Following my feature last week about average property values in Grantham increasing by £114 per week over the last 12 months, a couple visited our office to discuss potentially investing in a property to rent out for the first time.
They were particularly keen for the property to be in one of the villages to the north and west of Grantham, such as Croxton Kerrial, Allington and Caythorpe. As these fall into the NG32 area, I did some research and found that this postcode has seen average property values drop by £2,681 in 12 months. This is a surprising decrease of around £51.55 per week.
When I had a look at the average property values in the NG33 area, with villages such as Colsterworth and Ropsley, the drop in value is only £10.27 per week. Therefore, the difference in drop of average property value between the two areas over 12 months is £2,147, as NG33 saw an average fall of £534 for the year.
It is important to consider the average rents in each area, as well as the initial value of the property, and what you are expecting from your investment. The property market is dynamic, so it is important to do thorough research before committing.
If you would like some advice with your potential investment, please come and see us in our office on St Peters Hill.
