Last week I met a couple who are considering becoming landlords in Enfield for the first time and were looking for advice on whether a property on Millais Road or Willow Road would make a better Buy to Let investment. They were interested in which would offer a better return/yield, and whilst properties on both roads can let and sell well, I wanted to do a bit more research to help them with their decision.
Over the last three years, the average value of a three bedroom property on Millais Road has been around £248,000; while on Willow Road it’s roughly £100,000 more, at around £350,000. The average asking rent on Millais Road is £1,400pcm giving an average yield of approximately 6.8%. On Willow Road the average rent is slightly higher, at around £1,450pcm, with a corresponding yield of 5%.
However, it’s also important to consider capital growth and how the value could change over time. At the turn of the century a three bedroom house on Millais Road would have cost around £131,000, and on Willow Road around £165,000. This shows that on Millais Road these houses have risen in price by 89% and on Willow Road by 112%.
Ultimately, both streets would be good long-term investments, but for these investors looking for a high yield, Millais Road would make the better investment.
If you are a landlord, new or old, feel free to contact the Belvoir Enfield Director, Rachel Circus for her opinion on which property investment is best for you.