Investment flat outside of London - but where?

(13 Posts)
stirling Wed 10-Feb-16 15:32:00

Just throwing this message out to anyone who knows a bit about the rental market in cities outside of London.

I've got a flat that I rent out here in London that I bought decades ago when prices were fair.
I would like to buy another flat but with around 100k to spend that's not going to be in London. Oxford and Cambridge are both out of the question too.
A friend said that her BTL in Horsham is doing brilliantly well but again it's too pricey and I don't want to take out a mortgage. I looked at flats in Wiltshire, but I'm just blindly searching in the dark.

Don't know if Birmingham / Manchester would be less risky than say Luton. Ideally I'd like to have quiet decent long term tenants ( who wouldn't?) but without the strife as it'll be harder to manage if I'm not living there.

Any pointers greatly appreciated!

Thanks

stirling Wed 10-Feb-16 21:27:07

Anyone?

Sunnyshores Wed 10-Feb-16 21:39:09

Personally I wouldnt buy a flat for investment.

The service charges are high and really eat into any profits, in most places flats arent much cheaper than houses. Also newbuild flats tend to be overpriced and as theyre all identical youll have alot of competition for rental and on resale.

Whatever you buy Id stick to somewhere within an hour of your home you may need to visit alot.

JeffyJeffington Wed 10-Feb-16 21:58:10

Is it even possible to get a flat anywhere in the SE for 100k, certainly wouldn't have thought you could in Luton? If you want to pursue this you may have to go for a northern city, ideally with a big student population?

Sunnyshores Thu 11-Feb-16 20:49:27

Student accomodation is usually overcatered for as big companies have moved in to provide large student blocks. Somewhere with a large mature student population maybe (ie they will want to live away from the large blocks). But again, not a flat...

lynholmerpark Thu 11-Feb-16 20:57:56

How about the South Coast, maybe Hastings or Eastbourne way (both have Uni of Brighton campasses with courses for more mature students) plus just over hour each into London for professionals commuting. Brighton itself (though fast commuter train) will be over budget.

stirling Thu 11-Feb-16 21:36:33

Ok, thank you all for the replies. I'll certainly look into hastings / Eastbourne and I take on board the point about living an hour away...will be tricky though

mrsmortis Fri 12-Feb-16 08:54:27

You could get something in essex. Colchester/Southend/Witham all have flats for under 100k and it's on the trainline into Liverpool Street so lots of commuters looking.

stirling Fri 12-Feb-16 18:41:01

Thanks mrs M, I'll look into it

EssentialHummus Fri 12-Feb-16 19:18:27

OP, I'm based in South London and bought an investment house in Gillingham, Kent - Victorian 3-bed terrace, £125k 2 years ago.

I know the Medway towns have a reputation that precedes them, but after a lot of research, thinking, visits, etc, Gillingham came out on top as somewhere near to London, economically OK and with growing prices. It is not without its risks/headaches but generally runs smoothly, and there is demand both from commuters into London, students (Kent uni) and enough local work.

Happy to talk / correspond in enormous mind-numbing detail if you like grin

Blondie1984 Fri 12-Feb-16 22:32:46

Reading - although not sure that would be within your budget

stirling Sat 13-Feb-16 14:25:04

EH thank you - that's really helpful, and thank you also for the offer of contact.
Blondie I've looked at Reading, prices have crept up in the last few years, it's all above 150 now.

Thanks all

fabulousathome Sat 13-Feb-16 18:19:02

I'm in the same position as you OP. We recently approached a friend who wanted to sell his BTL house to ask if we could buy a quarter of it but
Friend decided no. We are considering asking a close cousin if the fancy going halves so we have a joint budget of £200k. Even then, London. Is pretty much out.

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