A brighter forecast in Maidstone for buy to let investors
With rental values strengthening over the past six months and property prices remaining low, investors could get an even better yield on new properties in Maidstone, according to one local letting agent.
Diane Broomham, sales manager at Maidstone based Sandersons Residential, says investors can achieve yields of between five and six per cent based on current values at Redrow’s Sutton Woods development, which she says is up by as much as two per cent compared to six months ago.
The spacious two, three and four-bedroom homes at Sutton Woods, off Sutton Road, are all built to Redrow’s exacting specification. As new build homes they are well-equipped and easy to maintain so will appeal to professionals looking to rent.
Diane said: “There are some fantastic competitive rates now being offered for buy to let mortgages which gives investors the opportunity to consider property as a much better return on their capital compared to some other investment options. With more affordable house prices, rising rents and stocks and shares falling below their worth, bricks and mortar are a more solid investment.”
Sandersons Residential estimate a two-bedroom homes, priced at £158,950, can achieve a rental income of £700 - 775 per month, a three-bedroom house, priced from £178,950 an average of £850 - 950 per month, and a four-bedroom townhouses, priced at £249,950, an average of £1,100-1,200 per month.
Diane added: “The two, three and four-bedroom homes at Sutton Woods have great rental potential. They are brand new and therefore very appealing to tenants as they provide a clean blank canvass as well as contemporary kitchens and bathrooms.
“Rental demand from professionals in the area is strong and the properties are commutable to London thanks to the close proximity to Maidstone West station, which is 47 minutes from the centre of the capital.”
At Sutton Woods, Redrow’s contemporary exteriors hide spacious interiors with generous room sizes, flexible layouts and an up to the minute specification for modern life. Many of the properties include carpets and flooring throughout and are open for potential purchasers to view.
The homes also offer the potential for further cost-saving on fuel bills, being built to comply with Level 3 of the Government’s Code for Sustainable homes. This means tenants will benefit from the energy saving properties of solar power renewable energy systems, low-use water management systems, low energy use light fittings and waste segregation bins to encourage recycling.
Redrow’s homes also come with the NHBC 10-year ‘Buildmark’ warranty and two-year guarantees on all appliances.
Built on the site of the former Senacre College, off Sutton Road, Sutton Woods is a stylish venture incorporating some areas of open space, while being just a short walk from the picturesque Mote Park and conveniently close to Maidstone town centre.
As Kent’s county town, Maidstone has a wide variety of shops, schools, sports and leisure centres, bars and restaurants. Maidstone East station offers journey times to London Victoria or Charing Cross of around an hour and a new high speed service from Maidstone West station takes just 47 minutes to reach London St Pancras, currently running during peak times on weekdays.
For more information, visit redrow.co.uk.
