Midlands, South West and Wales set for post-Covid property surge
LendInvest has said that Covid-19 will only add to the many opportunities for property investors looking across the Midlands, South West and South Wales.
The online property lender’s business development manager for the region, Nigel Robbins, said that the pandemic could lead to more people seeking properties with open spaces in these areas.
He said that this would only add to the opportunities already present in the Midlands, South West and South Wales.
Robbins added that these areas tend to have high rental yields, a strong focus on community, and a need for low-cost, high quality affordable housing for first-time buyers.
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“The community ties may grow post-Covid-19, as the areas could see the benefit of a changed landscape with working from home more normal and a desire for open space from first-time buyers who spent months locked down in an inner city saving for their deposit,” Robbins said in a blog on LendInvest’s website.
“One thing we’ve seen recently in the South West and South Wales is an increase in rental demand and opportunities for buyers with the demise of the Severn Bridge tolls. With commuting cheaper, more are willing to rent and live further afield, increasing yields for landlords.
“The abundance of university cities like Cardiff, Exeter, Bristol, Bath, Plymouth and Birmingham also means a high demand for rental properties and for new projects to expand the pool of student housing.”
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Robbins said that he has also seen activity with regeneration projects for old mining and industrial towns across the regions, but in particular in Wales.
“This desire to reinvigorate communities and the relatively low-cost of auction purchases here is a great opportunity for property professionals to get their feet under the table, purchase and improve property to contribute to the community’s future,” he said in the blog.
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Robbins’ comments coincide with data showing the housing market across the UK is on the up.
The latest Halifax house price index showed that on a monthly basis house prices rose by 1.6 per cent from July to August. Furthermore, Bank of England data has revealed that mortgage approvals returned to pre-lockdown levels, rising by 66 per cent from June to July.
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