Thursday 4 September 2014

North Springfield vs Chancellor Park

A landlord came into our office to ask whether the North Springfield area or the Chancellor Park area would be a better place to invest in. She was considering purchasing a semi-detached house, after reading my article last week.

The properties in North Springfield were predominately built in the 1980's. They are built to a high standard with solid walls, and although they are not the most attractive they are fitting family homes. The Chancellor Park development was built in the 2000’s. The properties here are more aesthetically attractive, but are slightly smaller than those in North Springfield. The average value of a semi-detached house in North Springfield is £220,285, whilst on Chancellor Park a semi-detached house has an average value of £234,642.

A two bedroom semi-detached house  in North Springfield can achieve rents of around £850-£900 per month, with a three bedroom semi-detached house achieving £950 - £1050 per month. Looking at the rents for Chancellor Park, a two bedroom semi-detached house can potentially achieve £950 - 995 per month, with a three bedroom semi-detached house achieving around £1100 - £1200 per month. Both have similar yields of around 5.6%-5.7% per year, so in this case it depends on what is available when you want to buy.

If you would like any advice when choosing your Buy To Let properties on where (or where not) to buy, please come and see us at our office on Duke Street.

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