The West Drayton property rental market remains buoyant with strong demand seen from tenants. Local residents can’t have failed to have noticed the every present cranes on the sky line round the town centre and over to the south east with development on the former RAF West Drayton site along Porters Way.
Crane over West Drayton Station
With the building activity we have seen how has the rental market changed?
Studios are renting for between £650 pcm and £750 pcm for a standard studio, these cost between £150,000 and £200,000 for an investor to purchase. The average gross yield would be around 4.8%. Perhaps with a small amount of work needed for a few thousand pounds more it is better to present a property as a £750 pcm studio than a £650 pcm one.
But there is a separate market developing for luxury studio’s or Manhattan apartments as Estate Agents call them, with more floor space they have permanent double beds and a defined walk in bedroom area. Set in modern apartment buildings with gyms and concierge they cost new build prices but attract good rents frequently £950 pcm to £1,050pcm. We see more of these on the market in Hayes and Harlington than West Drayton and Uxbridge.
Yields with Manhatten’s will be lower than the older studio due to the high asking prices. These furnished property will need to be kept clean and well presented by landlords or their agents between lets to attract the premium they are seeking.
There is an example on the market here to rent, they can be found in West Drayton at Park West, Park Lodge on Porters Way for example.
One Bedroom Property
Here the average one bedroom property in West Drayton lets for between £800 pcm and £1,200 pcm which is a wide band. With premiums for the new builds and spacious character property.
With the average one bedroom property price around £255,000 and average rent at £1,000pcm the gross yield would be 4.7%. Most of these will be flats and there is plenty on the market for tenants to choose from.
Good investments for landlords in my book would be spacious property that is modern, has a good EPC rating and is close to the station. As ever property lets at the right price which is clean well finished and well presented. West Drayton is no exception.
Shops in West Drayton
Two Bedroom Property (Flats)
Two bedroom flats have seen many come onto the market. A couple of years ago (2015) landlords would be asking between £1,050 pcm and £1,500 pcm from tenants. With the largest and most expensive new builds commanding the premium. Today they are asking between £1,050 pcm and £1,375 pcm.
Why have prices dropped on these premium two beds? Developers have been building a lot of two beds, there is the more choice in this class of property than all others so there is good supply to the market. This brings the price down.
They are lovely properties and have seen good appreciation in capital growth so it is far from only downside for landlords and owners of new 2 beds in West Drayton. We are still also yet to see Crossrail roll through West Drayton. Property is always long term for me.
Train through West Drayton – note overhead electrification overhead
Three Bed Property
Rents for three beds vary between £1,200 pcm and £1,900 pcm. For £1,200 pcm you are probably looking at a small terraced house. Most three beds are priced at between £1,400 pcm to £1,500 pcm.
There is a lot of terraced and older semi detached property which comes onto the market for rent. There is plenty in walking distance of the station and we let to tenants and families who commute to London or work more locally in Uxbridge, Heathrow or Stockley Park. There are plenty of good jobs in the area to support the rental supply and prices sought.
At the time of writing National Rail are working on the modifications to the station at West Drayton and along the line which will allow Crossrail or the Elizabeth line to start rolling in December 2019. Not so far away now!
This is probably the most important change for West Drayton this century as important as the changes in the Grand Union canal and the Great Western Railway from the last couple of centuries.
These changes have drawn West Drayton closer to London and the Elizabeth Line continues to do that making West Drayton an ever more attractive proposition to commuters. This will in turn have a positive effect on rents and property prices in the area for the long term.