Street of the Week - Belvoir Rd

Street of the Week – Belvoir Road

This week we are visiting a road that is a microcosm of the Bristol property market..  Belvoir Road (pronounced Beaver) has family homes, flats for young professionals and student houses all mixed up together, and because of  this mix it is one of the most popular roads we deal with.

In the last month we have had a one bed and a two bed flat to let on Belvoir Rd within 12 hours of them being made available we had over 40 enquiries and the first people to see them took them on the spot.  These properties were not palaces by any means but such is the popularity of the road that they both let at premium rents bordering on Clifton prices.

Why is Belvoir Road so popular?

To quote the old cliché location location location and the reason it is a cliché is because it’s true.  Belvoir Rd is walkable to the City Centre, Gloucester Road and Cheltenham Road.  It is close to the the fantastic food shops and restaurants of  Picton Street and Montpellier (eg Bells Diner and Licatta's) and if you live on the south side of the road the views are fantastic even from a garden flat.  Local schools are good (for Bristol!!) especially Colston’s Girls which left the private sector last year and became an academy and is situated less than 400 yards away.

But the same could be said for other roads like Belmont Road or Cromwell Road so why are rents higher in Belvoir?  Firstly the road is a destination, not a thoroughfare or "rat-run" & half the road is one way with easy parking, no yellow lines and fairly wide.  It is tree lined and most importantly, quiet.  It feels like a road that is not just somewhere to live but a community, and tenants who have lived there confirm this. 

Properties on Belvoir Road offer good value

Currently there is only one property available for sale in the whole road and we don’t expect it to be available for long.  A one bedroomed top floor apartment on the better south side of the road with stunning views over the city and to Dundry beyond, it is priced at £120,000 and would achieve a rent of between £575-£625 pcm.  As we have shown the road is very popular so the potential landlord would get a good occupancy rate and a premium rent, which to use the current popular phrase is a “win-win”.

Once again the good people at Vivid have “crunched” the numbers and this is what they came up with:

Assuming the property sells for the asking price of £120,000. An investor would need a minimum of £30,000 deposit (25%).
A 1 year fixed rate is available to experienced landlords i.e you already own 1 or more other BTL properties, at 2.99% . The monthly payment on this would be £232.10.
If you want a longer fixed period then there is a 2 year fixed rate of 3.99%, giving a monthly payment of £309.72.
For a first time landlord there is a 1 year deal fixed at 3.19%. the monthly payment on this one would be £247.62 and would be ideal for the nervous first time investor as they know that they could sell the property after a year without penalty should it not work out for them.
All would get full rental coverage and therefore be self financing plus provide a fair income if letting at £575 -£625.

So there you have it, a popular Bristol road which offers potential investors a good rental income and high occupancy rates, what’s not to like?

Comments:

Great Post! ThanksJoe Green November 9th 2011 10:42:26