Information is so important when making decisions on what (or not) to buy when investing in Melton Mowbray property. The demand for rental properties is much greater than the supply and in some circumstances, we have four to five prospective tenants for each decent property.
As always the demand is much greater for properties that are in good areas. Also, we are noticing that tenants are staying longer in their chosen property with some tenants staying four plus years. This is obviously causing problems from the supply of rental property so we are relying on new investment Landlords to bring new properties to the rental market.
Today, I want to look at the Asfordby to the West of Melton Mowbray. By knowing the different areas of Melton Mowbray, I can weigh up potential hotspots in the rental market and show potential landlords where there could be an opportunity.
Looking at the three parts of Asfordby itself; Asfordby Valley had an overall average price of £121,900, whilst Asfordby Hill was slightly higher at £147,000 but the village of Asfordby itself was higher still at £158,400. As one would expect, the neighbouring village of Frisby on the Wreake was much higher at £273,800.
In Asfordby’s as a whole (ie the Village, Valley and the Hill), there are 3,286 people living in 1,454 properties. It is the home ownership percentages that really got me interested, as it is this information, tied in with our intimate knowledge of the market, where we can match tenant demand to an under supply of rental properties. In Asfordby’s, of those 1,454 households, 74.6% own their property (compared to the Melton Mowbray average of 72.1%).
There are only 134 rented properties in Asfordby that are in the private rented sector (meaning 9.2% of Asfordby properties are privately rented compared with the Melton Mowbray average of 12.7%).
The reason the private rental sector is much lower is that Asfordby has a high proportion of homeowners and hardly any local authority housing. The properties do sell well, in fact 252 properties have changed hands since 2007 in Asfordby village, whilst in Asfordby Hill 46 properties have sold since 2007 and 35 in the Valley over the same time frame. However, with such excellent demand from homeowners and tenants, this could be the right area to purchase your next buy to let investment.
Therefore, if you are considering buying a property for investment in the near future, as I don't sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Melton Mowbray office on Burton Street.