The cheap house prices in Mansfield make for a good property investment option, particularly with Bank of England interest rates and the cost-of-living crisis forcing landlords to tighten their purse strings. If you’re looking for a more major city in the region, Nottingham property investment could be another avenue worth exploring.
However, the rental yields are meagre compared to other places in the UK with similar valuations.
For instance, if you want property prices in the same range as Mansfield, Liverpool could prove a savvy investment decision. Properties to buy in Liverpool are £180,268 on average (per the HM Land Registry UK House Price Index), but the average rental yield is significantly higher at 6.97%. Some postcodes, such as L1, L2, L3, L5 and L6, command significant yields due to the proximity to the local university campuses, hospitals, city centre amenities and vast regeneration efforts in the Knowledge Quarter and Baltic Triangle.
The City of Liverpool also has a huge tourist industry, attracting 31.5 million visitors in 2022 thanks to the football, heritage, musical history and nightlife. This gives property investors a chance to explore holiday lets in the region.
Liverpool, despite being further north, has better transport links than Mansfield. As a major city with a strong economy, Liverpool is well-connected to the national rail network, allowing direct access to Manchester, Birmingham and London. Interestingly, Liverpool commuters can reach London by train in roughly the same amount of time as they can from Mansfield.