Found in the Mendip district of Somerset, Glastonbury is a town and parish of a population of less than 9,000 people according to the 2011 census. The town has a name that is known all over the world and the spiritual aspect of Glastonbury, and the music festival held annually nearby which bears its name, means that many people have a strong image and identity of what Glastonbury has to offer, without having visited the place.
Transport options are usually a key factor in whether an area is worthy of investing in but with areas like Glastonbury, there is a need to consider what people are looking for. There are bus connections from Glastonbury, linking to destinations like Taunton and Bristol and the A39 provides a good connection to the M5 motorway. This means people can get in, out and around Glastonbury with ease but life in Glastonbury is a perfect way for people to relax and take things easy.
People who are looking for a more sedate lifestyle will find that Glastonbury is a great option, and this is why if you can find the right sort of tenant, there is every chance of achieving success by investing in Glastonbury property.
There is a high level of demand for rental accommodation
Across the country there is a huge level of demand for rental accommodation. There isn’t enough property to go round and many people find that they are unable to obtain a mortgage that enables them to own property. This is the case in Glastonbury as much as it is in cities like London, Manchester and Newcastle. There is also the fact that there is not a lot of rental options in Glastonbury, so when property comes on to the market, there is a high level of demand. This can enable landlords to achieve a higher level of rental income than the property alone would suggest, and this is another factor that makes Glastonbury a great investment area.
As of March 2017, one online estate agency listed the average value of property in Glastonbury as £288,948 while the average price being paid for property at this time was £277,683. This source claims that property prices in Glastonbury have increased by 6.47% in the 12 months from March 2016 to March 2017.
A separate source lists the average value of property in Glastonbury, as of December 2016, at £289,716; so, there is a level of consistency in these figures. It is sometimes hard to judge the movement in property prices in Glastonbury because the limited amount of sales information can often make outlier figures seem more important than they really are but with two different sources suggesting a similar price level, investors can be confident that this is the state of the current property market in Glastonbury.
Anyone looking to invest in an area is advised to review the expected rental yields. In Glastonbury, there is an expected rental yield of 4.75% in a one bedroom property, an expected yield of 4.4% in a two bedroom property and there is an expected rental yield of 3.23% in a three bedroom property. Four bedroom properties offer an expected rental yield of 3.2% and a five bedroom property can offer an expected rental yield of 4.19%.
