We all know Longcliffe Road as one of the sought after places to live in Grantham, as it’s the major entry road into the modern Manthorpe Estate with good schools nearby. The average property here sells at around £179,400 and rents are roughly £600 to £650 per month.
These are reasons a landlord came to our office to find out if Longcliffe Road would be a better rental investment than Princess Drive, where she has a property at the moment. When we compared the two, we found Princess Drive is made up of three bedroomed semi-detached properties which were built in the 1950’s and are ex-local authority. On average they sell at around £97,300 and can rent at around £525 per month.
It became interesting when we compared the possible annual yields, as Longcliffe Road could achieve 4% but yields can be as much as 50% more on Princess Drive at around 6.1% on average. However, we must remember that yield is not the sole consideration when investing in buy to let. The average value of property on Princess Drive has risen by 52% since 2001, but Longcliffe Road has risen by 73%.
If you would like to come and discuss property in the area, you are welcome to visit our office on St Peters Hill.
