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Mansfield Buy-to-Let 2024 Guide

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

    Mansfield is the largest market town in Nottinghamshire. It is well-placed for commuters to reach major cities like Nottingham, Derby and Leicester. As such, it attracts businesses into the area looking for a convenient location. This helps the residential market, giving BTL investors something to think about when considering new avenues for their property portfolio. When considering the Midlands buy-to-let scene, options for major cities, such as property investment in Birmingham, may come to mind first, but the region has many smaller towns and cities to consider.

    Today, we’re diving into the Mansfield property prices and rental yields. The area has below-average house prices, which may entice investors. However, rental yields and potentially more lucrative locations in other parts of the UK may force investors to rethink their options.

    Whether you’re a first-time buy-to-let investor or property veteran, this guide should give you a better idea of the Mansfield housing market landscape.

    Read on for more information.

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      Mansfield Aerial View

      Buy-to-Let Property Prices in Mansfield

      The average property price in Mansfield is £186,059, according to the HM Land Registry UK House Price Index. Compared to the UK average of £291,044, Mansfield is a much cheaper buy-to-let investment than most of the country. But some areas of the Midlands are more affordable; for instance, buy-to-let property in Stoke-on-Trent is cheaper on average.

      If we break down house prices based on property type, investors can expect to pay an average of £271,443 for a detached house, £172,608 for a semi-detached house, £129,142 for a terraced house and £97,110 for a flat.

      The area has seen 1.40% price growth over the last year, significantly higher than the national price growth of 0.2%.

      According to Rightmove, semi-detached properties sold more than other property types over the last year.

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      Mansfield Aerial View

      Buy-to-Let Rental Market in Mansfield

      Home.co.uk states that the average rental income for a Mansfield buy-to-let property is £792 PCM. This is considerably cheaper for tenants than the national average rent. According to the Homelet Rental Index, the average UK rental price is £1,283.

      In addition, Mansfield’s average rental price is cheaper than the East Midlands average rent, standing at £869 per the Homelet Rental Index.

      Buy-to-let is a popular choice for investing for monthly income, but it’s important to find a good location for rental yields to ensure a worthwhile return on investment. Based on the information provided in this guide, the average rental yield in Mansfield is 5.10%. This is comparable to the UK average of 5.2%.

      The area has links to Nottingham Trent University thanks to the Mansfield Hub, but the student population is limited, so there’s limited scope for student lets.

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        Investment Properties for Sale in Mansfield

        Many different property types are available in Mansfield, including semi-detached and detached properties and detached homes. As mentioned, prices are considerably lower than in the rest of the country, meaning it is possible to secure an affordable investment in this area.

        On average, in the last 12 months, properties in Mansfield cost around £188,261. Most of these sales were semi-detached properties (which saw an average price of £172,608), followed by detached properties (which saw an average price of £271,443). Terraced properties came last, fetching an average price of £129,142.

        Sold prices in Mansfield over the last year experienced a 6% decrease compared to the previous year and were 2% down on the 2021 peak average price of £192,523. 

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        Mansfield Street View

        Buy-to-Let Investment in Mansfield: Area Breakdown

        Please note: Mansfield property prices and rental yields were found on Rightmove and Housesforsaletorent.co.uk.

        Mansfield Town Centre and Broomhill

        Mansfield town centre is steeped in history, with a bustling atmosphere and high standard of cleanliness. However, this area is one of the cheaper places to live in Mansfield, with plenty of terraced housing and converted flats available to add to your property portfolio. Mansfield Town train station in this area, connecting the town Nottingham and Worksop via the East Midlands Railway service.

        Average Property Price in Mansfield Town Centre and Broomhill

        The average property price in this part of town is £192,161.

        Average Rental Yield in Mansfield Town Centre and Broomhill

        The average rental yield here is 4.88%.

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          Mansfield Aerial View

          Sutton-In-Ashfield

          Sutton-In-Ashfield is a market town four miles west of Mansfield and 12 miles north of Nottingham. It is a part of the Mansfield Urban Area and connects to Mansfield via the A38. It has plenty of amenities and schools. The nearest train station is Sutton Parkway.

          Over the last year, semi-detached houses were the most popular property type in Sutton-In-Ashfield.

          Average Property Price in Sutton-In-Ashfield

          The average property price in Sutton-In-Ashfield is £182,037.

          Average Rental Yield in Sutton-In-Ashfield

          The average rental yield in Sutton-In-Ashfield is 4.58%.

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          Mansfield street view

          King’s Walk, Berry Hill and Oakham

          Found in the south of Mansfield, this is one of the richest parts of the area, with property prices reflecting the estimated annual income average per household. According to Mansfield and Ashfield Chad, families who live in King’s Walk, Berry Hill and Oakham earn around £52,000. The area has good amenities and schools. It is also close to the A60, offering transport links to the town centre and wider Nottinghamshire region heading south.

          Average Property Price in King’s Walk, Berry Hill and Oakham

          The average property price in this area is £288,118.

          Average Rental Yield in King’s Walk, Berry Hill and Oakham

          The average rental yield for this area is 2.72%.

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            Mansfield street view

            Mansfield Woodhouse

            Mansfield Woodhouse is an area north of the town centre known for its stone-built centre. The area is connected to the rest of Mansfield via the A60 road, while Mansfield Woodhouse train station is on the same line as the Mansfield Town train station.

            Semi-detached properties are particularly popular in this area.

            Average Property Price in Mansfield Woodhouse

            The average property price in Mansfield Woodhouse is £188,312.

            Average Rental Yield in Mansfield Woodhouse

            The average rental yield in Mansfield Woodhouse is 5.39% – one of the highest averages in Mansfield.

            Mansfield forest view

            Grange Farm and Ladybrook

            Located west of Mansfield, Grange Farm and Ladybrook has good value properties. It is a primarily residential area with its own amenities. According to Rightmove, the most popular property type in Ladybrook is semi-detached housing.

            Average Property Price in Grange Farm and Ladybrook

            The average property valuation in this area is £176,537.

            Average Rental Yield in Grange Farm and Ladybrook

            The average rental yield in this area is 4.71%.

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

              Regeneration

              There have been talks since 2021 to transform the Mansfield town centre over the next 15 years, attracting new businesses and making the area more appealing to visitors. The plan saw some movement in the summer of 2023. If the project comes to fruition, it should create a mixed-use town centre with more cultural, educational, leisure and employment uses, boosting the local residential scene.

              Transport Links

              Mansfield is well-placed in the middle of England for commuters who need to access major cities like Nottingham, Sheffield, Derby and Leicester. In particular, Nottingham is less than an hour away by car and linked to Mansfield by two train stations: Mansfield Town and Mansfield Woodhouse. Trains on the East Midland Railway network can reach Nottingham in around 30 minutes.

              The good-value property prices and cheap rents attract tenants into the area who want to be close enough to the city for work and leisure but want to save money on their living costs.

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                Mansfield New-Builds

                In the UK rental market, new-build properties stand out as a favoured investment choice, capturing considerable attention from both tenants and landlords.

                With their status as freshly built property, these developments require minimal maintenance or upkeep before tenants can take occupancy. This typically results in a quicker move-in process for tenants and a faster turnaround on rental returns for landlords, fostering a mutually beneficial arrangement.

                In Mansfield, various projects are in play to help address the ongoing undersupply of housing within the broader UK rental market. For example, in November 2023, work started on 22 new council homes to revitalise the local area. Once completed, this new-build housing scheme is expected to bring a massive difference towards the quality of life for residents and help boost local infrastructure.

                Given current market trends, exploring new-build investments like these may present lucrative opportunities down the line. Nevertheless, although some options exist in Mansfield, investors might discover more attractive new-build property deals and a broader range of potential tenant markets in alternative cities, such as Liverpool or Manchester.

                Buy-to-Let Investment Guide

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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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                Off-Plan Property

                Off-Plan Property in Mansfield

                While the benefits of investing in new-build properties are evident, they often entail a higher cost than older residential properties.

                Off-plan property investment emerges as a viable solution for accessing new builds at a more economical price. Investors who opt for off-plan purchases commit to a property before its completion, typically securing it at a discounted rate compared to prevailing market prices.

                Early engagement can yield significant capital appreciation with a lower initial investment, as the value naturally increases nearing the completion of the off-plan property.

                Like most new-build investments, particularly in high-demand locations, off-plan properties exhibit strong rental demand potential, potentially promising enhanced long-term yields.

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

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

                  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.

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                    Want to Invest in Mansfield?

                    While Mansfield is well-placed in the heart of the Midlands, and property prices are much lower than the national average, investors should consider further options before committing to a buy-to-let mortgage in the area. If you are satisfied with an average rental yield, Mansfield could be a good option for your property portfolio. However, you may want to look further north, where some of the best buy-to-let deals can be found, to see a more substantial ROI.

                    To learn more about the buy-to-let credentials of other UK cities, take a look at some of RWinvest’s latest guides and insights:

                    Map of Mansfield

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                    Author

                    Dale Barham

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                    Dale is a property news and onsite content writer at RWinvest.

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