BTL South Norwood ?

bankholiday

Hi

Currently I am looking for a BTL property in South East London, budget is between 300¬350k. First I started to look at Peckham, New Cross area, Deptford (Zone2), which is my budget only allow 2-3 bed ex local flat. Yield would be high with this property.

Then I found if I purchased one in South Norwood (Selhurst – Thornton Heath) (Zone4), I could get freehold house instead within my budget. Relatively low yield would be fine.

My questions are:

1. Is South Norwood attractive to renters?

2. Could you tell me which part of South Norwood area you would recommend to buy-to-let?

3. I know many professionals and students would prefer to live in zone2, Peckham or New Cross would be easy to find tenants. But I am bit worried a property in zone4 means my target tenant would be only families? In other words, is there any professional and students or are any landlords have experience renting to this kind of tenant in the South Norwood area, zone4?

Many thanks in advance for any feedback! :j

duchy

Depends what kind of property you are buying and what kind of tenants you are hoping to attract.

Doing your own research and asking about possible streets once you've identified what your budget and the current market offers would probably get you more responses.

Norwood Junction has a good )fast)train service to London which is always attractive to renters Peckham the train stops everywhere en route , Norwood Junction is non stop - which can be a good selling point to commuters. Not everyone looks at zones alone (although some do)

dacouch

South Norwood is rumoured to be one of the next London areas to experience house price growth. This is due to the very frequent and very quick train connections with Central London.

Try and look for somewhere as close as possible to Norwood Junction Train Station as this is the hot area

chazsucks

Do you particularly want tenants to be commuters / students rather than families? TBH you'd probably get a mix in this area... families where the parents commute to work etc.

I would think about the type of rental you want to do - standard family home? HMO for young professionals / students? etc. Then maybe go see some lettings agents - find out which type of property (for which type of person) is most in demand, find out which areas are most in demand.... for commuters obviously you'd be looking more near the station whereas families you might be better to get a place up the hill etc

definitely speak to letting agents or local landlords they'll be a wealth of info

JFD10

As a professional renter currently in that area near to Norwood Jct, I think that a house/larger property might confine you to renting to families.

I currently rent a one-bed flat whilst saving a deposit for a house and, despite having significantly outgrown this flat, wouldn't want to upsize to anything larger due to the increased proportion of my income I would be spending on rent.

Most people within my social group all prefer to rent flats or maisonettes since there's still the perception of rent as a throwaway (well, not strictly a throwaway, but it doesn't allow one to build any equity).

Doozergirl

My experience of growing up near there was that it was pretty deprived. The nicer part was down at Woodside Green or over towards Crystal Palace. Woodside Green had plenty of small terraced houses and was really quite sweet at the time, but I remember it get busier.

The bits nearest to the station were the worst, imo, but it's been a long time now. I flatshared in two houses in my late teens.

The roads heading towards Selhurst Park from the station was always really hectic on match days, parking impossible etc.

totallybored

From what I can make out the rental market is mainly families or sharers but they're not necessarily professionals.

More young professionals are moving into the area but it's to buy as they've been priced out of Crystal Palace, Streatham etc for houses.