Is buying property in Southampton a good investment guide, Hampshire house buy tips, Homes advice
Is Buying A Property In Southampton A Good Investment?
26 July 2022
Are you looking forward to buying property in the UK? Southampton is one of best places in the UK after Oxford and Cambridge where you can live and work.
This city is home to many of the most beautiful properties on the coast. The city is located right on the South Coast of England. The residents of this city enjoy the stunning views, iconic buildings, and the rich history of living in this coastal city.
It is no doubt that owning property in such an envied city is every investor’s dream in the UK. If you’re planning to invest in Southampton property, you should look forward to working with AVRillo conveyancing solicitors for Southampton to complete your purchase within a short time.
Southampton Property Market
What makes Southampton a place to invest when buying property for the first time is the property prices here. For the last 12 months, the average sold price for property in Southampton city centre is £221,274.
According to Zoopla (July 2022), detached houses go for £333,333, semi-detached for £287,889, and flats at £187,113. Within the city centre, terraced houses go for £277,030. They all time the average selling price for Southampton properties is £161,961.
With the low average property prices in the country, Southampton is one of the most preferred places to invest. The low cost of buying property in the city means there is a high rental yield that investors can expect.
According to HSBC, the rental yield is around 7.8% in Southampton, calculated as a year’s rental income as a percentage of the rental property cost. This makes the city one of the best locations to become a landlord and climb the property ladder.
The property market in Southampton has witnessed an increased interest in the buy-to-let sector, which provides good returns at this time when most savers are struggling to make real money on their earned cash.
In some regions of the city, rents have soared over the last year, given the increasing demand for rentals in most parts of Southampton. Most mortgage lenders have been expanding the buy-to-let deals to meet the increasing interest from investors.
Why invest in property in Southampton?
Is Southampton the right place for you to put your money? If you’re considering becoming a landlord in the UK, buying property in this city is the best decision you can make. Here are some reasons you should consider owning property in this city.
Most people living in Southampton believe that this city is the capital of Hampshire. Sure, the amenity in Southampton makes you believe this is indeed the capital – it may not be. Most Sotonians are proud of the shopping centres, the port, and numerous recreational facilities in the city.
The Westquay Shopping Centre is the largest sports, leisure, and culture hotspot in the region, and it’s found in Southampton. This city has the fastest-growing tourism sector. According to Visit Britain, Southampton receives an average of 218,000 visitors annually. The thriving tourism sector opens doors for businesses in the city.
When you plan to buy property in Southampton, you should consider the student population here. The city has one of the highest student populations in the UK, given its size. The University of Southampton and Southampton Solent University are the city’s two largest and most popular universities.
There is a huge demand for student property in Southampton, which means there are many opportunities to invest in buy-to-let in the city. Some of the most popular areas you can buy property if you target student tenants include Bassett, Swaythling, Shirley, and Portswood.
If you’re buying property in the UK, you should consider Southampton. There are many places you can buy a property and expect a high rental yield per year in the city. These places include Ocean Village, Northam, St. Mary’s, Millbrook, Shirley, Totton, and Basset.
Buying property in Southampton comes with many challenges if you’re new to the market. If you are buying property for the first time, you should consider reaching out to a realtor in your location. You should also consider working with a conveyancing solicitor to help you with the purchase.
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