Properties within the City Walls are generally considered as one of the most desirable locations in the PO19 area. Set in the backdrop of the cathedral, and a short walk along The Pallants to the cosmopolitan shops, boutiques and restaurants that the city has to offer. The average two bedroom apartment in North Walls sells at around £220,000 and rents are roughly £850 per calender month.
Compare this to the properties we discussed a couple of weeks ago in Charles Avenue, off the Oving Road, as you head out of the city towards the A27. Average sale prices for similar sized two bedroom flat here are £138,800, and achievable rents can be around £675pcm.
The gross annual yield that could be achieved in Charles Avenue is 5.8%. When we compare this to the 4.6% return in North Walls, Charles Avenue comes out over 26% higher.
However, we must remember that yield is not the sole consideration when it comes to Buy-To-Let property. The average sale price of a Charles Avenue apartment in 2003 was £115,300, which has risen by 20% in the last 11 years. A similar sized North Walls apartment averaged a sale of £167,750 in 2003, showing an impressive 31% capital growth over the same period.
No comments:
Post a Comment