The race for space and remote living is over. As a nation, reality is biting and the rural idyll that was so appealing during the pandemic has come back to haunt us. That’s the findings of Cornerstone Tax 2020 - the UK's leading stamp duty specialists.
Its latest landmark report found 7 million (11%) Brits said they had moved out of a rural area because they could not afford the cost of living, and now rent in a city. In addition to this, 12 million (18%) Brits say they are planning to invest in a property in a city rather than a rural area as they believe this is a smarter investment
The reversal of our rural dream is far from over. The report also revealed 6 million (10%) of Brits intend to move back to the city in the next five years as they want to be closer to schools, transport links and retail offerings.
Selling your buy-to-let property in a rural location doesn’t have to mean the end of your property investment journey. Landlords can offload poorly performing lets to reinvest elsewhere and these places are clearly identifiable.
Data analysis from Seven Capital confirmed the top six cities for rental yield, with Newcastle taking the top spot. Its yield of 7.70% and an average property price of £195,638 makes it a dream location for landlords who have previously invested in southern-based properties.
Completing the list of cities with the best yields are Leeds (7.20%); Liverpool (7.02%); Birmingham (6.56%); Nottingham (6.49%) and Manchester (5.71%). The average property price in each of these cities is below £242,00, while the average monthly rent for all six is in excess of £1,150.
Sell quickly to head north
A cash sale to LandlordBuyer gives property investors on the move distinct advantages and these include:
- Sell & buy again with speed: as your direct buyer, there is no need to find a purchaser on the open market – a process that many sellers are finding takes months in the current climate, with the delays hampering profitability. With LandlordBuyer, you can exchange within seven working days and complete in an average of 42 days from receipt of legal documents. This gives landlords the confidence to reinvest cash elsewhere.
- Sell with tenants in situ: with Section 21s in the last chance saloon and the time it takes to evict a tenant lengthening, landlords will want to avoid having to give notice. Rather than evict or wait for a fixed-period tenancy to end for vacant possession, landlords can sell to LandlordBuyer with incumbent tenants. As a professional landlord as well as a property buyer, we’ll simply take over the tenancy and its contract so the seller can quickly move on.
- Avoid agency & legal fees: when you sell to LandlordBuyer, there is no need for an estate agent and therefore no agency fees. To make the sales process even more affordable and straightforward, we also pay the landlord’s legal fees.
Start a sale now
It’s easy to obtain your free cash offer from LandlordBuyer – simply follow this link. Alternatively, and if you prefer to start a conversation in person, contact our team of property professionals. We’re here to give specific advice on sales, purchases, yields and values.