Good morning, I hope everyone had a great weekend?
We are at the start of another week and I am up to my old tricks and surfing Rightmove daily to see what great buys are out there. This morning I spotted this one, on the market with Beresfords for £160,000.
There are a few apartments that have come to the market on this development over the last few months, I don’t think there is anything onerous about it, I believe it is just a sign of the market, where prices have been steadily climbing thereby allowing people to move onwards and upwards, that may have not been able to previously.
As there are a few properties available to buy in this area, it means that prices are becoming quite competitive now, I think that £160k is quite a good price for this one as it also looks like it is in pretty good condition too.
From a rental perspective, I would expect to achieve in the region of £750 pcm for this type of apartment, which based on the current asking price would produce you a very healthy gross yield of 5.6%. As this is a leasehold apartment, you will need to also take into account service charges & ground rent hen doing your sums to ensure that this property will work for you.
If you have any questions at all about Buying a property to let, please do not hesitate to get in touch. stephen.frost@martinco.com
