Tom Morgan – Page 6 – Glastonbury Property News

Gone are the days of making money by buying any old property to rent out or sell on. Today, property investment is both an art and science. The art is your gut reaction to a property based on your experience, but science must also has a part to play on a property’s viability as an investment.

Property professionals use many different metrics when deciding the viability of a rental property such as the rent and the yield.

However, another metric I like to use is the average rent per square foot. This is a great way to judge a property from the point of view of the tenant … what space will they get for their money. Now of course, location has a huge influencing factor when it comes to rents (and hence rent per square foot). Like people buying a property, tenants also have that balancing act between location, rent and size of accommodation.

Looking at the current asking rents for Street and Glastonbury and the floor space per property type the AVERAGE figures are as follows:

Flat – £12.02 per square foot per annum
Detached – £10.54
Terraced – £10.23
Semi-detached – £10.08

The extent of space you get for your rent is replicated in the space you get for your money when buying a property. The average floor size of rental property in the Street and Glastonbury area is 993 sq. ft.

The average rent per square foot in Street and Glastonbury is currently £10.72 per square foot per annum.

Doubling the size of any Street and Glastonbury property doesn’t mean you will double the value of it … in either value or rent. Doubling of the size gives only an approximately 40% to 65% uplift in value, but when it comes to rental figures, doubling the size of the house means only 20% to 45% increase in rent.

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

This is the final part of my look at the top 20 least expensive streets in Street and Glastonbury.

3 – The Whithys (Street)

Average price paid – £106,913. The Whithys made the headlines in October 2014 for all the wrong reasons when giant rats ate their way through the water pipes and electrics in some of the housing association properties. The Whithys is home to 123 properties 45 of which are flats and at the last census 193 people. The highest price paid for a property on The Whithys is £159,950 paid for 121 on 04/09/2017.

2 – George Street (Glastonbury)

Average price paid – £102,076. Number 2 in the list and the least expensive street in Glastonbury. George Street is home to 97 residential dwellings, the fire station and an old chapel. The dwellings are a mix of houses and flats and a mix of privately owned, social housing and shared ownership. Most of the dwellings were built in 1990. George Street was for many years home to the cattle market now replaced by Old Market Court. The last property sale on George Street was Flat 37, St Georges Court which sold for £120,000 on 17/02/2017.

1 – Quantock Court (Street)

Average price paid – £61,150. Well here it is, the least expensive street in Street and Glastonbury and the only street to average below £100,000 so if you have a very limited budget Quantock Court may be of interest to you. Quantock Court consists of 32 flats and at the last census was home to 36 people – 32 of them male! The most recent transaction for a property at Quantock Court was £60,500 paid for 6B on 13/10/2017. Before that 10B sold for £61,000 in April 2017. The most expensive transaction to date was £74,250 paid for 3B on 30/03/2016.

Author: Tom Morgan Page 6 of 60

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About Tom Morgan

The top 20 least expensive streets in Street and Glastonbury – Part 6 (3-1)

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