New buy-to-let opportunity in Carlisle

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by Kay Murchie

Carlisle is currently undergoing an £840,000 redevelopment project to transform the city centre and make it a popular base to stay while visiting the nearby attractions to the north and south.

Peter Framer, a former city mayor, pointed out that the regeneration will make the area accessible so that tourists will visit. Many visit Carlisle as a base to go on to Gretna Green and the Lake District. Mr Framer explained further that Carlisle has a lot to offer such as the historic castle and cathedral, which could be complemented by hotels, squares and outdoor dining to make the area more appealing.

The rest of the city is not being directly affected by the regeneration but still has reasonably priced housing and you could make a brilliant investment by buying property in Carlisle, according to Mr Framer.

Furthermore, on August 1st, the University of Cumbria was created, a combination of the Cumbrian campuses of the University of Central Lancashire and 2 higher education colleges. One of the main campuses will be in the heart of Carlisle.
Estate agents, H&H King, remarked that buy-to-let is very successful with the university coming to Carlisle and that the student market place is growing.

A survey by the Halifax on prices in university towns has established that such places usually have higher property prices than their counties, while research by Landlord Mortgages showed that the average buy-to-let yield in student properties was 6.59%, compared to the average rental yield across England of 5.42%.

Consequently, investors may be able to purchase a property and benefit from the rise in value as the city proves itself on the higher education map. The average price at present for a property in Carlisle is around £135,000 for a respectable 3-bedroom property.