Studio Apartment, Broadfield, Crawley
Here’s a studio apartment that has just come on to the market with Astons estate agents priced at £119950. Considering it’s January, the picture is not exactly seasonal and there are no internal photos. However, here’s the Rightmove link in case you want to take a further look. http://www.rightmove.co.uk/property-for-sale/property-52649125.html
Depending on internal condition, properties like this studio can achieve rents of between £625pcm & £675pcm. The location is very good for Broadfield as it is close to the local shops, healthcare centre and the Fastway bus service – with excellent access to Crawley town centre, Manor Royal and Gatwick Airport.
Based on the advertised purchase price of £119950 and an average rent of £650pcm, the gross yield comes out at a very respectable 6.5%.
Do remember, however, that properties with higher rental yields tend to “suffer” from lower long term capital growth. Having said that, the Zoopla price paid information (http://www.zoopla.co.uk/house-prices/west-sussex/crawley/broadfield-barton/?search_source=top_nav) indicates that this property sold for £23250 way back in March 1995. If the property sells at its asking price some 21 years later, it would have increased in value by just over 415% ! Still, 21 years is a long time to wait !
If you’re looking to make an investment in rental property in Crawley or surrounding towns, why not give us a call on 01293 515588. Our advice is free and we’ll be able to give you an unbiased opinion of the pros & cons of the property market in the area. Alternatively, you can e-mail us at crawley@northwooduk.com.
The Crawley Property Blog 