A landlord recently missed his chance to buy a three bed semi-detached property on Denton Avenue, near the fire station and Harlaxton Road, as it sold in a matter of days. He asked me if there something special about the area, so I did a little research.
I have included Huntlea Avenue, Rosemary Crescent and Kitty Briggs Lane in my findings for the Denton Avenue area. Huntlea Avenue is the first part, near the shops, which was built in the 1950s by Builders Hunts. They came from a village called Lea which is near Gainsborough, hence the name Huntlea Avenue. The remaining part was built by Fosters of Grantham in the 1950s and 1960s, followed by York Homes building some modern properties at the top of the cul-de-sacs.
A number of two bedroom bungalows have sold in the area for around £100,000 in the last two years. To prepare the property as a rental investment could take around £10,000 and this could achieve rents of around £550 per month, which would provide a reasonable annual yield of around 6%.
The three bedroom semi-detached properties in the Denton Avenue area which were selling for a maximum of £120,000 last year, are now selling for £135,000 or even £150,000. The older houses offer the tenant and buyer larger rooms, which can be more appealing.
As the achievable rents could be between £525 and £575 per month, the possible annual yield is slightly lower than a bungalow. Don’t be discouraged, however, as the houses have seen great increases in value and are popular with buyers and tenants. So, if you would like to talk to us about property in our area please feel free to visit our office on St Peters Hill.
