Hyndburn
Hyndburn, located in Lancashire, was once well known for its textile and coal industries, and the area even produced materials used to build the Blackpool Tower and the Empire State Building.
Landlords can also achieve higher returns in the area with a £50,000 deposit.
While £25,000 would be enough to generate a yield of up to 12.5pc from a flat, increasing the budget to £50,000 could secure a typical terraced or semi-detached property in the area.
The average price of a terraced property in Hyndburn, according to Hamptons, is £113,085. A landlord would need £28,271 for a 25pc deposit, plus £5,654 for stamp duty – a total of £33,925.
The average rent on a terraced house in Hyndburn is £934 per month, providing a gross yield of 9.9pc.
Similarly, a semi-detached home in Hyndburn costs an average of £153,510. A landlord would need £38,378 for a 25pc deposit, and £8,246 for stamp duty. You would still be in the £50,000 bracket with a total cost of £46,624. Average monthly rents of £1,051 would then generate a decent 8.2pc gross yield.
The average gross yield across all property types in Hyndburn, based on a £50,000 budget, is 10.2pc.
Matt Willcock, of Mortimers Estate Agents in Accrington, said: “The area is well connected by rail and road to nearby towns and cities like Manchester, Blackburn, Burnley and Bury, which is a pull for renters, who can commute easily while enjoying more affordable rents.
