endangered species in markets across southern England, where big stamp duty bills and flatlining prices have nudged investors northwards.” - Aneisha Beveridge, head of research at Hamptons
Investor activity is increasingly concentrated in northern England, where yields are higher and stamp duty costs are lower.
Author's summary: London rents drop as investors head north.