Yew Gardens, Berewood Heath & Wellington Park
Updated: Nov 11, 2018
The farm land on London Road was sold to give way to a new housing estate. It’s my understanding the housing estate, Yew Gardens upon Milk Lane will flow into the two further housing estates which have been/being built, Berewood Heath on Houghton Avenue and Wellington Park on Auger Row. As the Yew Gardens estates expands I do hope the tree hedge line will stay to give the illusion of the green space it once was as well as protect the houses from some of the traffic noise.
It generally takes a short amount of time to let properties within these developments. Tenants consider the proximity of the local shops and the good schools surrounding the catchment to be an advantage. A three bedroomed semi-detached property or townhouse, depending on condition, location and development site, could be purchased for between £270,000 to £330,000. The rents that could be achieved for these are between £1200 and £1250 per month. This means landlords can potentially expect yields of anywhere between 4.3% to 5.3% per year, depending upon the development.
Two bedroomed apartments can be purchased between £190,000 and £210,000 and they typically can let for between £950 and £975 per month. There is usually the service charge that a landlord needs to pay to the freeholder of the building, this usually includes building insurance and grounds maintenance. Even after the service charge and ground rent are taken into account, yields of between 5.2% and 5.7% per year are achievable.
If you have already done a search for property or are trying to figure out where to start, we’re happy to advise on properties before you buy. It’s in your interest that you purchase something that can let, whether you are currently a Principal Properties landlord or not.