Southern landlords might find out its 'grim up North'

Landlord like a bargain. They like to think they are getting a good price for 'bricks and mortar'.

This has lead many southern landlords and property investors North.

These landlords have been encouraged up the M1, to invest in towns and areas that many of them had never previously visited, or in some occasions never actually heard of.

It was like a summer migration for property investors lead by property agents pushing supposed BMV property deals. Some of these landlords and investors have done well on capital growth. But for those who got in late there could be a nasty sting in the tail.

Historically, those areas and properties that are most resistance to initial property price increases are often the ones that react most negatively to property crashes. ie, They drop the most and recover last.

It makes simple logic. If a property only goes up because people were unable to afford other properties or more desirable areas because of high house prices, it's probably not the most charming of properties or prosperous of areas.

When house prices fall, demand drops and those less desirable areas suffer the most with house price falls.

As the better areas become more affordable with falling house prices, those neglected areas will be pushed further and further down a home-buyers shopping list.

Some places are cheap for a reason, and over the coming years some unfortunate Southern investors might find that their 'cheap bricks and mortar' investment might not be such a bargain.

If the recession bites hard, which it could do, and I mean very hard, we could see the return of the 'buy a street ' for £500.

"It's grim up north!"

PS As a northerner - don't start.