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Category: buy to let mortgages
Data reveals Sunderland as most profitable for landlords in UK, with low monthly mortgage rates and proportionally higher rent.
According to analysis conducted by insurance agency CIA Landlords, Sunderland emerges as the city where landlords experience the highest profitability.
Based on an average monthly mortgage repayment of £528.19 and rental prices hovering around £1,200, landlords in Sunderland can anticipate earning approximately £671.81 in profit from their tenants.
Conversely, Luton stands out as the city where landlords face the least profitability, as the monthly mortgage repayments (£1,058.67) significantly exceed the potential rental income (£766.67).
For renters:
Blackpool takes the lead as the most budget-friendly city for renters due to its affordable rental rates. In this city, the average monthly cost for a one-bedroom apartment stands at just £433.33, surpassing Kingston upon Hull (£452.50) in second place, followed by Bradford in third (£537.50).
Not only is Blackpool the most affordable city for renters, but Kingston upon Hull also holds the title for the most economical city to purchase a property. The average house prices in Kingston upon Hull are as low as £137,038.
Norwich stands out as the city that boasts the most well-rounded amenities and features. It captures attention with its combination of affordable rent, excellent schools, and abundant job opportunities, making it a highly appealing place to reside.
The city exhibits a remarkable employment rate of 81.4%, indicating a strong job market. Moreover, when residents were asked to rate their life satisfaction on a scale of 1 to 10, they gave an average score of 7.5, reflecting a generally contented population.
In terms of affordability, living in Norwich is relatively reasonable. The average monthly rental cost for a one-bedroom apartment in the city centre is £857.14.
Additionally, the average property price in Norwich hovers around £251,306, making homeownership more attainable.
Securing the second spot, Newcastle offers an impressive range of amenities with 100 schools and 6 hospitals, despite its population of only 192,382.
The city also boasts some of the happiest residents in the UK, with a life satisfaction rating of 7.69.
Coming in third, Southampton provides its residents with 2.44 hospitals per every 100,000 people and stands out for having one of the most affordable public transport systems among the analysed cities, with an average monthly cost of £55.
The city also boasts a favourable job market, with a job prospects rate of 80.2% across the city.
Despite the multitude of amenities available in the capital city of London, such as a substantial 115 hospitals and an impressive 2,591 schools, the high cost of renting and buying property in London renders it less accessible to a broader segment of the population.
On average, the rental price for a one-bedroom apartment in the city soars as high as £2,061.18, while individuals seeking to buy a home in London face prices around £538,116.
