The coronavirus pandemic has had a profound impact on the UK’s property market, with London being hit harder than many because people are making the decision to move out of the city.
With so many more people working remotely now, lots of Londoners are deciding to move out, perhaps because they want to live somewhere a bit cheaper or because they want more space for their money.
This means the house prices in the capital have come tumbling down.
And so, according to a study from CIA Landlord, now may be a great time to get a buy to let property in London.
You can buy at cheaper prices and make use of the stamp duty holiday, which lasts until March next year.
The study has revealed which London borough is the most profitable for buy to let property purchasers, taking into account the average cost of property in the borough, the average rentals charged and the money saved on stamp duty.
Havering, which is made up of areas like Romford, Upminster, Hornchurch and Rainham, came out on top as the most profitable place in London to do a Buy to Let.
The average property in Havering costs £395,832 while average monthly rental costs are quite high at £1,895 pcm.
Anyone buying there under the stamp duty holiday can expect to save about £9,000.
Newham, Barking and Dagenham and Enfield followed Havering as the best boroughs for Buy to Let purchasers.
After that its Lewisham, Hounslow and Waltham Forest.
So the outer London boroughs are certainly the best for Buy to Let buyers as they have the balance of not being the most expensive properties in London, on average, but also still charging significant amounts for rent.
Kensington and Chelsea is the least sensible Buy to Let hotspot to go for during the stamp duty holiday as the average property price in the borough is £2 million.