A couple of weeks ago I had a couple pop their head through the doors of my offices on Northdown road. They live in Canterbury, near the Golf course, and wanted to pick my brains on buying their first buy to let property in Thanet. They were particularly interested in the West Cliff area of Ramsgate, particularly around the football ground.
Therefore, I looked at the area around Southwood road. From January this year, 27 properties have been let with 7 more currently on the market at the moment. The average time it is taking to let a property here (the time between first day of marketing and tenant moving in) is 27 days. This is important for investors to know as they should factor this in to their costs as it would be a month without income. As always it is worth taking into consideration the possible capital growth. I used a property in Hebert road as an example. It sold in April this year for £119,000 (am sure would have been more if the kitchen and bathroom had been modern) and in 2004 it was sold for £80,000 giving a capital growth figure of 48.75%. Sticking with this same property, the likely rent would be in the region of £750 giving a gross yield of 7.5%. With such excellent demand from tenants and excellent amenities surrounding this area (easy to reach bus links, less than a mile to the train station and local shops within walking distance) could this be the right area to purchase your next buy to let investment?
If you are considering buying a property for investment in the near future, as I don’t sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am more than happy for you to pop in and see me or email on gavin.horton@belvoirlettings.com
