This flat is close to home for me so I thought it would be worth commenting on. South Ruislip is nicely located between the tube stations at South Ruislip and Eastcote, giving residents access to the Central, Piccadilly and Met lines. Both less than a miles walk from this location.
In the words of a Nothern friend of mine, possessing an exterior ‘only a mother could love’ this flat is on Whitby Parade and highlights some of the issues with property over shops. Crime tends to be higher due to theft from shops, youngsters congregating nearby (though an excellent new youth club on Victoria Road I hope helps).
That said as a loyal resident of South Ruislip, crime is decreasing – Hillingdon is one of the safest Boroughs in London. I understand we are one of the few boroughs for example with no organised street gangs.
So we have a three bed flat, plenty of space to it, but no garden (other than a grey terrace) on the market at £250,000. 3 Bed Semi’s, very nicely presented, can let for £1,500pcm in the area. But then again they sell from £440,000 and £400,000 for a three bed terraced.
Yields on this Flat vs local Semi’s and Terrace
Now three bed flats are harder to let and a three bed flat was on the market in Whitby Parade at £1,100pcm for 69 days in 2012 and at £1,200 for 140 days in 2014. At £1,200pcm that’s a gross yield of 5.8%, much better than the Semi’s at 4.1%. But an average of three months voids between two tenancies has to be a killer.
Why the long void?
It might be a few factors, poor internal condition, being above commercial premises and a three bedroom flat which when you have a family needing three bedrooms outside space becomes more important so as a private sector single let property this might struggle.
Other factors which might affect you depend on ease of access to the property and unsocial commerical activity nearby – smell fast food or late night trading. Both of which can put off a mortgage company as well as potential tenants.
But this is a good discount on other property locally so in time they will find a buyer.
Belvoir Uxbridge don’t sell property, we are lettings specialists, but we do guide people based on our experience as to what might make a good buy to let property investment in the Uxbridge, Hillingdon, Hayes and West Drayton area. We don’t charge for this service but we would like to manage your property or help you find great tenants.
Based on publicly available information a review is not a recommendation to buy, more to share what we are thinking about the property. Talk to us if you want to know more.
