A landlord visited our office on Hillingdon Hill last Saturday to talk about property in the West Drayton area. He was thinking about making a property investment in the area.
Demand for rental property in West Drayton remains strong, with employment in Heathrow, Stockley Park and Brunel as well as access to the station driving demand in the area. Although I don’t like to generalise mobile affluent tenants are looking for smaller properties that will not stretch their budgets, perhaps whilst they save for future property purchases.
Studios in the area start at £102,950 and will let for around £625pcm, making for a yield of just over 7%. When you look at the market for different property, as the number of rooms increase and becomes more expensive, the rent increases, but not by as much as the increase in the property price. This causes the yield to fall, so 1 bed’s will yield on average 6.8% and two bedroom flats around 6.6%. Houses being more expensive to buy but free from service charges and leases yield a little lower at 4.6% on average for two beds and 4.3% for three beds. But if you hunt around and are selective you can improve considerably on the average.
So if you don’t want to settle for the average, please feel free to drop into or call our 113 Hillingdon Hill office on 01895 257935.
