How does the Sussex buy to let market compare to the UK?
Following our recent examination of the buy to let market, we’re reviewing the current environment across Brighton, Hove and East Sussex to identify where the opportunities are for investment.
As we identified previously, demand within the rented sector from tenants remains high, as home ownership within the UK slumps to a 30-year low, outpricing many young buyers from climbing onto the ladder. On top of this, the slowing of growth in house prices has contributed to a lack of housing supply on the buyer’s market, allowing investors to maximise opportunities within the buy to let market and meet the renting demand.
Sussex rental market data
Across East and West Sussex, the combined number of properties available to rent sits at 3328, with 913 listed in the last 14 days (as of 1st October 2018) and an average property rent of £1223.50 per month. If we compare these stats to neighbouring Hampshire, we can see that there are 4832 properties for rent across the county, with 1054 listed in the last two weeks and an average rent of £1087. East Sussex has a significantly higher proportion of tenants renting flats, compared to West Sussex and Hampshire, who have almost an even split between houses and flats on the market.
This highlights a significantly more challenging environment within Sussex, with fewer properties on the market but higher potential incomes for professional landlords to earn – making for a more appealing investment.
Properties for auction in the Sussex area
If you’re looking to expand your property portfolio as a professional landlord, but want to keep the costs of investment down, a property auction could be the perfect opportunity to find the ideal lot. At Auction House Sussex, we regularly see apartment blocks, plots of residential land and properties with good conversion possibilities come onto the auction market.
As with any investment, it’s important to outweigh the pros and cons before leaping into a big decision but, if you’ve weighed up the commitments and feel confident in venturing forward, an auction could be the best place for you to start – and maximise the potential return on investment.
Our next property auction will be coming up in November 2018. If you are interested in coming along, or would like some advice around buying property at auction, get in touch with the experienced Auction House Sussex team today. If you’d like to stay up to date with upcoming auctions and be the first to receive our property catalogue straight to your inbox, sign up to receive our newsletter.