With the property market currently offering us more for our money in Kent than it does in London, it may be worth considering the commuter-tenant potential for rental properties.
For those who work in the city, rent and purchase prices of properties are higher than most really want to be paying. Looking at rental properties, living slightly further afield and commuting to work can be a plausible option for many. There may have been an increase in rail fares at the start of this year, but this does not compare to the savings to be had in terms of rent.
As an example, first-time buyers are paying just over £400,000 for a starter flat in London. Homes and Property publication have released results from an exclusive study by Hamptons International, showing that for a similar price you could purchase a four-bedroom house within 70 minutes travel time of the capital. For those looking to try commuting for the first time, renting a property can be a good way to test the waters and see if it’s really for them.
By taking into account desirable features such as catchment areas for good schools, nearby parks, and other local amenities, this pinpoints Kent as a decent place to look.
According to research from technology company OneDome, Canterbury was unsurprisingly the most popular place to live in Kent of 2017. With the High Speed 1 reducing travel times to London to 56 minutes, it is ideal for commuting. A four-bedroom house costs on average just under £361,000. Canterbury is full of scenic buildings, from Tudor cottages to Georgian townhouses.
Close behind were Tunbridge Wells and Eynsford. The researchers looked at schools, shops restaurants and bars in the area. They also looked at crime rate, noise pollution, access to green spaces, and access to public transport.
Folkestone is worth considering as a budget option, with house prices averaging at £314,00. The commute by train into London would take just under an hour, and the town itself is benefitting from the opening of new restaurants around the harbour. With the Victorian housing that can be found and the new houses being built, there are a variety of property styles to choose from.
Rightmove’s rental trends tracker for the first quarter of 2018 (January to March) looks at two-bed houses and shows areas of Kent to be within the top ten areas of highest growth for rent increases outside of London.
With the cost of renting being considerably cheaper in Kent than in central London, investing in property located in “commuter-belt” areas may result in a sound addition to your portfolio.