According to a recent report of the local housing market, the average property price in Cambridge...
According to a recent report of the local housing market, the average property price in Cambridge is now £423,904 which is 10 times higher than National average earnings.
But despite the hefty house prices the demand for property in Cambridge is still very high: properties on the market still achieve above asking price in many areas, and according to a local estate agent there are currently 23 applications per property, for sale properties in Cambridge!
This could a reflection of the change in the number of households renting privately nationally with an increase from 11% in 2003 to 19% in 2013-14. With an even high increase in households aged 25-34 renting privately, up to 48% from just 21% in 2003-4!
The Cambridge buy to let market still gives opportunity to make a good Return on Capital Employed for investors, especially with such high demand for rental property. However as house prices are so high, the buy to let process may require maximising a property to its full potential.
You can maximise a propery’s return in may ways: from opening up to different tenants markets, such as students; or by adding an extension to increase the habitable space. You could even convert your property into a House of Multiple Occupation to benefit from multiple tenancies.
Our March Buy to Let workshop, “Understanding Planning to Maximise Your Investment Property”, will cover ways you can optimise your property to achieve a better return on investment. Our two guest speakers for the event are: Franco Montecalvo, from Montecalvo architects; explaining planning restrictions and requirements in Cambridge and Matt Clarke, Operations Director of Westone Housing; discussing building regulations on common projects such as garage conversions.
The aim for the event is for attendees to feel more confident and equipped with the knowledge to evaluate potential investments and calculate their true potential.
“Understanding Planning to Maximise Your Investment Property” is part of a series of monthly, themed workshops that Belvoir Cambridge host. They aim to inform and educate investors about different aspects of Buy to Let and being a landlord. The next workshop will take place on Thursday 19th March from 7pm. For full details and to book please see our workshops page.
INFO SOURCED FROM: Estate Agent Today