Glasgow/Leeds/Manchester or save for a year to buy in London?Make Text Bigger
I would like to invest some savings that I’ve got into a property through buy to let (min 25% LTV). Unfortunately my savings are not big enough to purchase even a small property in London for now. So I have a choice:
– save for another year and hopefully get small property in London
– purchase a new build (off-plan) property in Glasgow/Leeds/Manchester
I’ve done some research and looks like yields in Glasgow/Manchester/Leeds are higher than I can get in London (approx 7-8% in those cities against 5% in London). But the problem is that property prices in those cities have mainly fallen in recent 5 years but in London they went in the opposite direction. So yield-wise those cities are more attractive but in long-term perspective London hypothetically wins (as you can make money on selling rather than on rent).
So, bottom line, I’m a bit lost and would kindly ask for local community advise on this.
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