Following recent reports that, thanks to strong growth in the rental market, optimism continues to grow amongst property investors*, two Southampton-based investors have taken their first steps into the buy-to-let market.
Peggy Walne and her daughter Zoe purchased one of the first two-bedroom houses at Crest Nicholson’s new Centenary Quay development in Woolston. Local to the area, Peggy and Zoe had known of the proposed re-development of the area for a long time and were keen to view the homes as soon as they became available.
Zoe, a marketing manager for an outsourcing company, said: “We had wanted to invest in property for a couple of years but couldn’t find anything suitable. We only considered buying a new property as we didn’t want the hassle of either fixing problems, such as old boilers or plumbing, or redecorating. The property needed to appeal to professionals and we thought that they would prefer something fresh and new. A good location with easy access to shops and other amenities was also a priority.
“My mother and I had looked at many other new homes and developments in Southampton but they were very expensive for their size and the locations weren’t particularly great – there were no shops nearby and you would have needed a car just to go and buy a pint of milk. We were thrilled when Centenary Quay came on the market as it was exactly what we were looking for.
“Crest Nicholson’s sales team had gone through the various development and house plans with us prior to the launch but it was important to us that we saw a finished home so that we could visualise everything properly. I think we were amongst the first buyers to see the homes and we knew straightaway that a two-bedroom house was the best investment for us.”
Zoe continues: “The house has a great layout and all the rooms are very spacious, which really couldn’t be said for the other new houses we looked at. The garden was also a good size and even featured a shed. We really got a lot for our money.
“It wasn’t just the house that was ideal, but the development as a whole. It has a lovely feel to it, with wide, open roads and plans for walkways and cycle routes. You can really tell that it will have a great community feel. Of course, it’s also fantastic that it is by the water, which helps create a holiday atmosphere.
“Our house rented out extremely quickly. We are using Fox & Sons as the management agency and, when we approached them to rent out our property, they already had a list of prospective renters. It really couldn’t have been any easier.”
Zoe concludes: “As first-time investors, we are delighted that our first property is at Centenary Quay. We were confident from the outset that the development would be extremely popular with renters and that has been borne out by our property renting so quickly. For our first buy-to-let property, we really couldn’t have asked for more.”
When complete, Centenary Quay will deliver 1,620 new homes in total providing accommodation for around 3000 residents, significantly regenerating the quayside of Woolston. The seven year investment programme covers an overall area of 31 acres and will provide a range of restaurants and cafes, a supermarket, several community facilities including a nursery and a library, a children’s play area, Primary Care Trust facility and a new marine quarter to meet the needs of the marine industry.
*http://moneyfacts.co.uk/news/mortgages/boom-time-for-buy-to-let-investors220811/
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