What rent can I expect from my property in Uxbridge Mar 2016?
Hello this is Jeremy Wasden, here from Belvoir
Lettings in Uxbridge. I have talked in quite a bit in the past about property prices and
I thought as a letting agent I would really try and concentrate my discussion today on
rental prices and what kind of rental prices we can expect to achieve in the Uxbridge area.
Now the prices are broadly similar to West Drayton, Hillingdon and Hayes, but I did want
to just concentrate really on the Uxbridge market and talk about that today.
Now the first type of property we are going to discuss is studios. Now typically you can
buy a studio flat in the area for between about £135,000 to about £165,000. Rents
they will go from between about £650pcm all the way up to about £850pcm. They average
yield for a studio flat is about 5.7% gross okay. Now thing about this particular type
of property is that there aren’t very many of them on the market, typically only around
a handful, three or four on the market at any one time. Most of those you are going
to find are concentrated on the area around Royal Lane, CLarkes Drive or alternatively
over in Cowley. So supply very short and there tends to be
good demand for those particular types of property. Hence, which is what we see, the
good yields they tend to get. One bedroom properties we typically see strong
demand for from tenants. Prices range in the area from between £200,000 up to about £275,000.
So for that one bedroom you’re typically paying a premium of about £60,000 over what you
would expect to pay for a studio flat. Now rents, they will vary between around about
£850pcm up to £1,200pcm. If you are thinking about a one bedroom property in the area I
would recommend the area around Brunel and close to Uxbridge is always going to be popular
with tenants. Availability. There is a lot more on the market
than there is with studio flats, typically about fifteen and twenty on the market at
any one time. So there is an element of choice there but
they will sell quickly appealing, as they do, strongly to first time buyers as well.
The rental range for a two bedroom flat is between around about £1,100 up to around
£1,500pcm for the more expensive ones. Now you can buy a two bedrooom flat for between
about £275,000 and the prices go up to around £450,000. With houses the prices start at
about £340,000 and go up to £450,000 again for a nice two bedroom property.
So really in order to pick up a house over a flat and escape those leasehold issues you
would be looking to spend an extra £65,000 or so on a house. The sad thing for a freehold
owner is that the rental range is very similar for the two. So it’s harder to see that return
but then of course you are going to escape from lease hold issues and lease extensions
and service charges that you would pay if you have got a maisonette or flat in a block.
With three bedroom properties there is a lot more availability of these. Now prices start
from around about £330,000 for a three bedroom property over shops going up to £800,000
for a really nice detached property. Rental range goes from between around about £1300pcm
up to £1850. What I would say is there is a lot more choice for both you as a buyer
looking to purchase a property and also for the tenants so you need to make sure your
property is sharp and appeals to the tenants you are looking for so location can be key.
With four bedroom properties prices start at about £450,000 going up to a million pounds
plus properties that we see in the area. Now the rental market, the rental prices start
at about £1,600 going up to about two and a half thousand pounds for a premium property.
Lots of choice on the market for the tenants. I mean a lot of the four bedroom property
stock though in the area is really aimed at students for ourselves. Yields round about
three and a half percent for a four bedroom property, again the cheaper properties will
have the higher yield than the maybe more capital appreciating high value properties.
Thank you very much. This has been Jeremy Wasden from Belvoir Lettings in Uxbridge.
I hope you have found this of use and some interest and if I can ever be of any help
feel free to give me a call. Thanks.