Burnley presents a compelling opportunity for property investors looking for their next HMO purchase due to the town's affordable property prices and attractive rental yields. With average property prices currently sitting at £113,000, according to ONS. This level of affordability allows investors to enter the market with a lower upfront cost than many other locations in the country.
Rental yields in Burnley are also notably high. Data indicates that the North West region, including Burnley, boasts average HMO yields of 17.9%, surpassing many other regions in the UK. This high yield is attributed to strong rental demand and relatively low property prices, enhancing the return on investment for landlords.
However, prospective investors should be aware of recent regulatory changes in the area. Burnley Council has implemented measures to tighten planning controls over HMO conversions. As of October 2024, converting a single dwelling into an HMO for three to six occupants requires planning permission, a change from previous regulations. This policy aims to manage the concentration of HMOs and maintain community balance.
In summary, Burnley's combination of affordable property prices and high rental yields makes it an attractive location for HMO investment. However, investors should stay informed about local regulations to ensure compliance and optimise their investment strategies.
Key to the success and growth of Pure Investor in recent years has been our location in the North West of England. Strategically located to offer all our consultants easy access to Manchester, Liverpool, Sheffield and Leeds, we are regular visitors to all the major property developments within the key Northern Powerhouse destinations.
We genuinely believe in working with our clients, providing a high quality of service and information, allowing our clients to make their decision on a more informed basis. As a result of this, an increasing number of investors are choosing to return and utilise our services on an ongoing basis. This is something we are incredibly proud of, and which we are looking to continually improve on in the future.
If you are considering in investing in an HMO property, and don't fancy the 'hard sell' approach, please feel free to get in touch on either enquiries@pureinvestor.co.uk or call us on 0161 337 3890.
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