Buy to let investments in St Neots

With a number of buy-to-let purchasers already snapping up Redrow homes in St Neots, other would-be investors who choose to join them could see a higher yield on their savings.

Close to the town centre and railway station, from where direct trains to London Kings Cross takes just 45 minutes, it’s easy to see why many buy-to-let investors have already purchased and successfully let out homes at Loves Farm

As a result of a strong demand for rental properties recently, one local letting agent has recently seen an increase of between 8 and 10% on homes at the venture.

Lettings expert Andrew Ward, branch director at St Neots based Kirby Property Ltd, believes Redrow has struck on a winning combination of prime location and a great specification, which is proving to be a pull for renters.

He said: “Rental demand for Loves Farm is currently very strong indeed. We continually have potential tenants on our books seeking property of all sizes and the demand is certainly outstripping supply. As a result of this we have seen rents increase by around 8 to 10% over recent months as the demand has grown.”

Loves Farm benefits from good road links to the A1, M1 and M11, with Bedford and Cambridge only about 25 minutes’ drive away. St Neots town centre offers many shops, restaurants and entertainment venues, as well as the main attractions of the Great River Ouse and Riverside Park.

Andrew added: “St Neots is a popular rental area as it provides pleasant surroundings, a vibrant town centre and a good location for those commuting to Cambridge, Bedford and Peterborough. In particular Loves Farm is proving popular because of its proximity to the main line rail station and the easy access this provides into London Kings Cross.”

Based on previous successes, Kirby Property Ltd estimates a three-bedroom ‘Dunmore’ home can be let out for around £775 pcm. One of these properties can currently be bought for £179,950, including two parking spaces, carpets throughout and turfed gardens.

Historically, tenants have been found very quickly as Andrew explains: “On average we find tenants in less than two weeks from the day of instruction. Indeed the last three re-lets on this development have all been achieved with no void period at all and a rent increase of more than 8% in all cases. For example, we advertised a two-bedroom home in early April, at a rent 10% higher than the previous tenancy, and received 14 enquiries on the day of marketing and a secured a tenant in just two days.”

“Feedback from our clients indicates the style of Redrow’s homes is very popular and our tenants have had a high degree of satisfaction with their properties,” Andrew added.

“Typical yields achieved by our landlords, dependant on purchase price, are currently between 5% and 7% which is certainly competitive in the current economic conditions when compared with average yields on savings, and purchasers have the added benefit of a capital investment.”

For more information about homes for sale at Loves Farm, the show homes and marketing suite are open daily from 10am to 5.30pm.