A recent article has identified Manchester, Wolverhampton, Coventry and Birmingham as some of the best areas to purchase properties for Buy to Let in 2019. For this edition of Delving into Data, we're going to take a deeper look at the property market in those areas to find out property prices and likely returns on investment from rental.
On the Market Properties
- The average asking price for a property on the market in Manchester is £218,929 and a property is on the market for an average of 140 days.
- The average asking price for a property on the market in Wolverhampton is £219,229 and a property is on the market for an average of 168 days.
- The average asking price for a property on the market in Coventry is £290,892 and a property is on the market for an average of 126 days.
- The average asking price for a property on the market in Birmingham is £266,420 and a property is on the market for an average of 133 days.
Manchester seems to be the best area to purchase a property based on the lowest average asking price, however Coventry seems to be the area with the least amount of time on market, suggesting a higher demand.
Rental Market Properties
- Rental market properties in Manchester are on the market for an average rental asking price of £1002 pcm (per calendar month) and the properties there are on the market for an average of 105 days.
- Wolverhampton rental market properties are on the market for an average asking price of £624 pcm and the properties there are on the market for an average of 106 days.
- Rental market properties in Coventry are on the market for an average asking price of £1097 pcm and the properties are on the market for an average of 124 days.
- The rental market properties in Birmingham are on the market for an average asking price of £864 pcm and the average time that a property is on the market for is 99 days.
Coventry has the highest average rental asking price when compared with the other three areas that we have looked at. Coventry also has the least amount of time on average that a property is on the market for, suggesting a higher demand. This could potentially be due to the lower rental prices, but there will also be other factors involved.
Overall, Manchester appears to be one of the better buy to let areas, having the lowest average asking price of the four and the second highest rental returns - suggesting promising returns on investment for potential landlords.
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