A landlord recently missed his chance to buy a three bed semi-detached property on Madrid Road, near the shops and Corunna Main, as it sold in a matter of days. He asked me if there something special about the area, so I did a little research.
I have included Corunna Main, Colenzo Drive, Valencia Way and Seville Crescent in my findings for the Spanish Town area. Corunna Main is the main road going through the development with smaller roads coming off of it. The development was built in the 1960’s, mainly to encourage workers to move to Andover as the government of the time were making a conscious effort to move businesses out of London to areas such as Andover.
A number of three bedroom semi detached houses have sold for around £200,000 in the last two years. These properties tend to generally be offered in good order so will require minimum time and effort to get ready for letting and this could achieve rents of around £900 per month, which would provide a reasonable annual yield of around 5.4%.
Well presented three bedroom semi-detached properties in the Spanish Town area which were selling for a maximum of £190,000 two years ago, are now selling for £230,000 or even £240,000. The older houses offer the tenant and buyer larger rooms, which can be more appealing.With achievable rents of between £875 and £900 per calendar month and, as the houses have seen great increases in value and are popular with buyers and tenants, this makes them very attractive to both home owners and investors. So, if you would like to talk to us about property in our area please feel free to email or come and see us in our office.