The last property on the Houndwood development in Street has recently sold – 9 years after the first. Bosun Walk which is part of the development recently featured in our top 20 most expensive streets in Street and Glastonbury but what level of capital growth has there been and what rents can be achieved for Houndwood properties?
Sandwiched between Westway (A39) in the North and West End in the South, Houndwood is a development of 394 dwellings spread over 23 thoroughfares and 10.65 hectares. Built between 2007 and 2017 by two different developers (Crest Nicholson and Barratt Homes), Houndwood is a mix of properties ranging from 1-bedroom apartments to 4-bedroom houses. 21 of the homes are shared ownership. Houndwood was described by the architects as a strong rectilinear layout of terraces that underpins a desire for maximising land use, sustainability and economy.
The first property sale recorded on Houndwood was 25 Lime Tree Square which sold on 12th December 2008 for £157,950. Interestingly many of the earliest constructed properties on Houndwood are not yet registered with the Land Registry.
The most expensive transaction that has been recorded on Houndwood was for 20 Oberon Grove which sold on 24/06/2016 for £289,995.
Capital Growth
Looking across all 70 transactions for properties that have been re-sold post new-build shows that the average Compound Annual Growth Rate (CAGR) is a modest 1.93% for properties on Houndwood.
Rents
Looking at the asking rents for property on Houndwood over the last 18 months:
- 1-bed apartments – £495 to £700 – average of £585 pcm
- 2-bed apartments – £625 to £650 – average of £645 pcm
- 2-bed houses – £715 to £725 – average of £720 pcm
- 3-bed houses – £775 to £885 – average of £836 pcm
- 4-bed houses – £895 to £1200 – average of £1070 pcm
Not a lot of people know that…
Houndwood is named after another part of Street. The name ‘Hound Wood’ first appeared on Ordnance Survey maps in 1888 for the area immediately North of Cemetery Lane. Hound Wood was accessed via Hound Wood Drove which originated at the junction of Southleaze Orchard and Cranhill Road.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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