The Progressive Property Podcast Property News: Best Yield Areas, Booming Holiday Let's & Market Update
Welcome back to another weekly update of hot property news, advice and investment strategies. Today, Kevin explores recent articles from ‘Landlord Today’ and ‘Property Investor Today’ covering the booming UK holiday let market, advantages of the current stamp duty holiday and dives into the best investment areas for consistent high yields from your buy-to-let.
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KEY TAKEAWAYS
- Lower purchase price areas that provide the highest yields don’t necessarily give you the least hassle. There is a much higher turnover of tenant and as a landlord investing during the current economic climate you may see missed payments and tenants facing redundancies.
- There’s a common misconception is you want to invest big in an affluent area for a stress free, high return investment in the buy-to-let market. Areas with higher earners will always require a much larger investment cost upfront.
- Cheap does not mean valuable. One of the best areas to invest in is right in between the low yielding and high yielding areas where there is good tenant demand and good employment prospects.
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You should be looking to invest in the holiday let market to service the demand for staycations. Since the Stamp Duty holiday announcement in July, mortgage providers have seen a direct increase of 39% in mortgages for holiday lets and bookings for UK holiday let cottages in July increased by in 19% in July YOY demonstrating the boom in the UK holiday let market.
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There is a delay in approved mortgage applications. Due to COVID restrictions local councils valuations and searches taking longer than normal. Additionally independent legal advice for purchases made through a limited company are also taking longer in tier 2 and 3 areas.
BEST MOMENTS
“Just because a higher yielding area looks like a greater investment, doesn’t necessarily mean that it’s the case.”
“The UK holiday let market is booming”
“You should be looking to invest in serviced accommodations with the stamp duty holiday and demand for staycations”
VALUABLE RESOURCES
https://www.landlordtoday.co.uk/
https://www.propertyinvestortoday.co.uk/
https://www.youtube.com/user/progressiveproperty
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ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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