We were talking to someone who lives in Messack Close in Falmouth who wants to purchase his first Buy-to-let property and has noticed our previous articles. He is interested in getting to know the industry a little bit more.
As he has lived there for some time now and knows it well, he feels comfortable investing in the area. We started to consider the property market locally and found that 22 semi-detached houses have sold in Messack Close since the beginning of 2000.
Property values in Falmouth have risen on average by around 130% over the last 14 years, but many properties on Messack Close have beaten that rise. For example, a 3 bedroomed semi-detached house rose by 175% from £76,000 in 2000 to £209,000 in 2012!
When we look again to 2000, another property on the Close was bought for £87,950 and sold in 2011 for an impressive £250,000 - an increase of 184%. With this kind of capital growth you may need to consider slightly lower rental yields than average for the area. Three bedroomed properties on the estate can still be bought for between £190,000 - £215,000. With these kind of homes in nearby streets achieving rents of £795 - £850 pcm, this equates to annual gross yields of between 4.4% - 5.3%.
If you would like our opinion on what to buy or to talk letting property in general, feel free to come in to our office on Killigrew Street in Falmouth. We don't sell houses but we will help you find a good buy-to-let property.
Call 01326 210304 Email: falmouth@belvoirlettings.com or visit www.belvoirlettings.com/falmouth
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