First of all, Merry Christmas to everyone!
I was having a conversation with a landlord from East London last week who was asking for some of the best places to buy Medway property with the lowest capital outlay. For this blog post I would like to highlight ten of the roads in Medway that are the most inexpensive.
Hopewell Drive, Chatham, ME5– £53,000
Bryant Street, Chatham, ME4 – £55,946
Heathland View, Chatham, ME5– £56,250
Mara Court, White Road, Chatham, ME4 – £60,000
Sultan Road, Chatham, ME5– £61,600
Dove Close, Chatham, ME5 – £68,000
Dalton Street, Gillingham, ME7– £66,000
Summerson Close, Rochester, ME1 – £69,250
Those sold at this price range are exclusively 1 bedroom flats which can attain rents of around £550-£600 bringing very respectable gross yields ranging between 10% and 7.5%. This of course does not take into account any relevant renovation work that was needed or any other expenses. However high yields normally mean that capital growth could be slower compared to other property in Medway, so it is always important to consider whether yield or capital growth is more important to your needs when investing.
It could be a good time for buy to let investors to take a look at whether some of the cheaper areas of Medway may be complimentary to their existing portfolios. Average Medway house prices in 2015 have increased by 9.36% compared to the South Eastern average of 8.79%.
Wishing you all the very best for 2016 from the Medway Property News Blog!