Prices have gone a little bit bonkers these past few months. So I thought I’d have a look at the local property market to see if there are still any good property investment opportunities in West Cornwall. Today I’m focusing on Newlyn.
I actually intended to review Penzance but the offerings were rather uninspiring and in my view, over inflated. I therefore, shifted my search just a mile down the road to Newlyn. Even here you’re not exactly spoilt for choice but there are a few rather interesting properties in and around the £300k mark. Here are a couple that caught my eye.
This Newlyn property is a great example of a fabulous family home. Its being marketed by Marshalls and has just been reduced to £300k.
If you were to buy this property as a buy to let investment, you’d achieve a rental income in the current market of between £1,200-£1,300 pcm. This would give you a 5.2% rental yield.
Or what about this interesting apartment as an investment opportunity?
This lovely Newlyn property has been split into two apartments. They would work brilliantly as a long term buy to let investment.
This property is on the market with Stacey Mann in Penzance. Its being marketed for £325,000.
The two bedroom apartment would achieve between £675 and £700 pcm. The one bedroom apartment would achieve between £575 and £625 pcm. This means that your combined rental yield would be around 4.89%. If you’d prefer to convert it back to one property, it would achieve around £1,200 rent pcm, giving you a 4.43% rental yield. Possibly more, depending on the standard of the conversion. Although the cost of the conversion would affect your rental yield. So food for thought!
Why have I picked these two properties as investment opportunities in Newlyn?
Despite the recent property price increases, these would still provide you with a rental yield well above the UK average of 3.53%. So whilst there are areas of the country that will give you a better return, these still represent value for money from an investment perspective.
Who are we?
We’re exclusively an independent letting agency and we have no affiliation to any estate agents. However, to support our landlords, I’m always on the lookout for anything that’s likely to affect the rental market and specifically rental prices. I then share what I think might be interesting to residential landlords, property investors and renters.
Please note that if I mention another business, I’ll always provide you with a direct link to them. So please contact them directly if you’re interested in any of the properties I highlight.
Feel free to share your observations about this article or the local housing market below, or by contacting us directly.
If you’d like further information about general buy to let property investment in West Cornwall, or residential lettings specifically, then by all means pop in or call us, we’d be delighted to have a chat. We’re CAM Residential Lettings in Hayle.