A landlord who had been reading my news items and was looking to increase his portfolio called me the other day to ask if 2 bedroom properties were the most sought after and why. He also wanted to know where in Dunstable or Houghton Regis would be the best location to look to purchase his next investment. He is coming in next Monday to talk this through with me and as I have done with a number of landlords since we opened in October 2012 I will advise and appraise any properties that he sees are available before he arranges a viewing.
Two bedroom apartments are most sought after by the following tenants:
Couples moving out of London when they might be reducing to one full salary to start a family. Having looked at the prices of property in areas such as Watford, St Albans and Hemel Hempstead they reach Dunstable and Houghton Regis and it is very affordable for them.Couples who are relocating but need the 2nd bedroom for friends or family who will stay when they visit.A single person or a couple who requires a 2nd bedroom as an office. With so many new businesses starting up or with remote working the 2nd bedroom is now an important office space.
Two bedroom houses are also very popular and usually for the family who require some outside space. For the younger couples with no children the garden can be extra work they don’t have time for gardening in their busy lives.
The main modern developments in Dunstable for 2 bedroom apartments are The Parklands, Bramley Court / Russett Way, Watling Gardens, Living @ The Edge by Bloor Homes, Stokers Close and Peppercorn Way to the North. Bovis Homes completed a development recently on the edge of Dunstable and Houghton Regis called Tilia Park which has also proved popular.
To purchase a 2 bedroom apartments in these developments it can range from £140,000 – £165,000 and the rental value will range from £675pcm to £800pcm depending on condition, single or double second bedroom, parking and ensuite.
A 2 bedroom house will cost on average £175,000 and will currently rent between £750pcm and £850pcm but at the moment a good 2 bedroom house is hard to find.
We do on occasion see a ’distressed’ 2 bedroom apartment marketed for sale. These were often purchased in the developments mentioned above and have been on the rental market for the last 8-10 years. The internal condition is often in need of TLC and the price often reflects this as the owner is only looking to cash in on the rising property market without carrying out any refurbishment. They might require new flooring, redecorating and quite possibly a facelift for the Kitchen and bathroom, but with a heavy discount on the selling price there is value to be added to these properties.
If you would like to discuss the current rental valuation of your property or how you could improve your property to attract the right tenants paying the market value for your property please contact me daniel.bourke@belvoirlettings.com
Likewise if you are looking to purchase a property and would my unbiased opinion on its suitability and rental value please email me a link from the website advertising the property.
I am also the Lettings Specialist who gives the update at the Luton Property Investors Network (PIN) meeting held once a month in Luton. This is an informative meeting for new and experienced landlords and if it is your first PIN meeting you can use the voucher code ‘belvoirluton’ when booking for free entry. More information can be found at Luton PIN
