Many of the new investors I meet want to buy in Maidenbower and Pound Hill because they have been told about the lists of prospective tenants waiting for those houses but finding good deals in these areas can be tricky. They are amongst the most desirable areas and naturally attract the highest prices in Crawley.
It is then I step in and tell them about the clients I have with investment properties that have achieved a 45% increase in capital value. Langley Green is another of Crawleys well planned new town estates, north of the town centre, west of the Manor Royal business park and south of the runway at Gatwick Airport. They say location is key and that could be the reason why properties in the Langley Green area have generated great returns.
One of my clients was a little apprehensive when I took him to view the early 1960’s new town commission house that I told him would be a great investment purchase. Located in Beckett Lane, Langley Green, the road is a mixture of 2 and 3 bedroom council and ex-council properties, close to the Manor Royal business park. That was in 2008 and he obtained the house for £155,000, we saw a similar property come on to the market last week at £225,000, that’s a 45% increase in capital value. He has no plans to sell, in fact he still has the same tenants that moved into the property in 2008. The tenants work at Gatwick Airport and the house makes a perfect home for their family because it is only a 15 minute commute to the North Terminal.
In general the new town commission parts of Crawley are only 54% owner occupied making them fertile grounds for property investors. Local agent Choices is currently marketing a 2 bedroom maisonette at £180,000 which would make a great rental property for either a young family or 2 sharers. The rental value of £850.00 would generate a yield of 5.7%, more than enough to satisfy the most discerning of investors. For those looking a little higher up the market the Vancouver Drive area of Langley Green offers a collection of detached and semi-detached house with a private estate feel. The main UK headquarters of Virgin Atlantic is an easy 10 minute walk from the entrance of the estate and for other airport related staff the No.10 FastWay stops almost right outside, giving a direct route to both North & South terminals.
Another of our investors bought a 3 bedroom detached house on this estate for £190,000 in 2004, a neighbouring house sold for £264,000 in 2013, that’s a 39% increase in capital value over the last 9 years. This house is still rented and with the current rent set at £1020 per month giving a 6.4% yield on the original purchase price.
For any property prospectors considering an investment purchase in Crawley I am happy to look through the data and offer advice, free of charge & based on actual properties and tenancies deals that I have been involved with.