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Royal Leamington Spa Buy-to-Let Guide

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    Everything You Need to Know About Royal Leamington Spa Buy-to-Let

    Royal Leamington Spa, commonly called Leamington Spa or Leamington, is a spa town known for its gorgeous Regency architecture and historic mineral springs. It’s also frequently listed as one of the happiest places to live in the West Midlands.

    This picturesque town attracts plenty of attention from property investors, but are the extravagant property prices worth the investment?

    Further Reading: If you’re wondering ‘what is buy-to-let?’ or ‘how does stamp duty affect a buy-to-let investment?’, you can find investment tips in our latest guides.

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      Town Hall, Statue of Queen Victoria, leamington spa warwickshire midlands england uk

      Buy-to-Let Property Prices in Royal Leamington Spa

      According to Rightmove, properties sold in Leamington Spa last year had an average price of £396,125. This is significantly more expensive than the UK average of £281,913, as stated by the UK House Price Index.

      Leamington Spa’s average was 2% up on the previous year and 8% up compared to the 2020 peak.

      Slow growth in 2023 was characteristic of the UK as a whole, as last year was described as a challenging year for the property market.

      But is this subdued growth set to continue? Savills forecast that the West Midlands region will experience capital value growth of 20.2% by 2028, a much healthier picture compared to last year’s sluggish market.

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      River Leam flowing through Jephson Gardens, on a beautiful Autumn day, golden tree leaves Royal Leamington Spa, Warwickshire, England, UK, September, 2017

      Buy-to-Let Rental Market in Royal Leamington Spa

      According to, the average monthly rent in Royal Leamington Spa is £1474. This is more expensive than the average UK rent of £1273, making Leamington a pricey area for renters.

      The BBC reported in 2023 that rents in Warwick had jumped by 7.8% in one year. The biggest driver of rental inflation across the UK is the supply-demand imbalance in the private rental sector. The shortfall in supply doesn’t look set to change any time soon, suggesting that rental growth will continue in Leamington Spa.

      Leamington Spa is less than 10 miles from the University of Warwick campus, making it a popular place for students to live in or visit, so it is possible to target students as potential tenants.

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      Investment Properties for Sale in Royal Leamington Spa

      Buildings in Leamington Spa include a variety of Georgian and early Victorian properties. The area is most famous for the stunning Regency architecture that lines the town’s wide boulevards, and there are many examples of these picturesque townhouses in central Leamington. A range of sizes are available on the Leamington Spa property market, including flats, terraced houses, semi-detached houses, and detached housing.

      So, what’s the most popular type of property among Leamington buyers? According to Rightmove, most sales in Leamington Spa during the last year were semi-detached properties, going for an average price of £378,573 – terraced properties sold for an average of £371,958, with flats fetching £263,692.

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        Detailed close up of Jephson Memorial in autumn, Jephson Gardens, Royal Leamington Spa, Warwickshire, England, UK, September 2017

        Buy-to-Let Investment in Royal Leamington Spa: Area Breakdown

        The northern and eastern suburbs of Leamington Spa, such as Milverton and Lillington, are considered the most well-to-do, and the higher property prices reflect this. There are also attractive areas to be found to the south of the town centre where the property is a bit more affordable, like Whitnash, but overall, Leamington is an expensive town, and it may be hard to find a good deal.

        Some look to the outer villages and nearby towns such as Cubbington and Warwick, where varying prices can be found, but again, it may be difficult to find an affordable property.


        Average Property Prices in Milverton

        The average property price in this area is £472,148.

        Average Rental Yield in Milverton

        The average rental yield in this area is 3.66%.

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          Clock tower in Royal Pump Gardens in Leamington Spa


          Average Property Prices in Lillington

          The average property price in this area is £459,151.

          Average Rental Yield in Lillington

          The average rental yield in this area is 3.74%.

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          Looking across the River Leam to Royal Leamington Spa


          Average Property Prices in Whitnash

          The average property price in this area is £353,143.

          Average Rental Yield in Whitnash

          The average rental yield in this area is 5.54%.

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            Average Property Prices in Cubbington

            The average property price in this area is £387,143.

            Average Rental Yield in Cubbington

            The average rental yield in this area is 4.51%.

            (Average property prices taken were from Rightmove in April 2024; rental yield estimates were calculated with figures from in the same period)

            What is the Best Area of Royal Leamington Spa to Invest in?

            As mentioned, the northern areas of Leamington Spa are pricier, which typically results in a lower rental yield. Outer areas such as Cubbington are sometimes more affordable compared to upmarket suburbs within Leamington Spa, but southern suburbs like Whitnash seem to offer the best value, giving a more promising rental yield.


            Why You Should Consider a Buy-to-Let Investment in Royal Leamington Spa

            Robust Short-Term Letting Market

            Leamington Spa has potential as an investment location for those interested in short-letting, as the town’s status as a tourism destination attracts short-term visitors.

            Tourism became Leamington’s primary industry in the 19th century, and since then, it has remained one of the UK’s top travel destinations.

            Strong Transport Links

            Located in the Midlands, Leamington Spa has excellent transport links. Leamington Spa train station has regular services to London and Birmingham and a local service from Leamington to Stratford-upon-Avon. The bus system is also convenient, covering the whole town and linking it to villages outside.

            Leamington Spa is also close to the M40, leading to Birmingham and London. There’s also the A46 providing access to Coventry.

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            Royal Leamington Spa New-Builds

            New-build properties are in high demand across the country as the undersupply of housing continues to be a nationwide issue. In Leamington Spa, the Warwick District Council has been working on providing new housing developments, and private developers have shown interest in the town as well.

            However, as Leamington Spa is a smaller town known for distinctive architecture, ambitious new build projects often come under opposition from the local community. For this reason, most new developments are refurbished older buildings. There are also some new-build housing estates outside of the city centre.

            When it comes to new-build investment, it seems that choices are quite limited in Leamington compared to other towns and cities. It may be worthwhile to expand the search to Coventry new-builds and other nearby areas to find more opportunities.

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              Off-Plan Property in Royal Leamington Spa

              New-build properties are currently popular but typically are more expensive than older housing. One way to acquire a new build property at a lower price point is by investing off-plan, as by investing earlier in the project, buyers can take advantage of discounts and payment plans offered by the developer.

              However, as new-build investment opportunities are uncommon in Leamington, off-plan options are also few and far between. Due to the high demand and projected capital appreciation, off-plan investment opportunities are primarily concentrated in major urban centres such as buy-to-let in London, Manchester, and Liverpool.

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              How Does Royal Leamington Spa Compare to Other UK Regions When It Comes to Buy-to-Let?

              An attractive town like Leamington Spa is bound to attract investors searching for in-demand properties. However, other towns and cities seem to have more potential as property investment locations.

              Property in Royal Leamington Spa is much more expensive than the UK average, and cheaper property with similar levels of high demand can be found elsewhere.

              In particular, the North of England region is a hotspot for affordable property. For example, Manchester is considered one of the most significant cities in the North, with very high demand. However, the average property price is still below the UK average, standing at £249,633 in January 2024. Liverpool is much cheaper again, with an average of £176,371.

              Northern cities also outperform Leamington when it comes to rental yields. According to Zoopla, Liverpool is one of the best cities in the UK for buy-to-let investment. Using their data, Zoopla calculated that Liverpool’s average gross rental yield is 7.44%. Any yield above 7% is considered an excellent yield for the UK.

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                Want to Invest in Royal Leamington Spa?

                Royal Leamington Spa will always enjoy demand as a property destination thanks to its attractive architecture and popularity with residents.

                However, when it comes to affordability and rental yields, other parts of the UK can offer more promising opportunities for a property investor looking to maximise returns.

                Discover the latest buy-to-let hotspots in the UK with our area guides:

                Map of Royal Leamington Spa

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                Jessica Ferris

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                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.