I was talking to someone who lives in a detached house on Charlton Road in Andover. He wants to purchase his first Buy to Let property and has noticed our previous articles, so was interested in getting to know the industry a little bit more.
As he has lived in Charlton Road for over 8 years and he felt comfortable investing in there as he knew it well, we started to discuss the property market in this area. Firstly, we found that 32 semi-detached houses have sold in Charlton Road since the year 1996
Property values in Andover have risen on average by around a whooping 264% over the last 20 years but most semi-detached properties on Charlton Road have slightly beaten that rise.
When we look back to 1995, a three bedroomed semi-detached property in Charlton Road was bought for £60,000 and sold in 2015 for an impressive £240,000. With excellent capital growth you would expect yields to be comparatively lower, but most three bedroomed properties can be picked up from £220,000 to £240,000 and could have achievable rents of £900 to £950 per month. This means annual yields can be around an attractive 5%!
If you would like to talk to us about your potential investment, please come into our office on Bridge Street.