With the new year on the horizon, you may be considering investing your money into a new rental property venture in 2024. Regardless of whether you’re an experienced landlord or are hoping to enter the field for the first time, it’s best to make a well-informed decision before committing to the move.
So, is 2024 a profitable time to invest in a rental property in Warrington town centre and its surrounding areas?
Keep reading this article produced by our knowledgeable team of estate agents to find out!
4 reasons to purchase a buy-to-let property in 2024
Property has always been a reliable investment, and this remains the case as we head into 2024 for several reasons:
1. January is the perfect time for a new rental property venture
January marks the beginning of a brand new year, when resolutions are in full swing and fresh starts are welcomed by many. Property investors, specifically those looking at buy-to-let, can consider January the perfect time to kickstart their next profitable move.
But it is not just the revitalisation traditionally felt in January that makes it a great time to invest in properties to let – renters who may have withheld moving before Christmas in the hectic months of November and December may now be eager to get going in the New Year.
Plus, investing in January gives those looking to rent to students adequate time to buy a suitable property and furnish it in time for the start of the academic year in September.
2. Better rental yields for landlords
As monthly rent costs for tenants continue to rise, and house prices start to become more stable, rental yields will continue to be very attractive to buyers in 2024.
Rental yields are the annual income returns you can expect your rental property to make in proportion to its value.
According to Provestor, the average rental yield in the North of England currently sits at a profitable 7.4% – much higher than in the South.
Of course, this figure is an average for all types of houses, so expect it to vary slightly depending on location and how large or small your property is.
3. Rental demand is likely to rise
As more tenants enter the fiercely competitive rental market, you won’t have to worry about an unoccupied asset that won’t make money.
The demand for housing currently outweighs the volume of rental homes available, which also means you’ll have more tenants to interview and choose from, picking the best applicant for you and your property.
What’s more, thanks to property management teams, liaising with tenants can be simple and even taken care of for you, making a property venture in 2024 even more appealing.
4. Warrington is growing in value
As an experienced Warrington letting agent, we know just how rewarding owning a rental home in this region is. Tenants are willing to pay whatever it takes to live in upcoming Warrington due to many reasons, such as:
- The Warrington New City project, which aims to attract plenty more businesses and job opportunities, and transform this Cheshire town into a self-sustaining city by 2040.
- The many transport links Warrington boasts, including Warrington Bank Quay station and three major motorways nearby, including the M6.
- Its close proximity to the major cities of Manchester and Liverpool.
- Its multitude of amenities, such as the Golden Square shopping centre, and many other stores and supermarkets dotted around.
Speak with an Easylet team member today
Looking to invest in a new property in 2024 but need advice? Or maybe you’d benefit from learning more about our property management and letting services?
Easylet are an established letting agent in Warrington, excelling at providing landlords with a full range of exceptional property management services. Our team is made up of estate agents with rich experience in the local area, who have the expertise to guide you through the whole process of buying lettings.
Each estate agent is equipped to support and help clients find their next properties, explain our property management services in-depth, and market your home to let.
To speak with an expert, don’t hesitate to contact us on 01925 633011 and we’ll be happy to assist.