Category Archives: Property

Landlords! Here’s What You Need to Know About Right to Rent

Posted on by Aspen Woolf

One of your responsibilities as a private landlord is to check if prospective tenants have the ‘right to rent’ in the UK. It stems from the Immigration Act of 2014, a measure designed to make it difficult for illegal migrants to remain here undetected.

The 2015 Immigration Bill builds on this, granting increased eviction powers for authorities and criminal penalties for non-compliance.

Investing in property comes with more responsibilities than you may think.

As a landlord, these ‘right to rent’ responsibilities can only add extra weight to an already stressful workload. In addition, some tenants make it difficult to obtain their personal information or simply produce fake documents.

This is why we recommend making your investment through a professional lettings agent such as Aspen Woolf. We’ll take care of these requirements on your behalf, using a team of legal specialists to verify documents and even take liability if financial penalties do arise.

By doing so, this will help secure your investment and maximise its potential earnings.

 

Official Legislation

Landlords must check that their tenants can legally live in the UK.

Details of the ruling can be found under Section 22 of the Immigration Act 2014, which declares that landlords: “must not authorise an adult to occupy premises under a residential tenancy agreement if the adult is disqualified as a result of their immigration status.”

To comply with these requirements, you must view original immigration documents, make copies and keep them for 12 months after the tenancy expires. If these documents are held by the Home Office, a landlord’s checking service can be accessed online here.

If you’ve made these checks and discover your current tenant is living in the UK illegally, you must report this as soon as possible. Once this has been done, the process falls out of your hands and you’re under no obligation to force an eviction.

However, if you don’t make sufficient effort to report a tenant without the right to rent, you may face a civil penalty up to £3,000.

Although there are various stipulations to adhere to, the legislation does not apply to the under 18s or those not renting the property as their main home. If you’re unsure of anything, additional details can be found on the official government website here.

 

Managed Lets

An agency can handle these checks and legislation for you.

One useful aspect of the legislation is that an external agency can carry out these ‘right to rent’ checks on your behalf.

Aspen Woolf can recommend fully licensed companies to do so and can draw up a written agreement which passes responsibility onto them. We can also recommend the correct due diligence platform that will perform detailed background checks and credit reports on all potential tenants before they move in.

This is of great help to landlords who don’t always appreciate the extra hassle that comes with some independent buy-to-let investments. If you need any further information regarding our ‘right to rent’ compliance, please feel free to get in touch today.

As a landlord, you may be interested in whether Build-to-Rent is the future of property investment.

Is it Worth Furnishing Your Residential Rental Properties?

Posted on by Aspen Woolf

As a landlord, furnishing your rental property or leaving it empty is entirely up to you. It all depends on your budget, how much rental income is desired and the kind of tenant you’re looking to attract.

There’s also the middle ground to consider. This is where you provide basic furnishings such as a bed, sofa, oven and washing machine, but require the tenant to supplement this with their own belongings.

 

What Counts as a Furnished Property?

Providing a dining table and chairs might be expected in furnished rental properties.

There’s no legal definition for a furnished property in the UK, but tenants will expect some or all of the following items to be provided:

  • Bedroom: bed, chest of drawers, wardrobe
  • Living Room: sofa, armchairs, television
  • Dining Area: table, chairs
  • Kitchen: fridge, freezer, oven, microwave
  • Utility appliances: washing machine, dryer, dishwasher

Of course, it’s also advised to spruce up the property as best you can. Ensure flooring is solid with carpets or wood installed to the proper standards. Curtains and blinds are another expected feature, as well as attractive paint jobs or wallpaper. Another recommendation is to provide access to a Wi-Fi internet connection.

As a side note, consider your legal responsibilities as a landlord when furnishing the property – these can be found on the government website here. Landlord contents insurance is also highly recommended.

 

Furnished Rental Properties

It's up to you as the landlord to decide how far to go if furnishing your rental property but many tenants may expect there to be a bed.

Kitting out the property is likely to attract more enquiries. Modern renters don’t tend to have their own furniture so will be actively searching out furnished homes, especially in the case of students or young professionals.

If you’re worried about the added expense, consider it as an investment. Tenants may come and go, but your furnishings will always be there. In addition, you’ll now be able to charge higher rents to offset these initial costs.

Inexperienced landlords may not be aware of the tax benefits of furnishing your property. Although the ‘wear and tear’ tax has been reformed, the new relief system still enables residential landlords to deduct costs on replacing furnishings, appliances and kitchenware.

 

Unfurnished Rental Properties

If you're aiming your rental property at families who may already have their own furniture, you may choose to leave your property unfurnished.

Unfurnished homes may attract less interest overall, but much depends on the expected tenants. For example, families – whose reliance on the rental sector has rocketed over the past decade – are likely to possess their own furniture anyway. Rents will be generally cheaper also, meaning more enquiries from lower earners are likely to come in. Families, on the upside, tend to stay in the same property for much longer. Ensuring your rental income remains stable for the foreseeable future.

Landlord’s want the least hassle possible and unfurnished properties offer that. There’s no removal fees to contend with (now or in the future), less concern over general deterioration and no insurance requirements.

However, remember that some basic amenities will still be expected by potential tenants. These will include sufficient heating, electric and gas supply, along with flooring, curtains and perhaps a washing machine, oven, refrigerator, etc. You can add to this ‘inventory’ as time goes by as your budget increases.

Whichever option you decide upon is entirely up to you and much depends on your finances and rent expectations. However, investing in a managed let via an estate agents provides the best of both worlds. You’ll receive a fully furnished property with all the potential hassle taken care of.

Whether you’re a first time property investor or already have a portfolio, you might be interested in whether Build-to-Rent is the future.
You can find out about managed let opportunities available throughout the UK over on our Investments page.

What Size Property Should You Buy for the Best Investment?

Posted on by Aspen Woolf

The bigger the property, the better the investment. Or so you would think. In fact, smaller properties and flats are more likely to generate a rental income because rents for larger, more expensive homes are often unaffordable for average earners. Not to mention the other costs involved in owning a larger property.

With this in mind, investors should consider all types of property for the best investment. Much depends on your personal circumstances and budget of course, but ruling out a house just because it has limited space isn’t necessarily a wise move.

 

Flats and Apartments

Investing in low entry priced flats provides a fantastic route onto the property ladder, especially if situated in prime city centre locations or areas with high student numbers. Many post-grads seek out premium-quality, low-rent apartments as they begin their working life, especially those with built-in utilities and high-speed broadband.

This is something echoed by Camilla Dell of consultancy firm Black Brick, who says:

“Generally speaking, flats make better buy-to-let investments than houses, especially two-bedroom, two-bathroom flats which many young professionals favour and can share with a friend, partner or co-worker.”

Flats and apartments are a great way to start your property investment portfolio.

Larger Homes

One advantage of larger properties is that you can convert rooms into additional bedrooms, thus increasing your earning potential. Modern-day professionals, especially in London, are increasingly willing to house share. Mainly because they simply can’t afford to rent a property on their own.

There may also be an oversupply of flats in some areas, which combined with a housing shortage, will assure that house prices remain secured. Additionally, nearly 250,000 families chose to rent in 2016 according to Alliance & Leicester, meaning there is definitely demand out there in certain areas.

However, buyers should take note that the more expensive a property is, the higher building surveys, conveyancing fees, service fees, and arrangement charges will be. Increased stamp duty incurred over multiple brackets will also affect your short-term profits. A lot of city centres are also lacking in space, meaning land is very expensive. The more land your property will take up, the higher the premium you’ll pay for it. This is another reason flats defeat singular homes in big city centres.

Larger houses can make great investments but come with risks and additional expense.

Multiple Investments

Investing in a large, costly property may eat away at your disposable funds, thus restricting the chance to grow your portfolio. Acquiring multiple homes has fantastic benefits for buy-to-let investors, helping relieve a lack of earnings if one property sits empty between tenants, for example.

Once on the market, you can offset the value of your existing property (or its expected capital gains) to pay a deposit on a second property, and so on. Likewise, obtaining a new buy-to-let mortgage is easier with this collateral in your name, especially whilst interest rates remain low.

Investing in multiple properties can spread the risk and give you some security.

Further Advice

As an investor, you must evaluate which area has the strongest and fastest growing level of tenant demand for a particular type of property. How big the property is doesn’t matter too much, as long as enquiries are guaranteed. For example, young professionals are likely to rely on one-bedroom apartments near to their work or transport links and students will opt for the cheaper studios closer to their place of study and city amenities. Then you have the couples that want more space, but aren’t ready to commit to a home yet, who will opt for a 2-bed apartment. It all really depends on the area and the target market for the property.

As rents are expected to rise across the board through 2017, even a smaller property can generate yields as high as 10%. This is especially the case in buy-to-let hotspots around the UK such as Manchester, Liverpool, Plymouth, Leeds and Edinburgh. Seek professional, managed lets to secure your long-term investment strategy, with guaranteed rental income along the way and a secured exit strategy if required. Keep in mind your target tenant and apply that rule to the size of property purchased.

You can take a look at our investment opportunities in the current UK buy-to-let hotspots here.
If you’re unsure of where you’d like to invest in property, you may be interested in why 2017 Is The Year to Invest in The North.

Posted in UK

5 Reasons Why Now is the Time to Invest in Plymouth

Posted on by Aspen Woolf

Plymouth is on the up with a spate of multi-million pound regeneration schemes set to be completed through 2017. It shows a high degree of confidence lies in the city, augmenting an already high quality of life in the wider South West region.

For prospective investors from both the UK and abroad, this is a very encouraging sign. Redevelopment projects sustain growth for small businesses, create jobs and provide employment stability, leading to a healthier property market and better quality of tenant.

Despite recent clampdowns on the buy-to-let sector, low interest rates should hold for a while yet. However, according to a chief UK economist Howard Archer, the Bank of England will feel compelled to raise these rates at some point. This means that, if you’re looking to take out a buy-to-let mortgage, the time to act is now.

We’ve put together five further reasons why Plymouth in particular is looking ripe for property investment this year.

 

1. Major Investment

Plymouth's transport links are undergoing a large regeneration which is beneficial to property investors.

Image credit: Nick Rice via Flickr

Plymouth is to be subject to a vast array of investment projects over the forthcoming months and years. A massive £266 million investment programme is set to transform the city centre, including the £24.6m Northern Corridor transport scheme, £13m Science and Technology hub and highly-anticipated train station revamp. A new tram-style Metro system is also being earmarked to reduce congestion.

 

2. Student Sector

Buy-to-let is always boosted by the presence of local universities and Plymouth has two of them in close proximity, as well as three prominent colleges. Students are always in need of accommodation and post-graduates are also likely to remain in the area to find work. Plymouth University is one of the largest in the country with over 20,000 students in attendance every year.

 

3. Port City

Plymouth is a port city which plays a big part in the city’s tradition, history and culture. Much of the new regeneration fund will be spent on the waterfront, primarily with the regeneration of Millbay docks, increased investment in the Oceansgate marine hub and a new £5 million cruise terminal. In 2020, the launching of the Mayflower will celebrate its 400-year anniversary, which will further boost the tourism sector.

 

4. Property Boom

Various property speculators expect Plymouth property values to rise through 2017. Despite some uncertainty post-Brexit, the market held up well and Plymouth will always attract buyers looking for a high quality of life. Foreign investors from as far away as the U.S and Japan are snapping up homes in Plymouth because they see Devon property as a sound investment. This has been reported by local estate agents Luscombe Maye, who have also reported high levels of viewings and sales early in 2017.

 

5. Favourable Rental Sector

The private rental sector in Plymouth is looking a great bet at the moment. It favours cash investors who will get more value than savers would, especially when taking advantage of Plymouth’s steady stream of post-graduates and young professionals who rely on the rental sector. As an investor, scout around for low-entry properties that guarantee healthy yields of between 7-8%, particularly near the city centre and main university campus.

 

In you’re interested in investing in Plymouth property then Beaumont Square could be ideal for you. Get in touch to find out more.
If you’re still not convinced about why Plymouth is a great place to invest right now, check out our overview of the city.

Is Build-to-Rent the Future?

Posted on by Aspen Woolf

Build-to-rent (B2R) is a subdivision of the UK’s booming private rental sector and, as the name suggests, concerns new builds designed specifically for renting rather than for sale. They tend to lie at the top end of the rental market and achieve a high volume of enquiries when eventually placed on the market.

B2R numbers aren’t as high as the government would like and so an online consultation has recently been opened to encourage authorities to plan for build-to-rent schemes, closing on 1 May this year. This is in line with a wider £1 billion fund to support private investment, planning and construction within the industry.

As a property investor, they are something worth taking a look at, especially if schemes are taking place in areas of interest to you. The British Property Federation have produced a digital map detailing current build-to-rent projects here, many of which are located around London, Manchester and Liverpool.

 

Housing Shortage

The appeal for more B2R projects echoes the greater demand for more homes across the country. Some reports suggest a staggering 250,000 new properties are needed annually to keep up with demand.

The government has pledged to build an additional 1 million properties by 2020, although this is looking increasingly unlikely with such a big national deficit and debates over green belt construction still waging on.

This is why there’s been encouragement for build-to-rent schemes, essentially as the government seek to pass more responsibility onto the private sector.

There is a shortage of homes in the UK but a high demand from homes.

 

Demand for New Builds

New properties have always been favoured by the general public, mainly because they’re constructed to the latest specifications, less likely to fall into disrepair and also designed to be energy efficient – this brings down utility bills in the long term.

In B2R accommodation blocks, facilities can include gyms, swimming pools, games rooms, communal gardens and free Wi-Fi. This will not only attract residents in the first place, but also ensure they’re happy to stay for many years.

There's a high demand for new builds as they're built to the latest specifications.

 

Rental Sector

There’s a recognition that prospective first-time buyers and young professionals are being pushed into the rental sector. Investors thus know that building homes specifically for rent is a safe investment as the demand is more resilient.

This is a view endorsed by Edward Douglas, Policy Manager at the think tank ResPublica, who says:

“Those building-for-rent can do so with more confidence that they will have customers to move in when they are finished. In 2017, we should see a huge shift towards B2R, with tens of thousands of rented homes expected to be built.”

More people are being pushed into the rental sector, creating a demand for rental homes and build-to-rents.

 

Build-to-Rent 2017

As ‘generation rent’ become increasingly likely to seek out high-quality new build accommodation, this makes build-to-rent a safe bet in 2017. Location and amenities are still the key, especially if you can find a B2R scheme in one of the UK’s buy-to-let hotspots such as Manchester, Leeds or Liverpool.

The process is made far easier if you hand control of matters to a qualified letting agent, usually part of the developer’s offer, who will find and manage tenants on your behalf.

If you’re unsure about where to invest, you might be interested in why the North is the best place to invest in property right now.
If you’re ready to invest, why not take a look at what investments are available right now or get in touch to find out more.

A New Railway Station at Plymouth Shows the City is On the Up

Posted on by Aspen Woolf

Plymouth Railway Station is to be completely transformed after securing multi-million pound Government funding.

The project comes as part of a £43.5 million cash boost for the wider South West region to help improve transport links, support local businesses and encourage growth.

 

Station Revamp

Plymouth train station will be going through a complete transformation to create a new welcome to visitors.

Image credit: Steve Jones via Flickr

The joint Great Western Railway and Network Rail proposal will see brand new shops and offices constructed, along with an open public space for improved accessibility to facilities and platforms. The current multi-storey car park is to be demolished with a new one built in a different location.

Not only is the current station in much need of a facelift, but so too is the view greeted by new visitors to the city. This is something Ian Bowyer of Plymouth City Council has noted:

“When people arrive here by rail, their first view is a 1960’s multi-storey car park and a very dated and tired impression of the city.

We want to change this and to overhaul the railway station completely. This project will provide a new gateway and the station will be designed so that the first image of the city will be of the view along Armada Way towards the sea and Smeaton’s Tower.”

 

Plymouth Regeneration

Plymouth's new train station is only one many regeneration schemes aimed at boosting Plymouth.

Image credit: Chris Sampson via Flickr

The new railway station is only part of a number of regeneration schemes centred on Plymouth and the wider Devon region. This shows that both the government and investors are confident in the area’s potential for growth.

Other local projects include Phase 3 of the Somerset Energy Innovation Centre, numerous youth education schemes and a £9.4 million cash injection in superfast broadband to help rural areas stay connected.

Overall, this brings the Heart of the South West Growth Deal, along with match funding of £115 million from the public and private sector, to a whopping £723 million in total.

 

Investment Opportunities

The regeneration schemes in Plymouth look set to boost the city's economy which will have an impact on house prices and rents.

Image credit: Herry Lawford via Flickr

The station revamp is set to act as a catalyst for further regeneration projects in and around Plymouth. The local economy will be massively boosted and SMEs given a better chance to expand. In turn, this creates new employment opportunities, job stability and higher wages.

This is a positive sign for property investors as it helps guarantee enquiries when selling and more reliable tenants if renting. Furthermore, mortgage applications are more likely to be granted in this current economic climate, especially whilst interest rates remain at record lows.

Property specialists Savills forecast that the South West will see house prices grow by nearly 30% by 2018, above the expected national average, and the chief benefactor of this growth will be Plymouth.

For buy-to-let investors, it’s worth looking into fully furnished, managed lets near the city centre for assured yields over a set period. This way, all the hassle of finding tenants and dealing with potential problems is managed on your behalf.

Beaumont Square is one such investment that provides a low-price entry route, with potential to tap into the rewarding private student rental sector. Construction has already begun at this site and is due to complete before 2018.

 

Find out more about investment opportunities in Plymouth here, or by getting in touch for a chat.

If you’d like to know more, you might enjoy our article, Why Invest in Plymouth.

Major Investment in Plymouth’s Economy is a Good Sign for Property Investors

Posted on by Aspen Woolf

Generally speaking, when a local economy is performing well, so too will the property market. In the case of Plymouth, economic indicators such as manufacturing activity and employment data are showing encouraging signs as we move into 2017.

In turn, real estate becomes a safer investment, ensuring a high-quality of buyer or tenant is more likely to stay in the area and thus enquire about property.

Investment Schemes

£50 million is being invested into a new railway station for Plymouth.

Image credit: Reading Tom via Flickr

Plymouth Council has recently announced plans to inject a massive £266 million on numerous development projects within the city. This has been aided by a £43.57 million investment as part of the Growth Fund across the South West LEP area.

A new £50 million railway station will be constructed, aided by a £4.3 million government investment, which includes new shops, offices and a modernised multi-storey car park. Likewise, a new cruise terminal is also set to receive the required council funding and could be completed by 2020.

To alleviate the lack of internet signal over the South West’s rural areas in particular, a £9.4 million investment in superfast broadband across Devon and Somerset is expected to provide comprehensive coverage by 2020.

Focusing on education, other multi-million pound projects include the South Devon College Hi Tech Centre and ‘Devon Communities Together’ youth skills scheme. £2 million will also be spent on two of the city’s primary schools to deal with an expanding population.

Post-Brexit

£2 million is being spent on Plymouth's primary schools to deal with a growing population.

Image credit: Reading Tom via Flickr

Any fears after the EU Referendum have quickly subsided in the South West as the latest Business Trends Report by business advisers BDO LLP reveals manufacturing optimism has hit a 20-month high.

Likewise, the Confederation of British Industry’s (CBI) last report shows that manufacturers are increasingly optimistic over their exporting prospects and reporting strong growth in domestic orders.

Plymouth voted strongly to leave in the referendum – 59.9% against 40.1% – meaning that any doom and gloom over invoking Article 50 isn’t likely to affect local business decisions either.

Property Forecast

Property experts predict that Plymouth’s house prices will rise throughout 2017.

Image credit: Robert Pittman via Flickr

With stable economic growth and increased investment, the local employment sector is lifted. More people are likely to stay or migrate to the area, and so more people will need somewhere to live. For buy-to-let investors in particular, this is a fantastic confidence boost.

Property experts predict that Plymouth’s house prices will rise modestly throughout 2017, fuelled by these impressive economic forecasts and increased investment. Representatives of the local estate agents’ Julian Marks, Lang Town & Country and Luscombe Maye have all remained optimistic and anticipate a return of buy-to-let investors, many of which have now adapted to the new stamp duty regulations. However, one word of warning is to act quickly whilst interest rates remain at their current low levels.

Whilst house prices in Plymouth are below the national average, there is still great demand in the lettings market as there are a vast number of students in the area. The demand for campus accommodation outstrips supply by 6-1, forcing many students to seek alternative accommodation. Because of this, one such project to consider is the new Beaumont Square apartments offered by Aspen Woolf. They’re located in a prime city centre area, guaranteed to produce NET yields of 8% for three years and construction has already begun, due to complete this year. Because the University of Plymouth and various campus buildings are located close by, you’re also ensured of student enquiries in the build-up to term time.

 

If you’d like to know more about the new Beaumont Square apartments, click here or get in touch today.
Did the mention of student enquiries catch your eye? You might be interested to know that student property investment is still hot in 2017.

Why Property Is Still the Most Lucrative Investment in 2017

Posted on by Aspen Woolf

If looking for somewhere to invest your money, it’s wise to evaluate the condition of the property market before making a decision.

Investing in bricks and mortar has long been a favoured approach by the general public, providing long-term security, ongoing rental income and equity for future investments.

This year, the question is whether real estate still holds the influence it once did, especially with concerns over Brexit and government clampdowns on the buy-to-let sector.

However, confidence in the market remains strong and experts believe that, despite external pressures, the underlying pattern of supply and demand still makes property a wise choice as we move further into 2017.

Strong Performance

Signs for buy-to-let property investors are promising for 2017.

Property experts from Capital Economics, Nationwide and Halifax all predict a rise in UK house prices throughout the year and for buy-to-let investors in particular, the signs are especially promising.

Last year, 11 out of 12 regions across the UK witnessed an increase in rental values, pushing the average monthly income to £892. A report by the Royal Institution of Chartered Surveyors (RICS) also predicts that rents will increase by 25% in the next few years.

However, as a note of caution, this positive driving force is unlikely to come from London. Despite expected growth in the rest of the UK, prime central London could even see prices fall by as much as 5% over the next 12 months according to estate agents Strutt & Parker and economic forecasters Volterra.

Conversely, the UK’s lack of homes is a positive sign for buy-to-let investors. Lack of supply means prices remain high and thus would-be buyers are pushed into the rental sector.

This is something the government are looking to address by launching a £7 billion house building program to construct up to 200,000 new properties. Investors should take note of where these new schemes are taking place for potential buying opportunities.

Markets are Riskier

Investing in stocks and shares is riskier than ever these days, while there is still security investing in property.

Despite a fair bit of scaremongering over Brexit, the property market held up extremely well after 23 June 2016. Lending for purchases within the buy-to-let market rose from 28% in the third quarter, to 38% in the fourth. This is exactly the same figure as before the Referendum and shows that real estate is still a safe bet.

On the other hand, financial markets are a lot more susceptible to volatility – as seen with the sudden drop in the pound. Investing in shares is a high-risk strategy as well, especially during this time of political uncertainty, and does not provide the short-term access to equity that property brings.

Markets require constant attention and a diversification approach that can become complicated. By investing in a managed let through a qualified agent, there’s none of this ongoing stress.

Instead, rental yields are assured over a period of two to three years and can be as high as 10% in some areas. Property also allows you to plan a long-term exit strategy, as well as providing a physical asset to leave in your will.

Points of Note

Location is important when investing in property and London is no longer the hotspot it once was.

Location is still the key to a successful property purchase. The expected 3-5% national growth in house prices will be driven by hotspots in the north-west and Yorkshire where long-term yields can be gained with low-entry point purchases.

The student sector remains strong, especially with purpose-built student accommodation becoming increasingly popular. The PBSA market is expected to have a value of £46 billion by September with nearly 30,000 new beds being added into the sector this year.

For landlords who use a letting agency to manage their investment, the chance to sit back and take in assured yields is a big draw. Combined with high demand and more people willing to rent, this makes property still the most lucrative investment in 2017.

If you’re ready to invest in property, get in touch for a chat with us today.

With London out of the picture for many investors, you might be wondering where the best places are to invest your money. South West and Northern England and Scotland are the hotspots for this year. We take a look at why 2017 is the year to invest in the North and why you should invest in Plymouth.

Three Reasons Why North Liverpool is a Great Place to Invest

Posted on by Aspen Woolf

The number of development schemes in North Liverpool, with the sole aim of improving the local area and economy, is staggering. This can only be good news for property investors.

Whenever a local economy is given a helping hand by government investment, jobs are created and house and rent prices rise as demand increases. Liverpool has been going through regeneration for a while now, but recent developments show that now is a great time to invest in the city before prices increase further.

The development schemes include a large amount of planned investment going into the local road network, and pedestrian and cycle access. This is in addition to the Liverpool Waterfront, the long-term investment of the docks, along with the potential re-opening of Lime Street train station as part of Merseytravel’s 30 year plan.

It’s thought that these will create thousands of jobs in North Liverpool as well as increasing tourism and the reputation of the city as somewhere to visit and live.

Out of all these exciting plans, three stand out, including the first new link road in Liverpool City Centre for a decade.

A New Link Road

Junction of Leeds Street and Great Howard Street in North Liverpool where a new link road will be built.

Image credit: Paul Holloway via Flickr

Potentially one of the biggest improvements investors could see coming to North Liverpool is the building of a new link road between the junction of Leeds Street and Great Howard Street down to Princes Parade at the waterfront.

The new road will cost £20 million and is being built alongside a £250 million investment scheme, the Better Roads Programme by Liverpool City Council, which includes a number of improvements to the surrounding roads as well as pedestrian and cycle routes.

It’s hoped that the new link road, which will run through the existing King Edward industrial estate, will not only improve access but will help to ease congestion and assist with the regeneration and growth of North Liverpool’s industry and economy.

This new link road will also improve access to the waterfront and the new cruise terminal.

A New Cruise Terminal

North Liverpool will be getting a new cruise terminal to serve up to 3,600 passengers at a time.

Image credit: Al Disley Images via Flickr

Liverpool Waters became a turnaround facility for cruise ships in 2012, and since then the number of vessels visiting has doubled, including the Disney Cruise Line which first called at the port in 2016. The port is award winning and was named the UK’s best port of call in both 2013 and 2014. This seems to be a title Liverpool is eager to reclaim.

A new cruise terminal is planned at Princes Parade, on the former Princes Jetty, to allow for larger cruise ships to visit, which will mean more passengers (and crew) spending money in the city and boosting Liverpool’s economy. Not to mention the jobs that will be created when building and then staffing the terminal.

The new terminal will be large enough to handle up to 3,600 passengers at a time and will include passport control, a lounge, cafe, taxi rank, pick up point and car park. A new quay will also be built along with access to allow coaches to pick up and drop off passengers.

A new cruise terminal isn’t the only investment in North Liverpool that will attract visitors.

A New Football Ground

Everton FC could be moving their stadium to Bramley-Moore Dock, North Liverpool.

Image credit: Airviews Photography via Flickr

Also potentially coming to Liverpool’s waterfront is a new football stadium. Everton Football Club are in discussions with Liverpool City Council about choosing a site alongside the Mersey upon which to build their new stadium.

The new football stadium would become a landmark on the historic banks of the river. It’ll not only attract football fans from across the country to Liverpool, it will also create jobs and increase spending in the city, all helping to boost the economy.

At the time of writing, the city and Everton fans are waiting for the announcement about the site of their new stadium. One proposed site is Bramley-Moore Dock, which was home to the Liverpool Sound City music event for two years before it was moved elsewhere for 2017. The announcement is due within the next couple of months.

Just as the economy starts to take an upward turn is the best time to invest in property. By investing in North Liverpool property now, you stand ready to reap the rewards once these developments are completed.

Eldon Grove and Reliance House, both situated just down the road from the site of the new cruise terminal and link road, are the perfect places to invest and not only gain a piece of history, but a foothold as Liverpool’s economy takes off.

If you’re interested in investing, or would like to know more, get in touch today.

For more information on what makes Liverpool such a great city, you might enjoy our 14 Fun Facts to Love About Liverpool.

Student Property Demand Rises in Liverpool

Posted on by Aspen Woolf

With around 70,000 students in Liverpool during term time, it’s no surprise that demand for accommodation is high. And with the number of undergraduate placements rising from the 2015/16 academic year, there’s still need for high-quality housing within the city.

For investors, this means numerous opportunities are available in the thriving buy-to-let sector, especially for purpose-built student accommodation.

Increasing Numbers

Student numbers at Liverpool University are increasing.

Image credit: Vita Student via Flickr

 

The University of Liverpool, John Moores University and Liverpool Hope University comprise around 60,000 students alone, an increase of around 10,000 from last year.

As well as the three main universities, there’s also the Institute for Performing Arts, School of Tropical Medicine and numerous other colleges within the city – pushing the total number of students up even further.

Research by the Mistoria Group shows that these figures have caused a 37% growth in demand for shared student accommodation within a three mile radius of the city centre.

Why Liverpool?

Liverpool albert dock

Image credit: 7426_0594 via Flickr

Developers have been quick to recognise the rise in student numbers and short supply of bespoke housing in Liverpool. With demand for high-quality accommodation growing, a number of uber-modern student developments, such as the luxurious Fox Street Village and Queensland Place, have sprung up in recent years.

With a rich cultural and sporting heritage, combined with a diverse nightlife and affordable housing, Liverpool in itself will always attract high student numbers. With its higher education institutes offering a vast array of courses, there’s no sign of the trend slowing down.

As another bonus, an increasing number of students are remaining in Liverpool once they’ve graduated. This flow of young professionals boosts the rental sector even further, especially as renters with a career-driven mindset make for high-quality tenants.

Increased government investment in the ‘northern powerhouse’ is coinciding with massive regeneration schemes in Liverpool itself. As we move further into 2017, 250 major new schemes worth £10.5 billion are seeking planning approval or at early stages of project development.

Purpose-Built Student Accommodation (PBSA)

Students studying for exam

Image credit: NEC Corporation of America via Flickr

The 560,000 rooms that make up the UK’s PBSA market are estimated to be worth £46 billion in total. This is being helped as both students and universities move away from traditional halls of residence style accommodation.

Purpose-built halls cater to the demands of modern-day students, with private bathrooms, large common rooms, strong Wi-Fi connections and even gyms in some cases. They’re especially appealing to wealthier foreign students whose parents like the idea of a secured building in close proximity to the campus.

Purpose-built halls will often be managed by a letting agency. This is a recommended route into the student sector for investors. Everything is controlled on your behalf, from dealing with student enquiries to collecting payments. Rental yields of around 7-10% are assured with a guaranteed stream of tenants every year.

 

To find out more about investing in Liverpool’s student property market, get in touch for a chat.
If you’d like to know more about investing in student accommodation, you might be interested in The Boom in Purpose Built Student Accommodation.