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Plymouth Buy-to-Let Guide

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

    Despite being located on a beautiful stretch of coastline, Plymouth property prices have remained notably lower than the UK average.

    This merit has given the city a reputation as a buy-to-let investment hotspot, but what’s the real deal with Plymouth?

    This guide will break down Plymouth’s buy-to-let credentials and help you decide if it’s the perfect destination for your next buy-to-let investment.

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      Buy-to-Let Property Prices in Plymouth

      As mentioned, Plymouth property is relatively affordable, especially compared to many other cities in the South. A look at the UK House Price Index shows that the average UK property is worth £287,546, and according to Rightmove, properties in Plymouth had an overall average price of £242,377 over the last year. This is 6% up on the previous year and 12% up when compared to 2020, which shows that the value of Plymouth property has been climbing in recent years.

      But it’s important to consider whether or not this growth looks set to continue. Property experts Savills predict that capital value growth will remain sluggish over the next couple of years in the South West, but it should be back on track by 2028 when they predict it will have improved by 16.7% compared to 2023. While this is positive, it is much lower than other regions, with the North West forecast to grow 20.2% over the same time.

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      Whether it’s the latest buy-to-let stamp duty statistics or how to find flats for sale in Birmingham, our latest guides and insights cover everything investors need to know.

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      Buy-to-Let Rental Market in Plymouth

      According to housesforsaletorent.co.uk, the average rent in Plymouth sits at £862 PCM. This is significantly cheaper than the UK average rent of £1,243 as per the HomeLet Rental Index. A report by Zoopla found that Plymouth offers the best average rental yield in the South West in 2022, an attractive 5.64%.

      Analysis by Paragon Bank in 2021 showed that the University of Plymouth is one of the top UK locations for students and students’ buy-to-let accommodation. It was ranked 3rd with an impressive average rental yield of 8.41%

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      Buy-to-Let Investment in Plymouth: Area Breakdown

      The Plymouth city centre area can offer residents convenient access to amenities and is located on the seafront. But the suburbs are more popular places to live. In the west, there are some affordable areas where bargains can be found, like Millbridge. Many of these areas are considered somewhat rundown, but others, such as Devonport, have benefitted from regeneration.

      The City Centre is popular with students, along with areas like North Hill, Greenbank and Mutley in the North.

      Other northern suburbs include Mannamead and Crownhill, popular with commuters and local professionals due to good access to major roads, Plymouth Science Park, business parks, and Devon and Cornwall.

      Peverell is a particularly popular area for Plymothians as it borders Central Park.

      Across the River Plym to the west, there is Plympton and Plymstock, in-demand commuter suburbs close to some attractive countryside areas.

      On the other side, across the River Tamar is Saltash and Torpoint. These two are separate towns in the County of Cornwall that are popular with commuters into Plymouth.

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        Plymouth City Centre (PL1)

        Average Property Prices in Plymouth City Centre

        The average property price in Plymouth City Centre is £188,522.

        Average Rental Yield in Plymouth City Centre

        The average rental yield in Plymouth City Centre is 5.26%.

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        Mutley

        Average Property Prices in Mutley

        The average property price in Mutley is £209,315.

        Average Rental Yield in Mutley

        The average rental yield in Mutley is 4.95%.

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          Keyham

          Average Property Prices in Keyham

          The average property price in Keyham is £172,277.

          Average Rental Yield in Keyham

          The average rental yield in Keyham is 5.58%.

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          Peverell

          Average Property Prices in Peverell

          The average property price in Peverell is £271,325.

          Average Rental Yield in Peverell

          The average rental yield in Peverell is 3.82%.

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            Plymstock

            Average Property Prices in Plymstock

            The average property price in Plymstock is £290,896.

            Average Rental Yield in Plymstock

            The average rental yield in Plymstock is 4.02%.

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

            What is the Best Area of Plymouth to Invest in?

            The best rental yields can be found in the inner suburbs of Plymouth, thanks to the affordable property prices. If you look for areas that benefit from regeneration, it may be possible to snag a bargain. The more popular places to live are further out, but the property landscape becomes more expensive with less generous yields.

            The Plymouth City Centre, as covered by the PL1 postcode, can also offer decent average rental yields.

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

              Regeneration

              The Plymouth area has benefited greatly from previous regeneration efforts as part of the Local Economic Strategy between 2014 and 2019. Continuing from this, the local council has announced the Economic Growth Plan, which is currently underway and set to be completed in 2025.

              Ongoing regeneration plans include revamping Plymouth Station’s approach, up to 5000 new homes in the city centre and surrounding suburbs, and redeveloping certain areas such as the West End and Millbay.

              As a property investor, it’s always worth looking into local regeneration projects when finding a city to invest in. By acquiring a buy-to-let property investment before the full effects of the regeneration kick in, investors can take advantage of lower property prices and then profit from future capital appreciation, as well as increased rental demand and income propelled by renewed interest in the area.

              Potential Population Growth

              One of the goals of the local government’s regeneration efforts is to boost Plymouth’s population. According to local councillors, there is a massive shortage of homes in Plymouth City Centre, leading to the area being underpopulated. However, the demand for rental properties is strong, with Plymouth being called one of the top 10 UK property investment cities for rental demand in 2020.

              Plymouth is growing in popularity even more as a city with many positive qualities. It was found to be the city in England with the best quality of life according to a study by Totaljobs this year. As the city builds new homes and attracts more renters, this can only be good news for buy-to-let investors.

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              Plymouth New-Builds

              In recent years, as demand for housing continues to outpace supply, new-build properties have risen in popularity within investment circles.

              With certain advantages over older residential properties, this investment type has garnered significant interest from investors and tenants alike.

              As newly built developments, these properties require almost no maintenance costs, leading to a faster turnaround for new residents to move in and for investors to start seeing ROI.

              In Plymouth, there are plans to boost new housing developments within the region. Plan for Homes 3 is the latest strategy from Plymouth City Council and aims to add several new and affordable housing to the area. Once completed, the introduction of these new homes could help boost local infrastructure and push the local property market towards the right direction.

              Looking at recent market trends, investing in new-builds such as these could result in considerable capital growth and solid rental yields for investors in the long term.

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                Off-Plan Property in Plymouth

                While new-builds offer advantages like modernity and efficiency, they often come at a premium price. Investing in new builds through off-plan investment can provide greater affordability and convenience.

                Investors can engage in off-plan property investment by acquiring properties during the early stages of construction, usually at a rate considerably lower than standard market prices. This early involvement often leads to heightened capital appreciation, with the property’s value progressively increasing as it nears completion.

                Newly constructed developments frequently attract significant tenant interest, potentially resulting in greater rental yields for investors.

                Most market research indicates that prime off-plan opportunities are commonly seen in densely populated urban cities, especially those with dynamic infrastructure and ongoing regeneration initiatives. While there is potential for off-plan and new-build investment in Plymouth, investors might succeed more in UK cities with a higher concentration of new construction projects, such as Liverpool or Manchester.

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

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

                While Plymouth gives good value for a city in the South, it is outperformed in most metrics by cities in the North regarding buy-to-let investments. As previously mentioned, the North West is forecasted to experience much more capital value appreciation, and higher average rental yields can be found in northern cities, such as apartments for sale in Liverpool and Manchester. Major cities such as these can usually offer more consistent demand and rental income as they are more attractive to renters.

                Delve deeper into the buy-to-let market with RWinvest’s guide to buy-to-let property in Sunderland.

                Plymouth is a strong contender when it comes to investing in student accommodation, thanks to its impressive average rental yields. However, some investors may see more established cities as the safer option as their bigger student population guarantees more consistent rental property demand. Cities like Liverpool, which boasts three universities, can also offer rental yields comparable to Plymouth’s while being more attractive to students.

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                  Want to Invest in Plymouth in 2024?

                  The Plymouth property market has plenty of good points for a buy-to-let investor to take advantage of. It has prices lower than the UK average and strong rental yields in some areas, especially when it comes to student buy-to-lets. Compared to other cities in the region, it seems like a rare gem in an ocean of pricey property locations and disappointing rental yields.

                  But for those not restricted to the South, property in North England can be much more profitable. Hands-off property investments have grown in popularity in recent years, so investors are much less constrained by location.
                  Investing in buy-to-let properties can be a complex endeavour, but RWinvest’s meticulously curated library of guides and articles simplifies the process by offering invaluable insights at every step!

                  See our latest insights below:

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                  Author

                  Jessica Ferris

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                  Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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