Rental market in Kent

Sibley

Was speaking to my friend yesterday.
He has around 6 x 2 bedroom semi houses that he rents in Tunbridge Wells area.

Recently, 2 of his tenants left so he had to advertise for new ones.
10+ people on both properties. Rented them both instantly. Not expensive to be fair. Reasonable rents.

Seems that the rental market is very healthy in that area.

Do you think people are downsizing due to bedroom tax?

Will 2 beds become the new 'must have' place for BTL landlords?. I think so.

That's what I plan to buy next anyway.

grizzly1911

Sibley wrote: »

Was speaking to my friend yesterday.
He has around 6 x 2 bedroom semi houses that he rents in Tunbridge Wells area.

Recently, 2 of his tenants left so he had to advertise for new ones.
10+ people on both properties. Rented them both instantly. Not expensive to be fair. Reasonable rents.

Seems that the rental market is very healthy in that area.

Do you think people are downsizing due to bedroom tax?

Will 2 beds become the new 'must have' place for BTL landlords?. I think so.

That's what I plan to buy next anyway.

Ten people in a 2 bed cosy.

duchy

If it's priced right and in an area that is considered "nice" which Tunbridge Wells certainly qualifies as- plus with good rail links to London then the market is likely to be less affected than areas without those advantages.

I don't think you can gauge a national trend on two properties in one specific area -your sample is too small. It's an indication but hardly something to solely base a financial decision on.

System

Bloke in my team went to look at a 3 bed rental in T Wells yesterday afternoon, said it was a bargain as it was only £995 a month...

Your mate might now be his landlord!

michaels

Joeskeppi wrote: »

Bloke in my team went to look at a 3 bed rental in T Wells yesterday afternoon, said it was a bargain as it was only £995 a month...

Your mate might now be his landlord!

Must be a dump if you can get a 3 bed for that little.

Locally I think the 3/4 bed market stayed strong through the recession with the 1/2 bed weaker but I thnk that has reveresed over the last few months - is it the long heralded return of the FTB (I know, local market, anecdotal etc)

Conrad

I prefer studios and 1 beds as they tend to always be lettable being the first wrung on the ladder, whereas the market for 2 / 3 beds I find fluctuates. Service charge is about £60pm but I'd spend that on repairs to a house anyway - lawns / fences / roofs / guttering / larger surface area to damage.


In my experience the yield is also higher. I'm achieving 10.6% on a London studio although prices are rising so my next purchases will see the yield nearer to 9%.

The rents are £800 pm and the last place recently cost me £90k.

What is the yield on the houses you have in mind Sibley?

System

michaels wrote: »

Must be a dump if you can get a 3 bed for that little.

It was apparently, he's decided to stay in Pembury

Sibley

Conrad wrote: »

I prefer studios and 1 beds as they tend to always be lettable being the first wrung on the ladder, whereas the market for 2 / 3 beds I find fluctuates. Service charge is about £60pm but I'd spend that on repairs to a house anyway - lawns / fences / roofs / guttering / larger surface area to damage.


In my experience the yield is also higher. I'm achieving 10.6% on a London studio although prices are rising so my next purchases will see the yield nearer to 9%.

The rents are £800 pm and the last place recently cost me £90k.

What is the yield on the houses you have in mind Sibley?

I know he bought most of these houses for under 100K in 1999.

He asks around 700 pounds a month. Honestly, they have taken his arm off.

Trouble is, I expect the same houses are selling for around 200K now.

SteveV2

Got to say, I have a friend looking to rent (Norfolk).

Did a fairly wide search and it came back with just 18 properties. A few were big mansions, a few were flats. Not many 3 bed places at all.