Last week, a landlord who lives near Colston Bassett, came in to our office on Burton Street in Melton to discuss the rising property values in the towns on the outskirts of the Vale. He owns a varied portfolio of rental properties, primarily in Melton Mowbray and Bingham with one in Grantham, so it is interesting to compare the increase in property values around the area.
Over the last 12 months in Melton Mowbray average property values have risen from £205,000 to £224,500, a rise of £19,500 or £375 per week. When I looked at some of the surrounding areas, Bingham has had a slightly lower than average increase in property values, at around £284 per week (as the average property in Bingham has risen from £192,000 to £206,800), whilst Grantham has had a lower rise of around £182 per week.
When one looks at the percentages, Melton Mowbray has performed the best as well, rising by 9.5% in the last 12 months, compared to Bingham at 7.7% and Grantham’s at 6.7%! It is, nonetheless, a rise in all the town’s average property values which suggests the market is increasing steadily in our area, but especially Melton Mowbray– good news for home owners and landlords alike.
When considering this landlord’s buy to let portfolio, yields can be in the order of an average 4% to 7% per year, depending where you buy, so combine that with steady rental growth, excellent increases in capital values of the properties themselves and it could be a good time to invest in the property market in Melton Mowbray as property values start to rise.
If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market, please come to see me at our office on Burton Street or email me at firstname.lastname@example.org or visit the Melton Property Blog. www.meltonpropertyblog.com