A landlord became ever more curious about the Pennine Estate’s Buy to Let market after reading our articles about various areas of Grantham, so decided to pop in and ask our advice.
I found that a small four bedroom detached property with a single garage on Malvern Drive was bought for £156,000 in 2002. The same property sold for £195,000 in June this year, which is a rise of 25%. However, prices in the town during this same time period rose by 36.2%, so it should have sold for £212,400 if in keeping.
A five bedroom detached house on Grampian Way sold for £143,000 in the summer of 2000, and was sold again this summer for £228,000. This is a rather impressive rise of 59%, but as we mentioned in the Journal a few weeks ago, average prices in this time have risen by a much more remarkable 103% in Grantham.
With rents for detached houses on the estate could achieve between £800 and £900 per month, yields are around 4%. I think in terms of a rental investment, there are better properties, such as smaller two or three bedroom semis, but for owner occupation there are some bargains.
Our passion lies firmly within the residential property market, so please feel free to talk to us at any point about our diverse area.
