Rise in buy-to-let mortgage applications in the North West

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Liver Building

Commercial mortgage lenders have reported a 3.1% rise in the number of buy-to-let commercial mortgage applications in the North West region of the UK, according to a February 2018 BuyAssociation.co.uk article.

There has been less buy-to-let investing activity in London because of high property prices and cuts to commercial mortgage tax benefits. Rental yields in London have fallen too, so there is a growing trend for landlords to look outside of London for property, as rental yields can be higher. The North West is a part of the UK where this is especially the case.

As well as an increase of over 3% in the North West, the North East saw a 0.9% rise in buy-to-let mortgage applications. There is also a rising number of people renting outside of Central London in areas where rents are cheaper, but with good rail links to London.

The government is investing in what it calls the Northern Powerhouse, which could regenerate the Northern economy. Many companies have, or are going to open, offices in Manchester where the cost of living is lower than London. There is a large pool of talented workers in Manchester, and demand for rented properties is high. Nottingham and Liverpool are also areas where landlords can expect good rental yields.

Many workers are migrating from London and the South East to enjoy a higher standard of living in the North West. There are also high populations of students in the North West, particularly in Liverpool and Manchester, and this has created a healthy demand for student accommodation.

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