Buy To Let Blog
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Blog: Dear all
I am thinking of investing in a first Buy To Let in Leiceter and have seen some reasonable priced properties, I just wanted to know what the rental market is like in leicester and what areas are better.
Thanks for any advice.
Blog Reply: I have grown up in Leicester and I have nearly half my portfolio here.
Personally I think Leicester has reached its peak, so I have been buying elsewhere.
Its also very difficult to pick up bargains unless you have built up the right contacts - this is a wealthy town and being a cash buyer is nothing special.
Be careful of Narborough Road, landlords are selling up because of the student apartments popping up in the centre.
Surprisingly, the city centre isn't too bad for letting even though it is crammed with apartments. I have found good demand for short term lets.
Braunstone is great for letting, try and pick up properties in the £50k - £70k range.
I have never had a problem letting my properties, especially the 3 bed terraces and semis.
Apartments let well too, if you are near the City Centre - London Road, Welford Road and Victoria park .
If you buy the right properties at good prices you shouldn't have any problem getting a fairly secure 9% gross return.
Regards
Blog: Thanks for the comprehensive advice
I was looking at Narborough Road, but I will be careful now, thanks.
I saw a 3 bed semi in Braunstone for 80K (needs updating a bit) what sort of rental would I be looking at and do you know why Braunstone is good for letting.
Many thanks again
Blog Reply: Totally depends on which part of Braunstone you look at!
Go up Narborough Road (towards M1), past Upperton Road and the part of Braunstone on your right is very good for letting, simply because its so close to all the local amenities - City Centre, Fosse Park, Motorways, Meridian Leisure Park, Schools - everything to make ideal family/professional/commuter/older people/single lets.
My properties there have suffered 0 voids. When the last one came up for let, I had about 30 enquiries within 2 days!!
Up the A6 (Red hill flyover/Melton Road area) you will find excellent schools (Soar Valley and Rushey Mead) plus excellent amenities, my props there let very well also.
Trouble is, these properties are difficult to pick up cheap, so the only people making any real money are those who bought years ago.
If I were you, I would look at Wigston, Beaumont Leys and New Parks. These areas are definitely improving and I know quite a few profesional landlords are looking that way - the amateurs will follow soon enough and that’s when you will benefit.
If you want to get in with agents, I would forget the City Centre firms. Most are in developer’s pockets.
There is also one beginning with the letter 'T' that wouldn't even let me view their properties! I asked them 4 times AND I had proof of the cash sitting in my account!!!!
In the end I had to slip notes through the doors of the properties and make contact with the sellers that way.
Stick to the local, one-man-band agencies and you will do much better!
Let me know how you get on
Blog Reply: "I saw a 3 bed semi in Braunstone for 80K (needs updating a bit) what sort of rental would I be looking at and do you know why Braunstone is good for letting."
80k is about right for a semi, I bought my 3 bed terraces for £33k!
Does it have off street parking? How much work does it need?
You should get £475/month with off street parking. I would go for the terraced 3 beds, they are much cheaper and the rent is not that much lower (I am easily getting £400-£425/month)
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