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Grimsby Buy-to-Let Guide

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

    Thanks to affordable property and some impressive rental yields, Grimsby has been on the radar of buy-to-let investors for the past few years.

    However, some buy-to-let investors may be hesitant about choosing Grimsby as a buy-to-let destination because of the town’s previous economic and social problems.

    So, how does the Grimsby buy-to-let market truly stack up?

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      Buy-to-Let Property Prices in Grimsby

      According to Rightmove, the average price of a property in Grimsby in 2023 was £143,373. The latest HM Land Registry UK House Price Index data shows that this is significantly cheaper than the UK average of £287,782. Additionally, Grimsby house prices were 3% down from 2022 and 4% up compared to 2020.

      But it’s not just the Grimsby property market that’s been subdued this year; the UK market as a whole has been sluggish for the past twelve months, with modest growth in some areas and small amounts of negative growth in others.

      So, is this gloomy outlook for Grimsby set to continue? Most property experts suspect that the property market will continue on its stunted trajectory well into 2024, but there will be a return to healthy growth in the next few years. According to Savills, the Yorkshire and The Humber region of England, where Grimsby is situated, is predicted to display mainstream capital value growth of 20.2% by 2027.

      Learn More: Uncover the costs of buy-to-let and the best buy-to-let homes for sale with RWinvest’s market insights!

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      Buy-to-Let Rental Market in Grimsby

      According to housesforsaletorent.co.uk, the average monthly rent in Grimsby is £634 PCM. This is much more affordable for renters than the UK average, which currently stands at £1,268 PCM as per the HomeLet Rental Index.

      Zoopla ranks Grimsby as one of the top towns or cities in the UK for rental yields. Assuming that the average monthly rent is £579 and the average price of a buy-to-let property is £100,500, they calculate Grimsby’s average gross rental yield to 6.92%.

      The 2021 census found that the number of people renting privately in North East Lincolnshire grew to 22.4% from 18.1% in 2011. In 2023, Lincolnshire World reported that rents in the region grew by 8.4% compared to the previous year.

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      Buy-to-Let Investment in Grimsby: Area Breakdown

      There are various suburbs and districts in close proximity to the town centre, such as West Marsh located in the north and Yarborough to the west. To the south are Scartho and Scartho Top, popular suburban areas. Grimsby DN31 has been identified as one of the country’s postcodes with the highest rental yields, with close proximity to University Centre Grimsby.

      There are also towns and villages on the outskirts and outside of Grimsby, such as the seaside town of Cleethorpes and the villages of Healing, Waltham, and New Waltham.

      West Marsh

      Average Property Prices in West Marsh

      The average property price in this area is £70,563
      .

      Average Rental Yield in West Marsh

      The average rental yield in this area is 9.73%.

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        Yarborough

        Average Property Prices in Yarborough

        The average property price in this area is £90,105.

        Average Rental Yield in Yarborough

        The average rental yield in this area is 7.98%.

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        Scartho

        Average Property Prices in Scartho

        The average property price in this area is £183,431.

        Average Rental Yield in Scartho

        The average rental yield in this area is 4.32%.

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          Healing

          Average Property Prices in Healing

          The average property price in this area is £270,167.

          Average Rental Yield in Healing

          The average rental yield in this area is 2.85%.

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            Cleethorpes

            Average Property Prices in Cleethorpes

            The average property price in this area is £162,845.

            Average Rental Yield in Cleethorpes

            The average rental yield in this area is 4.79%.

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

            What is the Best Area of Grimsby to Invest in?

            The inner districts closer to Grimsby Town Centre, such as West Marsh and Yarborough, have the most affordable property and also boast some impressive average rental yields.

            Further out, villages such as Healing are much priceier and have some disappointing average yields.

            The seaside town of Cleethorpes has a thriving tourism sector, so it’s possible to get into short-term letting or buy Airbnb property in this area.

            As long as proper research is carried out into the best location, short-term lets can sometimes give a much better yield than standard residential property because the rental income will be much higher in certain seasons.

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

            Regeneration

            Past economic decline has given Grimsby a less-than-flattering public image, but there are several big regeneration projects currently underway this year to give the Grimsby area a substantial boost.

            One of the areas being targeted is central Grimsby, with an ambitious £3.3 million regeneration project. The Riverhead Square improvement scheme will transform the existing waterfront area, adding more green spaces and an event space for future events and activities, among other improvements.

            Grimsby’s main shopping centre is also in North East Lincolnshire Council’s regeneration crosshairs. They have secured a central government grant for Freshney Place’s £20 million makeover.

            Over in Cleethorpes, the former site of the Pleasure Island theme park may undergo a massive revamp, as a redevelopment bid has been put forward to turn the site into a £65.9 million holiday resort.

            Affordable Property and High Rental Yields

            Grimsby is known in the buy-to-let world as a town with high rental yields and a low financial barrier to entry to begin investing. Some areas of Grimsby have much more affordable property than the UK average, making it easier to start investing in buy-to-let, and provided there is a strong rental yield; investors will start to see returns much quicker on their investment property.

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              Grimbsy New-Builds

              The lack of housing to meet growing demand has led to the increased popularity of new-builds across the UK – and Grimsby is no exception.

              In 2020, Grimsby Town Centre received a multi-million-pound boost from the government to help reach the target of over 8,000 new jobs and nearly 10,000 new homes in Grimsby.

              New-build properties can often fetch a higher price than standard residential properties on the market but require less maintenance or upkeep from owners. These developments are also typically outfitted with the latest eco-technology, meaning that energy costs can be reduced significantly – something appealing for tenants and landlords alike.

              Considering recent trends – the rising cost of living and increased eco-awareness – investing in new-build properties could continue to skyrocket in popularity over the coming years.

              More Information: Read our guide to new-build property in Manchester for the latest statistics and trends!

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              Off-Plan Property in Grimsby

              Increased levels of regeneration usually lead to greater interest from private developers. Looking at Grimsby, this could lead to more opportunities for buy-to-let investors looking at the area.

              As mentioned, new-build properties are likely to inspire great interest from investors and tenants due to the advantages they have over typical, usually older properties. On the flipside, one of the major disadvantages to this property type is the higher price point that comes with acquiring them.

              One way investors can mitigate this cost is through off-plan property investment, which essentially involves purchasing a property while still in the development planning/construction stage.

              By investing in off-plan property, investors can buy a property at prices below market levels, with the option of a payment plan also available to spread out the costs for a more affordable investment.

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

              It’s easy to see why this small town has grabbed attention as a buy-to-let destination in recent years, but how does Grimsby compare to other UK regions?

              For investors in search of high rental yields, looking North is a wise choice, especially compared to London buy-to-let, where the property is expensive, and it’s hard to find suitable yields.

              Grimsby has a high average rental yield, which certainly makes it attractive to property investors, but Zoopla ranks other areas higher. This includes the nearby Hull with 7.03%, and major cities such as Liverpool with an average gross yield of 7.21%. Investors may feel more confident investing in an established city where rental demand is more guaranteed, and there’s likely to be stronger capital growth.

              According to Savills, capital value growth is predicted to be just as high in the North West and North East of England as it is in Yorkshire and The Humber, potentially hitting 20.2% by 2028.

              Further Reading: Explore North West property with our guide to buy-to-let in Bolton!

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                Want to Invest in Grimsby in 2024?

                Grimsby certainly has potential as an up-and-coming buy-to-let hotspot. The property is much more affordable than most other areas, and the high average rental yield looks very promising for property investors. The town has suffered from a less-than-flattering reputation in the past, but they hope to turn this around through sustained regeneration.

                But, for those wanting to find the best property investment deals, most of the attention from investors will continue to flow towards more major and established cities such as Liverpool and Manchester, as they are more attractive to tenants and have better potential for capital growth.

                See some of our latest area guides for more on the UK property market:

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                Author

                Jessica Ferris

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

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