Flats aren't everyone's cup of tea, but they rent very well, generally offer good yields, and if your budget is around the £70k mark, they are your only option - it's more or less impossible to buy a decent house for this money. There's also a very strong argument that there's nothing wrong with buying a flat these days, as they are sensibly priced! The error was buying them in the early mid 2000s for more than the price of a house.
Unusually, there are a few genuinely cheap options around at the moment which would be ideal for a landlord on a limited budget. As such if your limit is around £70k, you won't find much better than one of these:
- 1 bed apartment, Lifebuilding, St James, Northampton. Nice upmarket development which will attract a good quality private tenant. Conservative estimate on rent is £475PCM, with a purchase price of £70k giving rise to a 8.1% yield.
- 1 bed apartment, Town Centre, Northampton. Located right next to the railway station and will rent privately. Conservative estimate on rent is £450PCM, with a purchase price of £65k giving rise to a 8.3% yield.
- 1 bed apartment, Town Centre, Northampton. Upmarket development in the centre of town - very high demand for properties from working tenants. Rent is £500PCM, with a purchase price of £73k giving rise to a 8.2% yield.
