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Landlords look North for buy-to-let

High property prices in London and the South-East are encouraging potential buy-to-let landlords to look further North for properties, according to UCB Home Loans.

It says landlords looking at rental income they can receive compared with current property prices are finding it difficult to break even.

UCB says landlords can get returns of between 8 and 10 per cent in some parts of the country while in parts of London and the South-east a return of 5 per cent can be difficult to achieve.

UCB has found that its sales of buy-to-let mortgages in some parts of London have fallen by up to a third while there is inc-reased interest in rental property in Scotland, the Midlands, East Anglia and the North.

Managing director Charles Reed says: “Landlords can find it difficult to make enough profit in parts of London and the South-east. Combined with the fact that London property may cost more than twice as much to purchase, the attraction of less expensive areas is obvious.”

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