In recent years there has been a surge in new build property and just off Elstow Road , there are three popular developments which are close together and are renowned for Buy to Let investments.
A landlord called in and asked which development would be the most appropriate to invest.He was also curious to know which area would currently give the best return and would hold its value. He was toying with Gillespie Close , Redwood Grove, or Haynes Road.
Redwood Grove was built first , and a two bedroom flat sold in 2013 for around £107,00 , rental income would be around £550 per calendar month on average. A return of 6.1%. In terms of value in 2007 before the recession it was £117,000
Gillespie Close , a two bedroom flat there sold in 2013 for £102,000 and the rental would be , dependent on the quality of the property between £550 and £575 per calendar month at the higher rent this would offer a return of 6.6% in 2007 the value was £119,500
Haynes Road ,a similar two bedroom flat sold in 2013 for £101,000 and the rental for this area would be £575 per calendar month , a return of 6.8% . In 2007 the value was £125,000
So in summary it is clear that the rents are pretty similar for all areas.And Haynes Road offers the best return Haynes has not retained its value as well as the other two. Another factor to also consider is anty ground rent / maintenance charges. Want to know more please feel free to pop in and see us at our Tavistock Street Office