We are often asked by new investors which properties rent the best,fastest, easiest, best return etc and apart from the fact that it is very hard for a tenant to find a good quality rental property in Dunstable at the moment by far the most popular are 2 bedroom apartments.
When these new investors start looking for a 2 bedroom apartment they will often head straight for the higher end properties which were built around 8 years ago and bought at inflated prices. This means that the owners of these properties are looking to sell them at a high price, but still not at the price they paid for them. Many of these properties in developments such as Watling Gardens, Kiln Way and The Parklands are still valued at 10-20% below their purchase price when new but there are better investment properties out there.
So where do you look for a reasonable priced 2 bed apartment?
The Mall in Dunstable is not one to be overlooked. The apartments here were built around 1975 in blocks of 12 apartments over 3 floors and each block served by 2 entrances.
They have ample parking spaces, are a 5 minute walk to the town centre and a 2 minute walk to Asda, the leisure centre and the Grove Theatre.
Right now there are 2 apartments for sale. These are both 2 bed apartments with well-proportioned rooms and large windows.
Connells have a 2 bedroom apartment on the 1st floor of Earls Court on the market at £110,000 and Bradshaws have another 2 bedroom apartment in Princes Court on the market for £104,995. Both have no chain.
Recent sales in The Mall are No.40 Dukes Court in August for £113,000 and in July No.22 Princes Court sold for £100,000.
If you go back to December 1996 you could have purchased No.48 Kings Court for £20,000 !
What would be the rental yield on these properties ?
The average rent on a 2 bedroom apartment in The Mall is currently £625 – £650pcm which could be giving you a rental yield of 6.5 – 7%. An affordable purchase for a new investor with a good rental yield.
For advice on where to find the best Buy-to-Let investment properties call into our shop at 18 Church St where we can assist in your search.
