Holiday homes in the UK are a lucrative way to invest money into property and recent figures have revealed the best areas in the country to buy a second home. As well as renting out to tenants on a long-term basis, there’s money to be made from holidaymakers and you can save big on your own breaks away.
So where are the best places in the UK to snap up a second property? Well, that depends on what exactly you plan to use it for and (of course) your budget. With that in mind, let’s take a look at the findings from HolidayCottage.com to answer some key questions about the best regions to invest.
The East and Southeast
The East and Southeast of the country have become the most financially rewarding places to invest in a second property. Thanks to high rental yields and rising house prices you won’t find a better place to invest in a second property right now and if you’re aim is purely financial, this is the place to look.
Another key factor is that the East and Southeast has a number of pleasant places to visit and live. You don’t want to ignore this point when you decide where to look for a holiday home and this stretch of the country isn’t a bad option in this regard either.
With this in mind, it’s worth mentioning the Northeast as a region to buy a second property. While it only ranks seventh out of ten on the Holiday Cottage list of most lucrative place to invest, these findings are purely financial. The region boasts some of the most beautiful parts of the country – especially in Northumberland – and if the property and location is more important to you than profit, then this is the place to start.
With property developments from the likes of Northumbrian Hills and a thriving market to find your own holiday home, you won’t have any trouble securing a place of your own in one of the most beautiful parts of the country.
In terms of finances there isn’t much between the East and West Midlands in the UK. The East Midlands ranks third on the most lucrative list with an investment index of 8.8%, while the West comes in at fifth with 8.6%. So what sets these two regions apart from each other and the rest of the country?
Well, Birmingham is expected to overtake London as the hottest UK city to invest in property this year, but there is much more the the West Midlands than this one city. Neighbouring Worcestershire makes a far break from the city life – making this an incredibly diverse part of the country – with Derbyshire resting at the north of the region.
Lincolnshire serves a very similar purpose in the East Midlands, offering an agricultural break from the likes of Nottinghamshire and Leicestershire. Another diverse region, but with one of the nation’s most prosperous job markets in the UK, this is a great place to invest in a second property for long-term leasing, as people relocate for work.
The best of the rest
For a look at the most lucrative places to buy a holiday home in the UK you can take a look at the study yourself. At the same time, this study only points out the best financial locations to invest in property and there are other things to consider – like the surrounding area and quality of living, for example.