Investing in West Cumbria’s Property Market in 2024 17 Dec 2023
Unlocking the Potential: Investing in West Cumbria's Property Market in 2024
Beyond its natural beauty, West Cumbria is gaining popularity among smart property investors. In this blog post, we’ll guide you through the unique mix of market trends, economic factors, and untapped possibilities that make West Cumbria a promising investment choice in 2024.
The Allure of West Cumbria for Investors
Affordability is a key player here, especially when you stack up Cumbria against the pricier Southern England market. The numbers back it up – average house prices for detached, semi-detached, terraced, and flats in Cumbria are notably lower than the UK averages. This means investors have a chance to jump into the market without breaking the bank, whether they’re into flipping properties or looking for a buy-to-let opportunity.
Building a Profitable Property Portfolio
In Cumbria, you’ve got a triple win in the property game. The average buy-to-let property is a budget-friendly £151,000, making it easy on the pocket. Add to that a monthly rent of £795, and you’re looking at a solid investment. What’s more, Cumbria boasts a competitive average gross yield of 6.3%, signalling substantial income potential. It’s a golden opportunity for discerning investors seeking a profitable venture in the thriving property landscape.
Rental Surge and Investor Opportunities
The nationwide rental supply-demand imbalance is particularly pronounced in West Cumbria. Just this year, we’ve seen a whopping 59% increase in rental applications compared to last year. People already renting and those thinking about buying homes are leaning towards renting, especially with the interest rates on the rise. This surge isn’t just a blip; it’s painting a bright picture for anyone eyeing the Cumbrian rental property market. For landlords on the hunt for profitable opportunities, this is a particularly tempting landscape for investment and growth.
Growing Interest from Investors
An increasing number of new investors are starting to see the potential and opportunities that West Cumbria has to offer. In the last three years alone, we’ve seen a substantial 50% rise in out-of-area landlords entering the West Cumbrian rental market. It’s a clear indication that investors are acknowledging the value and prospects this region brings to the forefront.
Quality of Life and Unique Location
Residing in West Cumbria ourselves, we hold a genuine appreciation for the region that goes beyond economic considerations. This area offers a unique lifestyle characterised by a strong sense of community and proximity to the wonders of nature. These distinctive features serve as a valuable asset for investors looking to attract tenants and businesses in search of a harmonious balance between work and quality of life.
Unlock West Cumbria's Investment Potential
The property market in West Cumbria presents itself as a strategic investment opportunity, combining factors such as affordability, profit potential, and a unique lifestyle appeal. For investors carefully considering their next move, this region shines as a hidden gem, poised to be explored and unlocked for its promising returns in 2024.
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