I was talking to a client who lives in a terraced house on Ifield Drive in Crawley and she asked if the properties made good investments. Her house is close to Ifield railway station and she suspected there was a market for rental property fuelled by the commuters using the station.
I have always found a stronger demand for the property from families because of the local secondary school but to investigate the area further I checked the data listed with the online portals. The listings show that 44 of the 3 bedroom terraced houses in Ifield Drive have been sold since the year 2000.
Figures from the Halifax show that average property values in the South East have risen by 101.9% since the year 2000 but the terraced houses on Ifield Drive have beaten that rise. The average sold price of 3 bedroom terraced house in 2000 was £98,830 but the land registry is showing a 3 bedroom house has sold this year for £225,000, that’s a rise of 127.6%. There has only been one reported sale so far this year but if the others mirror that price the homeowners in the street are doing very well.
With outstanding capital growth it certainly makes the area good for families wishing to trade up to a bigger property but landlords would expect the yields to be comparatively lower. A good quality 3 bedroom house with parking will now rent at £1100 per month or even more, that’s a yield of 5.8% based on the price of the property that has sold this year already.
The client was pleased that the properties on Ifield Drive are good news for both owner occupiers and investors. If you are considering a sale, a purchase, the family home or an investment you are welcome to contact me for any advice or insight into the Crawley property market.