Bolton has successfully reinvented itself in recent years as a modern university town, and with over 6000 students taking part in higher education there and significant Victorian housing stock on offer for lower than average prices, it is a great place to invest in an HMO.
The local authority has just approved a further £150 million development spearheaded by Muse Developments in the centre promising new housing, offices, and retail opportunities in the town. This comes on the back of a recent string of significant investments in the area, which has art galleries, theatres, and museums and a diverse range of restaurants.
But for the students, the ever-desirable customer of the HMO investor/landlord, there are plenty of sports and leisure facilities, pubs as well as nightclubs – the only thing many of the young people will care about as they start their studies.
A lot of the students will be living in the substantial Victorian housing stock that was originally built to home the people who worked at the cotton mills for which the town is known, which helps serve the population of 250,000 who generate solid rental demand over time.
There are plenty of towns across the country that could boast similar attributes, but what really puts Bolton on top of the bunch in terms of lucrative HMO investments is how low house prices currently are, and how fast their value is growing.
2019 is expected to be one of the best years for the property market in Bolton in recent memory. House prices are forecast to substantially increase largely driven by investment in student accommodation and the new town centre development set to dominate the sector throughout the year.
The price of property in the North West is set to grow faster than any other area in the UK in the next five years, with property agents Savills forecasting a rise of 18% by 2022. The rest of the UK is expected to see a 14% rise on average.
However, even with the good prospects ahead, investors still need to be careful when choosing to invest in an HMO property in Bolton. There are more regulations around properties let for multiple occupants, with different rules on shared facilities like toilets and kitchens. Mistoria can break down all the different regulations for anyone who might be thinking of investing in an HMO property.
Please get in touch so we can help you with your next HMO investment.