Buy to let investors and first time buyers should consider the north-east of England if they want the best deals, according to a lettings firm in the region.
Ajay Jagota, chief executive of KIS, said recent research into property prices highlighted a difference between property in the north and south of the UK.
A Knight Frank study found Durham to be the most affordable UK city for first time buyers and said that purchasing in London can be up to three times more expensive on average.
Newcastle also featured in the top ten most affordable cities in the report, based on typical earnings of people under 40 against the average property prices in a region
A separate survey that suggests the north-west has yields of 6.4 per cent – the highest in the UK – was also used by Mr Jagota to advertise the region’s appeal for buy to let investors.
The research did show that rents have declined in the north-east during the past 12 months though, so investors should carry out plenty of research before making a decision.
“If you're a first time buyer struggling to get on the property ladder or an investor looking to make a rapid return on rental properties the evidence is as clear as my advice: look north,” said Mr Jagota.
Rents in the north-east are around half of the national average and are nearly £1,000 per month less expensive than in London, making the region affordable for many prospective tenants.
“It's never been clearer what I've been saying all along – whether you're looking to put down roots or build a property portfolio, the north-east is the best place to buy a home,” added Mr Jagota.
His words follow a recent study from BM Solutions that suggested the north-east was an ideal location for investment as the best yields are available.
The study suggested yields in the north-east are 6.4 per cent, above the UK average as whole which stood at 6.2 per cent.
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