Will Sadler of Jackson-Stops & Staff on properties to rent in Newmarket
The latest English Housing Survey from the Department of Communities and Local Government reports that the private rented sector has nearly doubled since 2004 to account for 19 per cent of all households.
Activity in the lettings department of nationwide agent Jackson-Stops & Staff suggests this proportion will continue to rise, despite levelling or falling yields.
This is due to the three per cent stamp duty surcharge on second homes which produced a flurry of investment buying prior to its introduction last April, greatly improving short-term supply.
Buy-to-let investors went quiet after the surcharge kicked in but now realise that savings income is even more negligible as lower borrowing rates can offset some of the additional cost of purchase.
Will Sadler, at Jackson-Stops & Staff’s Newmarket office, said: “If we’re right about returning confidence and the likelihood of capital growth, landlords will continue to invest while would-be buyers without a deposit will have to continue to rent.”
Here are some of Mr Sadler’s picks for the Newmarket area: 16 Hyperion Court, Falmouth Avenue – A superbly presented ground-floor apartment in a popular development with communal gym facilities and within walking distance of the Rowley Mile racecourse and Newmarket town centre.
Built in 2005 by renowned local developer Highland Homes, the apartment boasts a spacious sitting/dining room, a stylish integrated kitchen, two double bedrooms (one of which is en suite) and a shower/cloakroom. There is also a private terrace with access onto well-maintained communal grounds and allocated parking behind electrically controlled gates.
Will said: “It’s a real lock-up-and-leave type of property so I think it’s for people who want a base but don’t necessarily intend to be there all the time – if they’re connected with the racing industry, for instance.”
Rental price: £1,300 pcm. 11 Meridian Gardens, Bury Road – A spacious, one-bed apartment in an award-winning, high-spec, gated development with open-plan living area, fully integrated kitchen and underfloor heating.
“These modern apartments are only one-bedroom but they’re probably the size of some of our two- or three-bedroom properties!” said Will.
“We’ve found through letting them that they attract a certain type of professional person or we get a lot of American military pilots taking them because of the size and because they don’t necessarily need the additional bedrooms.
“The appeal is they’re modern; everything is of a very high standard. You’ve also got lovely communal gardens which back onto Warren Hill.”
Rental price: £1,250 pcm. 4 Wolverton Lodge, High Street – A luxurious, ground-floor apartment in an exclusive, securely gated development located close to the town centre.
Features include an entrance hall, large reception room, modern kitchen with integrated applicanes, two bedrooms (both of which have en suite bathrooms), a third bedroom/study and a shower room. Outside is a private terrace and communal grounds.
Will said: “This particular property, again, is high quality and was originally bought, as a lot of the apartments in that development were, as an establishment for attending racing and bloodstock sales in Newmarket.
“The reason it’s furnished is that the owners do actually come back when the property’s empty.”
Rental price: £2,000 pcm (furnished).
25 The Severals, Bury Road – A superbly presented, high-spec, ground-floor apartment with two bedrooms, two bathrooms and underfloor heating in a much sought-after development.
“The Severals is always a popular development,” said Will.
“It was one of the original developments of apartments around the old Severals Hotel and it’s actually a modern building built within the grounds.”
Rental price: £1,350 pcm.
For more information, contact Will Sadler at Jackson-Stops & Staff on 01638 662051 or jackson-stops.co.uk.