Street of the Week - Longridge Way
Street of the Week – Longridge Way, Weston Village, Weston-super-Mare
Put on your kiss me quick hat, jump in the charabanc and start singing "Oh I do like to be beside the seaside". Yes this week we are off to Weston-super-Mare or more precisely Weston Village.
Longridge Way is the main arterial road through the development called Weston Village, and is incredibly popular for letting. Unlike the Bristol properties we have been focussing on recently, the tenant profile is completely different. These houses (and they are houses rather than flats) are family homes, they are a mixture of 2,3 and 4 bed houses that appeal to the family market. We find that when we get a property in Weston Village that our phone rings off the hook with enquiries so why is that?
In a word: amenities. Weston Village has everything a family would want. There is a new primary school and a good secondary school all within walking distance. Junction 21 of the M5 is just minutes away and Worle Parkway train station is walkable with direct trains to Bristol, London and the South West, and is well served by the local bus service. There are plenty of shops with 2 large superstores close by and a range of major stores also easily accessible. Also the development is well looked after. There is a large proportion of owner/occupiers who on the whole tend to be more aware of their surrounding and therefore look after it better. (TOP TIP #1 if you are looking to invest in a buy to let find out how many of the neighbouring properties are rented out. The higher the proportion of rented properties the worse the area or building will be looked after - FACT).
Many of our landlords are very Bristol-centric, and won’t look at potential investment opportunities outside of Bristol. "Who would want to live in Weston" is a frequent question I am asked by potential landlords when we bring up Weston Village as an area they should investigate, I explain that if you are a tenant looking for a modern property on a budget then Weston Village offers better value than Bradley Stoke for example, and as a landlord you get more for your money.
The table below compares the asking price for 2,3 and 4 bedroom properties in Weston Village and its Bristol equivalent Bradley Stoke and compares rental values. I think you’ll find they make interesting reading
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Weston Village
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Weston Village
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Bradley Stoke
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Bradley Stoke
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Beds
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Asking Price
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Rent
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Asking Price
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Rent
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2 Bed
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£115-125,00
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£575-625
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£140-160,00
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£650-700
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3 Bed
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£150-170,00
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£650-725
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£200-225,00
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£750 -850
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4 Bed
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£200 –250,000
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£750-850
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£270-300,00
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£950-1050
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Whilst rents are higher in Bradley Stoke the percentage return on purchase price is consistently better in Weston Village. (TOP TIP #2 Just because rents are higher it does not mean that it is a better investment) The mathematicians amongst you will see that 2 and 3 bed houses give the best return on investment, and these are the properties we recommend.
We sent Vivid Mortgages details of typical Weston Village 2 & 3 Bed properties with our rental valuation and asked what would a buy to let mortgage cost based on a 25% deposit. Fiona Bolt of Vivid told us:
"Please find some figures of rates available for the properties in Longridge Way.
2 bed on the market for £120,000 – maximum mortgage (75% of purchase price) of £90,000, estimated rental £600 pm
I year fixed at 2.99% - payments £232.10 p.m.
2 year fixed at 3.99% - payments £309.35 p.m.
3 bed on the market for £150,000 – maximum mortgage (75% of purchase price) of £112,500, estimated rental £700 p.m.
I year fixed at 2.99% - payments £280.31 p.m.
2 year fixed at 3.99% - payments £387.16 p.m.
As you can see, once again the figures really do stack up, so if you are looking for a modern family home to add to your portfolio then maybe rather than looking at the obvious Bradley Stoke you should take a short trip down the M5 to Weston-super-Mud…….oops I mean Mare
So all together now "oh I do like to be beside the seaside…….."
Links
www.vividfs.co.uk/
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