A property portfolio can be a fantastic way to bring in extra income, but it can be a daunting prospect – how do you know if you’re making the right choice when purchasing your first buy-to-let property? How do you spot a good investment?
It is vital to do some research before you take the plunge. Think about the type and size of property you might want, who will rent it and the location.
There are many reasons why Corby is the perfect town to invest in property…
1. Demand
Last year, Corby was named one of the fastest growing boroughs in the country, having grown by 30% since 2001. The population increased by 1,440 in 2020 alone. With a growing population comes demand for housing. At Belvoir we have noticed a surge in demand for rental properties and whenever they come onto the market in Corby and the surrounding areas, they are snapped up very quickly. We have prospective tenants waiting for properties to come onto the market.
2. Location
Corby is in a fantastic, central location. The town is less than one hour away from London by rail and close to lots of major UK roads including the A14, M1, M6, A6 and A43, meaning you can get to a number of big cities within a couple of hours’ drive. In fact, Corby lies within two hours’ drive of four airports – Birmingham, Luton, Stansted and East Midlands. Corby is also only 15 minutes’ drive from Kettering General Hospital, which could make a rental property appealing for hospital staff.
3. Property prices
Property in Corby is considerably cheaper than surrounding areas, with the average house costing £221,866 in the last year according to Right Move. Properties in Corby had an overall average price of £221,866 over the last year. The majority of sales in Corby during the last year were detached properties, selling for an average price of £298,798. Semi-detached properties sold for an average of £193,498, with terraced properties fetching £167,609.
4. Regeneration
Over the last 10 -15 years, Corby has undergone substantial regeneration with millions of pounds spent on developing a new theatre, cinema, railway station, swimming pool and many restaurants and pubs. If you have an investment property in mind, make sure to look at any planning applications or housing developments close by before you buy. Construction investment indicates growth in the area, which can be good for property prices. However, also consider the flip side of this – building sites can be noisy and dusty, which might put off tenants, and new developments could also bring competition for your property.
5. Attractive to families
As well as the new facilities mentioned above, Corby and the surrounding villages boast some fantastic schools, with four of them rated ‘Outstanding’ by Ofsted and many more rated ‘Good’. Many parents will choose a property solely on its proximity to the best schools and are willing to pay more for a home that will allow them access to a top education for their children. The quality of education on offer in the locality is worthwhile considering, not just for your tenants, but for resale value of the property at a later date too. The schools, combined with plenty of country parks and green spaces as well as leisure facilities such as a BMX centre, virtual reality (VR) centre, indoor trampoline park and lots of historic sites such as Rockingham Castle, makes it an ideal destination for prospective tenants looking for somewhere to raise a family.
6. Crime rates
It might sound obvious, but avoid investing in properties located in any criminal hotspots. Nobody wants to live in a ‘rough’ area and, as a landlord, you want to ensure that the property you are investing in – and those living inside – remain safe. Check police crime statistics for incidents of burglary and vandalism and also consider up and coming areas where crime rates are declining and you might be able to make money on your investment. Corby has a relatively low crime rate compared to its neighbouring towns and cities and, since 2017, the number of burglaries, criminal damage and shoplifting have declined.
7. Local experts on your doorstep
If you are interested in investing in Corby, we can help you to find your perfect rental property. With decades of knowledge and experience in the local property market, our team can work with you, lending an ear if you want to sound out potential investments or actively searching on your behalf to your specific criteria. The team at Belvoir welcomes the chance to sit down with investors and those with property portfolios and offer advice. Also, once you have invested in a property, we can help you to source a tenant and manage the property for you on an ongoing basis to make your rental income as passive as possible.
For more information, call our friendly team on 01536 261666 or email corby@belvoir.co.uk.
