Mill Lane is a new development from David Wilson Homes in Newbury. It is convenient for Vodafone, the town centre and railway.
A variety of properties are on offer, we will consider the 2 bedroom flats in Penridge House. As at 1205hrs on Mon 9 Feb 2015, these are offered via Rightmove at between £189,000 and £195,000.
They are well appointed, offer an ensuite in the master bedroom plus family bathroom, 2 parking spaces are provided and bedrooms are of similar sizes. Unusually for a modern flat, the kitchen and living area are separate, offering separation for cooking smells and potentially noisy appliances.
Given the location and quality of the apartments, and the current rental market in Newbury, we would be confident in predicting a monthly rental of £1100. At a purchase price of £195,000 that gives a gross yield of 6.7% – which is rather better than typical for Newbury.
Demand for good quality 2 bed apartments remains strong from both sharers- which with similar sized rooms and double parking these apartments lend themselves to – and couples or young families.
Graph showing house price increases in RG14 – data taken from Land Registry.
Newbury remains very promising for medium to long term investment, with increasing numbers of young professionals priced out of London. Completion of Crossrail in 2018 is likely to have a strong effect on house prices in Reading, which may well drive people to Newbury.
