Lincoln 'a good choice for landlords'

News Category: Industry News

Lincoln has emerged as an excellent location for landlords to consider buying property, an industry expert has said.

Linda McGuirk, a spokesperson from Burton & Co, explained that the city has low house prices when compared to the rest of the UK and that its student population made it even more attractive for landlords looking to expand their portfolios.

She said that landlords could pick up a six-bed house near the cathedral for around £500,000 and that the latest figures showed that the typical property in the city costs just £147,087.

"The most popular areas are the student buy-to-let properties," Ms McGuirk explained.

"A typical student buy-to-let can cost anything from £130,000 to £150,000. The area called West End is where the majority of those properties are.

"These properties are popular because of the profit that can be made by investors when renting them out. In particular these properties are so popular becauseof the location and proximity to the university."

In addition, Ms McGuirk explained that many people in the area were poorly paid, which meant that few could afford to buy their own home. This further increased the market for rental property.

Recent research from Landlord Mortgages showed that landlords who rented to students enjoyed above average yields on their properties.

At the time, Lee Grandin, managing director of Landlord Mortgages, said: "Students can be a profitable bunch to rent to, providing you choose the correct location."