We explore why Whitby is one of the most attractive places to invest in a buy-to-let property.
In 2020, a survey by Rightmove highlighted that estate agents had noticed a surge in demand for new or second homes. They attributed this trend to families seeking a fresh lifestyle, mainly as they discovered remote work's feasibility. The survey showed Whitby coming out on top of the places most likely to appeal to buyers. It beat competition, such as the popular Cornish towns of Padstow, Newquay, and Bude and picturesque Scottish locations like Ayr and Troon. Therefore, we thought looking at why Whitby is one of the most attractive places to invest in a buy-to-let property would be interesting.
But first, why Whitby?
For those moving to Whitby, the attraction goes beyond its rich history, dynamic coastline, and fresh sea air.
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There are so many open spaces to enjoy
One of the best things about Whitby is the abundance of open spaces to enjoy, whether that's the local Pannett Park or further. The beaches in Whitby are simply stunning, with miles of sandy shores. The Cleveland Way is a long-distance footpath that runs along the coastline and offers breathtaking views of the sea and the surrounding countryside. Whitby is also a great location because it provides easy access to explore the scenic North York Moors.
Fantastic pubs and restaurants
It has many highly regarded pubs, restaurants, and fish and chip shops! Including The Magpie Café, which is named one of the UK's best fish and chip shops.
Most of the restaurants in Whitby take pride in sourcing all their ingredients from the Yorkshire area, providing visitors with a chance to try some truly local food. With so many high-quality restaurants, narrowing down a list of the best is challenging.
Art and culture
Whitby and the North Yorkshire coast are perfect if you enjoy spending time in a place with plenty of art and culture. Several museums and galleries in the area offer a wealth of information. Visiting these local Whitby museums is a great way to immerse yourself in the town's past and present.
Thanks to its status as a British tourist hotspot, Whitby offers diverse leisure activities and entertainment. Plus, it's less than an hour's drive from the cities of York and Middlesbrough.
Whitby is an ideal place to invest in a buy-to-let property
Because Whitby represents such a desirable place to live, it's also a perfect option for investors looking for a location to purchase a buy-to-let property. With the market currently making it difficult for first-time buyers to get a mortgage, the rental market offers them an opportunity to make a house their own in line with their budget.
Also, the prevalence of remote work is making coastal towns like Whitby more appealing to those who would otherwise be faced with long commutes. This means more people are seeking desirable locations to live in alongside the flexibility that renting brings.
A buy-to-let property in Whitby offers further advantages to investors. While there are mortgage complexities to resolve, property owners can tap into the town's strong reputation as a tourist destination by changing the property to a holiday let. The allure of the coastal locale might also encourage visitors to make the home their primary residence in the future.
If circumstances change, house prices in Whitby have witnessed strong gains in the last decade, so a sale, if necessary, would likely happen relatively quickly with profit potential. Selling a tenanted property can be expedited via a cash-buying company with savings possible in conveyancing fees or estate agent's commissions. In both cases, it is important to note your obligations to the tenant in the event of a sale, either by selling subject to the tenancy or selling with vacant possession upon completion.
Whitby is a top contender for investors seeking potential in the buy-to-let market. Its unique blend of history, beauty, and thriving community make it an attractive location for individuals seeking a coastal lifestyle.
Whitby's appeal will only increase with the growing remote work trend. Investing in a buy-to-let property in this location presents a promising opportunity to profit from the town's thriving tourism industry while catering to the needs of those seeking a beautiful place to call home.
