Yorkshire buy-to-let market booming

31st August, 2005

The buy-to-let market in Yorkshire is experiencing a real boom, says a new report, and continues to outperform the rest of the UK.

The report by Paragon Mortgages claims that the number of students attending universities in the Yorkshire area such as Sheffield, Hull, Leeds and York, and the amount of students continuing to live in there after graduation, has led an increased demand for rented properties.

If people are thinking of renting property while at university, it is important to have adequate home insurance cover.

With items such as laptops, digital cameras and DVD players in the house, student accommodation is an attractive target for thieves.

Graduates may also wish to take out tenants insurance, as most rental agreements state that the renter is responsible to damage to the landlords property, so this will cover the landlords furniture and effects in case of damage.

The average yearly income in Yorkshire for a buy-to-rent property has risen from £9,383 in July to reach £10,495 in August and experts say that with lower interest rates and higher rental incomes, buying-to-let is an increasingly attractive option.

 

• Next Article: Plumbing costs vary "massively" says Which?
• Previous Article: Holidaymakers at risk from burglary
• This Month: News For August 2005