With the property market in recovery and house prices on the increase, there is a renewed focus on buy-to-let investments and we have seen a rush of new and experienced landlords looking to invest in Mid Sussex.
As a thriving commuter town on the mainline train route in to London, there is a constant demand for quality properties in Haywards Heath. But calculating the affordability of property in an area can help you make an investment decision with a greater level of confidence.
To assess affordability, use the Price to Earnings ratio. Simply divide the average current value of property in the area by the average annual household income. The lower the ratio, the more affordable the property is.
We found Haywards Heath has an average property value of £281,400 and average salary of £28,965. This is a respectable ratio of 1 to 9.7. Burgess Hill had a similar but slightly higher affordability ratio of 9.95.
Meanwhile, in Cuckfield the ratio of property values to salary is 1 to 13.7 suggesting property here is 41% less affordable than in Haywards Heath. And in Hassocks, the average salary is £30,148 and average property price £365,500. A ratio of 1 to 12.12 makes investing here less attractive, with property being 24% less affordable.
This could mean that now is a great time to invest in Haywards Heath’s property market, while the average value of property is still low compared to the average salary. If you would like to talk to us about a potential investment, drop in to our office at 132 South Road or call 01444 441142
