7.6% Yield in Royal Tunbridge Wells

Here is today's best BuyToLet deal in RTWells. 

Freeman Foreman have this Studio apartment for sale at Offers between £90,000 to £100,000.

She will rent with your eyes closed for £575 per month, giving a yield of 7.6% if you buy her at tthe bottom end of the scale.

Contact Freeman Foreman for more details .. Zoopla link here .. 

http://www.zoopla.co.uk/for-sale/details/17869828

Royal Tunbridge Wells vs Tonbridge .. the tale of two very different property markets

I was talking to one of my landlords from Bidborough the other week, when we were looking over a few properties that he was considering buying  in Royal Tunbridge Wells and Tonbridge. As I know towns well, I was able to discuss the two towns in depth with him. We started to notice an interesting pattern in the house prices between the two. Royal Tunbridge Wells has always been a slightly more expensive town to buy in comparison to Tonbridge but depending on what type of property you buy, there are some fascinating differences.

A few weeks ago, we said that the average value of a property in Tonbridge was £395,000, compared to Royal Tunbridge Wells’s of £399,900 (making Royal Tunbridge Wells 1.2% higher). However, when you look deeper, things become quite interesting between the two towns. Terraced houses in Royal Tunbridge Wells are 17% higher than Tonbridge’s (£304,200 to £260,000), detached properties are even higher, 19.1% in Royal Tunbridge Wells (£701,500 compared to £588,600 in Tonbridge). Whilst semi detached houses are only 13.5% higher in Royal Tunbridge Wells (£373,900 to Tonbridge’s £329,33) but flats are only 0.1% cheaper in Royal Tunbridge Wells than Tonbridge’s  (a flat in Tonbridge is £237,300 compared to the average flat in Royal Tunbridge Wells at £237,100).

So, why the big difference when looking at the different types of properties and their relevant prices in each town? Well, after investigating, it transpires that in Royal Tunbridge Wells, there are 118.75% proportionally more flats than Tonbridge (35% of properties in Royal Tunbridge Wells are flats compared to only 16% in Tonbridge). However, on the other side of the coin, Tonbridge has proportionally nearly three quarters more semi detached properties (in fact, Tonbridge must be the land of semis as 44% of property in the town are semi detached houses, compared to our 26% in Royal Tunbridge Wells).  However, both towns have similar numbers of detached and terraced houses.

The average value of a detached house, semi-detached house and terraced house in Royal Tunbridge Wells is considerably more than our neighbour in Tonbridge.  However, because Tonbridge has a higher proportion of the more expensive houses (ie detached and semi-detached) this means the gap, when looking at the overall average is much closer at 1.2%. These differing housing provisions in the two towns just goes to show that you need to know your marketplace and decide which is the right area for your money. If you are an existing landlord or one who is thinking of become one in Royal Tunbridge Wells, don’t hesitate to pop by our offices on Vale Road in Royal Tunbridge Wells or send me an email to david.rogers@martinco.com 

Rochdale Road R.T.Wells - Buy To let heaven

Andrews, the Estate Agents, have just put this sweet terraced on the market for a very reasonable sub stamp duty £249,995.

Here is the link http://www.zoopla.co.uk/for-sale/details/34902403   .. its nice inside.

Will rent well and sell well ... dont hang about .. I think it wont be long before she goes

Freehold - Buy to let investment in RTW under £150k

Have a look at this 1 bed quarter house. Freehold so no nasty service charges. On the market with Woods and Pillcher at £150,000 and should rent easily for £750 per month if presented well. If you can pick her up for £140,000, that's a tasty 6.42% yield. Link below

http://www.zoopla.co.uk/for-sale/details/34123259#lOxHLlPG4MvcWQMO.97

Royal Tunbridge Wells Census figures released - interesting news for RTW homeowners

It seems a distant memory three years ago when we were filling in our Census Returns, but now the figures are beginning to be released, especially the statistics about property. The figures for each individual town and council have been released, so let’s look at the area Tunbridge Wells District Council figures. 

 In the whole of the Council Borough area (the town of Tunbridge Wells and the immediate villages) there are 47,174 households,  with just under a two thirds of properties being owned,  65.7% % to be precise (30,999 households) of which 15,111 don’t have a mortgage (lucky people!). Renting interests me and 7,995 householders rent their house off a private landlord (or 16.9% of households to be exact).  If you recall in a previous article, I said 19.1% of households in Tunbridge Wells alone (just  town itself and not the Borough Council area) are privately rented, showing that more people rent in the town than they do in the villages.

So, with 16.9%  of households being rented in borough, which is just  above the  national average of 15.6%, where does that put our Borough when compared to others? For renting, Royal Tunbridge Wells Borough is just outside the top 25% of local authorities when it comes to renting (98th out of 347 authorities) but we are in the bottom third for home ownership (228th out of 347 local authorities). 

So does that mean renting isn’t booming in Royal Tunbridge Wells? .. quite the opposite! Demand continues to be good from quality tenants who are prepared a pay a decent rent, but only for a decent property. If you remember a few weeks back, I said the landlords in Royal Tunbridge Wells, on average over the last 12 months have achieved a total return of over 8.5% in the last year. If there were a glut of rental properties, there would be an over supply of property to rent, driving prices down. In the lettings industry, it is recognised there will always be 5% of the rental market up for rent at any one time, which means there should be 399 properties to let today in Royal Tunbridge Wells and  the rest of the Borough area (5% of 7,995 privately rented houses in the Borough is the 399) .. I am pleased to tell you there are only 286 as I write this article!

 Don’t get me wrong, tenants are more discerning in the properties they rent. Woodchip wallpaper and no central heating won’t cut the mustard anymore. However, present your Royal Tunbridge Wells property to a good standard and price it right and you should do very well. If you are considering becoming a landlord or are an established landlord who is thinking of buying another property to rent out in Royal Tunbridge Wells, please do your homework. Feel free to ask my opinion on what makes a 'decent property'. I don't sell property, so it's in my interest for you to buy the right property for you, not me. I don't charge for that opinion, because I hope you will recommend me to your friends, which in fact is the best compliment you can make.