We love these little maisonettes – they are really popular with tenants, easy for landlords to maintain & even though they are leasehold there is no service charge & only a peppercorn ground rent. My neighbour, Taylor Robinson, has just reduced the price of this 1 bedroom ground floor maisonette in Tollgate Hill.
We know it is currently rented and I suspect the lack of any internal photo’s could be a clue as to why there has been a price reduction on what should be a really popular property. However, as an investment the figures look good. The garden would be a big draw for tenants & the rental valuation of £725 per month would give a yield of 6.2%. Prices have risen sharply over the last 12 months but the benefit of these properties is that they tend to attract long term tenants. It could be the fact they have gardens or the easy commute to Gatwick via FastWay or the M23 motorway. I have a couple of these garden maisonettes that have tenancies in excess of eight years, ensuring a constant income stream throughout the peaks and troughs of the housing market.
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