Last week I highlighted a flat for sale in Horley that had a great rental yield and we have looked further into Horley and its property market. One of the areas that always generates a great deal of interest is Langshott, just to the east of Horley. Started in the 1980’s it is still being added to today, the newest part, the Acres started to complete this year. There is a full range of property from detached houses at £475,000 to 2 bedroom apartments under £200,000. All of these properties are a short walk from the town centre and train station and only minutes from the Fastway bus service with its direct connection to both terminals at Gatwick Airport.
Of the 37 properties for sale today in the Langshott area, 27 of them have a buyer and are sold subject to contract, demonstrating that the chances of finding a buyer are good. The great news for home owners is that average prices over the last five years have outperformed the local market by 11%. Average prices on Langshott have risen by 20% whilst the average rise in the more general Horley area has been 18% over the last five years.
The good news also extends to investors with high demand and high rents resulting in decent yields and minimal void periods. Not all new-build properties have great yields but this fully appointed brand new 2 bedroom, 2 bathroom house in Coppice Lane was let earlier this year and achieved a good yield of 5.2%.