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Exeter Buy-to-Let Guide

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

    Exeter is a city on the rise. With a population of 130,000 expected to increase by 25,000, Exeter is attracting new business and employment opportunities and gaining a reputation as a great place to live and work.

    As such, the city could be on your radar as a buy-to-let investment area.

    This article will cover Exeter property investment prices and rental yields, as well as compare the city with the rest of the UK. We’ll also look at different areas within Exeter to help you understand the local buy-to-let market better.

    Read on for more information on buy-to-let investment properties.

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      Buy-to-Let Property Prices in Exeter

      The average cost for a rental property for sale in Exeter is £322,976, according to HM Land Registry’s UK House Price Index. The area has seen a decline in price growth of 1.50 %.

      Regarding different property types, property investors can expect to pay the following:

      • Detached houses: £594,814
      • Semi-detached houses: £369,761.
      • Terraced houses: £303,713
      • Flats and maisonettes: £184,185

      The national average property price is £291,044, with an annual growth of 0.20%.

      According to Rightmove, the most popular property in Exeter is terraced housing.

      Learn more about how to get started as an investor with our updated property investment guide or take a look at some of the best places to buy airbnb property uk wide.

       

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        Buy-to-Let Rental Market in Exeter

        According to housesforsaletorent.co.uk, the average rental price in Exeter is £1,255 PCM.

        Homelet Rental Index states the average rent in the UK is £1,276 – making Exeter slightly cheaper than the national average.

        That same index puts the average rent for the South West at £1,140, which has grown 4.97% over the last year. This makes Exeter almost 10% more expensive than the rest of the region.

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        Buy-to-Let Investment in Exeter: Area Breakdown

        Please note: Property prices are found on Rightmove. Rental yields are calculated from information on housesforsaletorent.co.uk.

        St Davids

        St Davids is a city centre area between the River Exe, Western Way and St Davids train station. Expect to find all the usual city centre amenities and eateries. The area is served by bus and train. Commuters can reach London Paddington within two hours from St Davids.

        Most houses lie on the outskirts. Modern apartments and student housing are found near St Davids station. Traditional-style investment properties for sale– such as Edwardian terraces – are popular.

        The University of Exeter is in this part of town, with flats being the most popular property type in this postcode.

        Average Property Price in St David’s

        The average property price in this area is £348,119.

        Average Rental Yield in St David’s

        The average rental yield in St David’s is 4.7%.

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        Exeter6--quayside

        Quayside

        Exeter Quayside is an in-demand area among young professionals. You can find warehouse flats and plenty of waterside amenities here. Quayside has a good nightlife, but the available property supply is low, such is the location’s popularity. This historical area boasts fascinating architecture and hosts events throughout the year.

        Average Property Price in Quayside

        The average property price in Quayside is £357,336.

        Average Rental Yield in Quayside

        The average rental yield in Quayside is 3.95%.

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          St.Leonards

          St. Leonards

          St Leonards is a sought-after area close to the city centre with plenty of Georgian properties, artisanal shops and eateries, good schools and a peaceful vibe. The area was voted as one of the best places to live in Devon by Muddy Stilettos.

          Average Property Price in St Leonards

          The average property price in St Leonards is £375,032.

          Average Rental Yield in St Leonards

          The average rental yield in St Leonards is 4.45%.

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          Exeter8---Heavitree

          Heavitree

          Heavitree is a suburb to the east of the city centre. It sits on the main route out of Exeter leading to the M5 and wider Devon county. Heavitree has plenty of terraced houses, local amenities and green spaces.

          Average Property Price in Heavitree

          The average property price in Heavitree is £317,584.

          Average Rental Yield in Heavitree

          The average rental yield in Heavitree is 5.22%.

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            Exeter.Devon.United Kingdom.February 19th 2023.View of the Custom House in Exeter

            Pennsylvania

            Pennsylvania (not to be confused with the American state of the same name) is north of St Leonards and offers lovely views of the city and countryside. There are many rural properties, including period houses and detached homes. In the northern parts of Pennsylvania, you can find some newer properties.

            Average Property Price in Pennsylvania

            The average property price here is £460,020.

            Average Rental Yield in Pennslyvania

            The average rental yield in Pennsylvania is 3.68%.

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

            Thriving Economy Good for Buy-to-Let Sector

            Exeter has a bustling economy centred around services and research-based industries. Notable employment sectors in Exeter include:

            • Education
            • Public services
            • Health
            • Retail
            • Research and development

            The city has a significant tech sector that provides 10,000 jobs.

            Exeter has a solid employment level – the sixth-highest in the UK.

            The area has enjoyed substantial commercial and residential development over the last few years, accommodating new jobs and the people who come to the city for work. Exeter Science Park opened in 2015, providing up to 3,000 jobs in the STEMM sector. The Met Office headquarters is based in Exeter.

            The Exeter and East Devon Enterprise Zone, consisting of four development sites, will usher in new opportunities and even lead to the creation of a new town, Cranbrook.

            Student Population

            The University of Exeter has 22,000 students. As such, the area has a notable student buy-to-let sector.

            Areas popular with students include:

            • The city centre
            • Pennsylvania
            • Stoke Hill
            • St Davids
            • St Thomas
            • Mount Pleasant
            • St James
            • Newtown
            • St Leonards

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              Exeter New-Builds

              Across the country, there is a supply-demand imbalance when it comes to available rental homes, which has led to a call for more new-build developments. Exeter is no exception, with the local council and private developers working to fill this gap.

              The Corporate Plan 2022-2026 aims to boost housing in the area and build “great neighbourhoods and communities.” It will include eight sites across the city, including Water Lane and St. David’s, and will deliver 12,000 new-build homes to existing brownfield sites.

              As these regeneration schemes bring more attention to Exeter and enhance the attractiveness of these areas, private developers may start bringing more new-build developments to the city. For example, the same can be said of other nearby cities, leading to more interest in new-builds in Eastbourne.

              However, as it stands now, most developers target more major cities such as London and Manchester for new build investment opportunities.

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              Off-Plan Property in Exeter

              As demand for new builds grows, it has also given rise to alternative property investment strategies.

              Off-plan property investment, for example, has become more popular with investors as of late.

              Although new-build properties are more popular with investors and tenants, they are also typically pricier than standard residential properties. By investing ‘off-plan’ (while the development is still in the construction or planning stage), money can be saved by investing earlier, usually at prices below market value. The cost of the property can also be spread out through flexible payment plans, which can offer even more affordability for investors.

              In regards to off-plan property opportunities in Exeter, compared to other regions, it may be more challenging to secure a suitable investment here. As mentioned, most new build developments are concentrated in larger cities, meaning off-plan investment options will also be more common in areas like Liverpool or Manchester.

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

                As aforementioned, Exeter has higher property prices and lower rental yields compared to the national average. While the area has good quality jobs and is an attractive place to live for many potential tenants, there may be better buy-to-let decisions than this one if you are looking to maximise returns.

                In the UK, properties in the north are usually better value – they also boast substantial yields in some areas.

                Buy-to-let property in Liverpool, for example, typically sees an average property price of £180,268 and rental yields that exceed 7% in some postcodes. Liverpool also has more students than Exeter and a good graduate retention rate, indicating that the city is a desirable place for people to live.

                Delve further into the North West buy-to-let market with RWinvest’s guide to available investment property in Warrington!

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                  Want to Invest in Exeter in 2024?

                  So, is Exeter the best place for property investment?

                  While it would be a good place to buy a home to live, and arguably one of the best beautiful cities in the UK, property values and rental yields indicate a less-than-satisfactory buy-to-let rental market.

                  Keep an eye on other parts of the UK to ensure you get the most out of your buy-to-let strategy.

                  If you want to know more about the current buy-to-let scene in other UK locations, take a look at our latest buy-to-let area guides.

                  Map of Exeter

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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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