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Chester Buy-to-Let Guide

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    Everything You Need to Know About Chester Buy-to-Let

    Chester is a picturesque Roman-built city with property prices that skew just below the national average. Many people assume Chester is too expensive to purchase property. While it is more expensive than the nearby Liverpool and other areas of the North West, buy-to-let investors may still be able to find good value properties if they know where to look.

    To help you with your buy-to-let property strategy, we’ve put together this Chester property investment guide. We’ll cover property prices in the area, the state of the local rental market, reasons to invest in Chester and more.

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      Chester street view

      Buy-to-Let Property Prices in Chester

      Chester is an area that has a broad spectrum of properties at different price points. This contributes to many demographics living together within the city limits.

      According to the HM Land Registry UK House Price Index, the average property price in Chester was £261,660 in August 2023. In comparison, the average UK price was £292,049. This makes the average property price in Chester around 10% cheaper than the rest of the country.

      Chester also saw slow year-on-year price growth at 0.20%, slightly lower than the UK’s average of 0.50% during the same period.

      But how much can you expect to pay for different property types in Chester? The average property prices for different-sized houses are as follows:

      • Detached: £418,731
      • Semi-detached: £250,960
      • Terraced: £197,302
      • Flats and maisonettes: £134,727

      Savills predicts the North West will enjoy a substantial capital growth of 20.2% over the next five years. So, if you purchase a property in Chester now at the average price of £261,660, it could be worth over £313,000 by 2028.

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      Chester Tudor House

      Buy-to-Let Rental Market in Chester

      Chester is a popular living place, reflected in the average rental cost.

      According to the Home.co.uk Chester Market Rent Summary, the average rent in Chester was £1,157 PCM as of January 2024.

      Meanwhile, the HomeLet Rental Index estimated the average rent in the UK to be £1,279, making Chester around 10% cheaper than the rest of the country.

      If we take the average property and rental prices in Chester, the city has an average rental yield of around 5.8%, slightly higher than the national average of 5.2%.

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      Chester street view

      Buy-to-Let Investment in Chester: Area Breakdown

      Chester has plenty of areas that appeal to a large demographic of potential tenants. If you’re a property investor looking for the most lucrative region in Chester, these suggestions may guide your search.

      Chester City Centre

      Chester’s city centre has a substantial commercial sector, unique architecture, and cobbled streets. It attracts many tourists. There are many terraced streets and HMOs. In addition, you can find plenty of student accommodation due to the proximity of the University of Chester campus.

      Average Property Price in Chester City Centre

      The average property price in CH1 is £237,627.

      Average Rental Yield in Chester City Centre

      The average rental yield in CH1 is 4.8%.

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        Chester aerial view

        CH2

        The CH2 area is home to the popular Hoole neighbourhood. This area is situated near the Chester train station. Hoole was voted as having one of the best high streets in the country. It has numerous shops, independent eateries and bars, making it popular among various demographics. This part of town has numerous student properties and bed & breakfasts.

        Other areas in CH2 include:

        • Backford
        • Elton
        • Ince
        • Mickle Trafford
        • Moston
        • Newton-by-Chester
        • Upton-by-Chester

        Properties are more expensive than average in these areas.

        Average Property Price in CH2

        The average property price in CH2 is £303,741.

        Average Rental Yield in CH2

        The average rental yield in CH2 is 4.6%.

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        Off-Plan vs Completed Property

        The ultimate guide to help you choose whether to invest in off plan or completed property in 2024.

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        Chester architecture

        CH4

        The CH4 postcode includes the following areas:

        • Curzon Park
        • Handbridge
        • Lache
        • Pulford
        • Broughton
        • Saltney

        Saltney is just south of Chester on the border with Wales; it offers good-value properties compared to the more expensive parts of Chester. In addition, Lache is a purpose-built residential estate with some of the cheapest houses, appealing to buy-to-let investors looking for a bargain.

        Average Property Price in CH4

        The average property price in CH4 is £324,987. However, Lache properties cost an average of just over £205,000.

        Average Rental Yield in CH4

        The average rental yield in CH4 is around 4.1%. However, the average rental yield in Lache is more appealing at 5.7%.

        (Average property prices were taken from Rightmove in late 2023, and gross rental yield estimates were calculated with figures from housesforsaletorent.co.uk)

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          Why You Should Consider a Buy-to-Let Investment in Chester

          Big Student Accommodation

          Chester is home to the University of Chester. It has a substantial student population of over 15,000 students. As such, buy-to-let investors may have some luck purchasing buy-to-rent properties and advertising to local students.

          Popular student areas include the Garden Quarter and Hoole.

          Huge Visitor Economy

          Chester welcomes many visitors thanks to its rich history and numerous attractions, much like the City of York. However, York investment properties – which cost over £320,000 on average according to the HM Land Registry – are considerably more expensive than Chester, making the North West city more appealing to investors.

          Some of the main tourist highlights:

          • Chester Cathedral
          • Chester Zoo
          • Chester City Walls
          • The River Dee
          • Roman Amphitheatre
          • Chester Races

          Chester Rows is the main shopping centre in Chester, with half-timbered shop buildings on two levels up and down the street, preserving the city’s historical architecture.

          Chester Zoo is a renowned zoological garden and conservation organisation. It houses over 35,000 animals from 500 species. The zoo is committed to conservation, education, and research, contributing significantly to global wildlife preservation efforts. The zoo attracts tens of thousands of visitors every day.

          As such, buy-to-let investors could find success in a Chester-based short-term accommodation property investment.

          Further Reading: For more property investment information, browse our guide on how to buy a buy-to-let property.

          Construction site

          Chester New Builds

          The scarcity of rental properties in Chester has led to significant demand for newly constructed homes. The Cheshire West and Chester Council and private property developers have devised plans to address this shortage by providing much-needed new housing.

          Although newly built homes often come with a higher price tag than pre-owned ones, they remain highly sought after for buy-to-let investments for various reasons. Investors find them appealing because they require less maintenance and generally boast higher energy efficiency than older properties. The contemporary design and attractive features of these new builds also contribute to a strong demand from tenants.

          Given these prevailing trends, investing in Chester’s new builds could be a promising venture over the next few years.

          Foreign Investment in the UK 2023/24

          Based overseas? This is the perfect guide for property investors looking to buy property in the UK.

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          Off-Plan vs Completed Property

          The ultimate guide to help you choose whether to invest in off plan or completed property in 2024.

          Download Guide
          Off-Plan Property

          Off-Plan Property in Chester

          With ongoing regeneration efforts in these areas, many private developers may choose Chester for their upcoming projects. This provides new opportunities for regional property investors to consider off-plan investments.

          As previously mentioned, there is a substantial demand among investors for new builds, driven by their distinct advantages over older properties and their appeal to tenants.

          Despite the higher cost compared to second-hand properties, investors can secure favourable deals on new builds by entering the off-plan market during the planning or construction phase.

          Choosing off-plan investments enables investors to purchase properties at prices below the market rate, often accompanied by flexible payment plans.

          Consequently, if you are exploring investment prospects in a premium location like Chester, examining off-plan options for buy-to-let property investments may be advantageous.

          Further Reading: Discover more about this investment trend with our recent buy-to-let guides, covering everything from off-plan property in Southport to the latest UK hotspots!

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            How Does Chester Compare to Other UK Regions When It Comes to Buy-to-Let?

            While Chester’s average property price is below the national average, the rental yields in this historic city leave a lot to be desired.

            This is especially true since Savills released a 2024 cross-sector residential report, in which the North West buy-to-let sector was forecast to enjoy 9.2% returns.

            Zoopla’s latest insight into high-yielding areas shows that Liverpool offers an average gross yield of 7.43%, considerably more than Chester’s average of 5.2%.

            Liverpool property prices are also significantly lower than Chester, with an average of around £177,000 per the HM Land Registry UK House Price Index.

            Discover More: Looking to invest in the North West? Be sure to brush up on buy-to-let in Manchester with our helpful guide. Alternatively, you may want to consult our property investment guide to help with your buy-to-let strategy.

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              Want to Invest in Chester?

              So, is buy-to-let worth it in Chester?

              If you are considering a buy-to-let investment in the North West, you may want to look around the other major cities first. If you buy property in Liverpool, Manchester, and even Burnley, you may earn higher yields than in Chester. However, it must be said that Chester is a popular rental area, appealing to retirees, students and professionals, which could mean fewer void periods if you purchase a buy-to-let property in the area.

              In addition, the city could also benefit from Savills’ 20.2% capital growth projection, resulting in significant property value appreciation in the next few years.

              Read More: If you want to find out more about other British buy-to-let areas, check out some more guides:

              Map of Chester

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              Author

              Dale Barham

              Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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