Monday, December 21, 2015

Melton Mowbray House Price Monopoly: How do Prices vary?

Whether you are a homeowner or landlord in Melton Mowbray, what would a Monopoly board look like today in the town? Property prices over the last 80 years have certainly increased beyond all recognition, so looking at the original board, I have substituted some of the original streets with the most expensive and least expensive locations in Melton Mowbray today.

Initially, I have focused on the LE13 postcode only, looking at the Brown Squares on the board, the ‘new’ Old Kent Road in Melton Mowbray today would be Bramley Close, with an average value £48,400 (per property) and Whitechapel Road would be Drummond Walk, which would be worth £90,100. 

What about the posh dark blue squares of Park Lane and Mayfair? Again, looking at LE13, Park Lane would be Hunt Drive at £329,600 and Mayfair would be Kirby Lane at £420,200. However, look a little further afield from the LE13 postcode, and such roads as Pickwell Road in Leesthorpe would claim the Mayfair card at £765,000! 

Also, I can’t forget the train stations (my favourite squares), and over the last 12 months, the average price that property within a quarter mile of the station sold for was £215,950.

So that got me thinking what you would have had to have paid for a property in Melton Mowbray back in 1935, when the game originally came out?

  •         The average Melton Mowbray detached house today is worth £322,320 would have set you back 538 Pounds 3 shillings and 8 old pence.
  •         The average Melton Mowbray semi detached house today is worth £175,510 would have set you back 317 Pounds and 11 shillings.
  •         The average Melton Mowbray terraced / town house today is worth £148,680 would have set you back 269 Pounds and 1 old pence.
  •        The average Melton Mowbray apartment today is worth £118,590 would have set you back 214 Pounds 11 shillings and 3 old pence.

Anyway, I hope you enjoyed this bit of fun, but underlying all this is one important fact. Property investing is a long game, which has seen impressive rises over the last 80 years. 

In my previous articles I have talked about what is happening on a month by month or year by year basis and if you are going to invest in the Melton Mowbray property market, you should consider the Melton Mowbray property you buy a medium to long term investment, because Buy to let is pretty much what it sounds like – you buy a property in order to rent it out to tenants.

As I reminded a soon to be first time landlord from Thorpe Arnold the other week, Buy to let in Melton Mowbray (as in other parts of the Country) is very different from owning your own home. When you become a Melton Mowbray landlord, you are in essence running a small business – one with important legal responsibilities. 

On that note, I want to remind landlords of the recent and future changes in legislation when it comes to buy to let. This year, rules have changed about tenant deposits, carbon monoxide detectors and early in the New Year, landlords will have responsibilities to do immigration checks on all their tenants. Failure to adhere to them will mean a minimum of heavy fines in the thousands or in some cases, prison ... it’s a mine field!  

That’s why I write the Melton Mowbray Property Blog, where it has an extensive library of articles like this one, where I talk about what is happening in the Melton Mowbray property market, what to buy (and sometimes not) in Melton Mowbray and everything else that is important to know as a Melton Mowbray landlord. 

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