I have had several landlords contacting me over the last few weeks to ask my thoughts on buying an investment property at Cranbrook.
One in particular wanted to know if buying at Cranbrook would make a better long term investment than buying elsewhere in Exeter.
One in particular wanted to know if buying at Cranbrook would make a better long term investment than buying elsewhere in Exeter.
Over the past year average property values at Cranbrook have increased by around
4.4%, which is not particularly exceptional when the average for the South West
is around 7.4%.
This leads to the question as to why so many landlords are buying at the
new development.
I did some research into average asking rents in the area and it turns out
that the average asking rent throughout Exeter is currently around £837pcm,
this is in contrast to an incredible £1024pcm at Cranbrook, which is over 22%
higher!
This higher rent could be due to many factors and certainly moving into a
brand new home has its advantages. However,
for a landlord it is worth taking into account the time taken to let the
property. At Cranbrook on average it
takes around 67 days and the rest of Exeter only 56 day. I suspect this will change as the site
develops.
We would advise you carry out a thorough handover and snagging list with
the builder to ensure there are no outstanding issues when the tenants move in.
If you are considering buying,
selling or purchasing a property to let at Cranbrook or in the Exeter area,
come and see us at our office on South Street or click on our Landlord Buyers Guide to the left.
No comments:
Post a Comment