Is the least expensive street in Glastonbury a good investment? What yield can a landlord expect from a property on George Street? What capital growth has George Street seen in recent years?

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.

In the last 10 years the least expensive transaction that has been recorded in George Street is Flat 44 Old Market Court. It sold for £31,500 on 14/04/2014. The most expensive recorded transaction in George Street to date is 5 Chislett House, which sold for £325,000 on 13/03/2009. The property sale that has been recorded in George Street most recently was Flat 37, Old Market Court, which sold for £120,000 on 17/02/2017.

George Street has an average current value of £109,049, which makes it one of the least expensive places to live in Glastonbury, where the average house price is £243,473.

Capital Growth

Looking at the last property sold on George Street (Flat 37, Old Market Court) the price paid was £102,500 on 16/07/2015 and it recently sold for £120,000 giving the owner a profit of £17,500 which equates to a growth of just over 10% per annum (10.4%). This compares favourably to property in the whole of BA6 where the average price paid has risen by 21.7% over the last 10 years.

Rents

Looking at recent rental properties on George Street the average asking rent for a 1 bedroom property is £497 per calendar month while the average asking rent for a 2-bedroom property is £586. The highest asking rent for a 1 bedroom property was £500 per calendar month and for a 2-bedroom property £625.

Rental Yield

The average gross rental yield for a property on George Street is just over 6% which compares favourably with the wider market where yields are frequently below this level.

For George Street capital growth and yields look attractive for investors but as ever do your research before making any financial commitment.

Not a lot of people know that…

A new fire station was opened in George Street in 1902 which was replaced by another on the same site in 1950

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