A landlord came in to our office earlier this
week to discuss the affordability of property in Gravesend,with the
national property market being in recovery with increasing house prices and
rapid sales (9.5% in a year - amazing). The best advice I can give to those looking to invest in property
is our secret trick of the trade. You can judge the affordability of a town by
simply finding the ratio of the average property price to the average salary.
The lower the ratio, the more affordable property is.
When we put this to the test, we found
that Gravesend currently has an average property value of around £249,660 with
the average salary being £33,250. This is a respectable ratio of 1 to 7.5.
Meanwhile in Rochester the ratio of property values to salary is 1 to 7.7,
which suggests the property in the town is only slightly less affordable than
in Gravesend. We also had a look at Dartford and found the average
salary is £32,500 and the average property value is £235,900. This means that
property in Dartford is only slightly more affordable than both Gravesend and
Rochester, with a ratio of 1 to 7.2.
This could mean, surprisingly, that now is a
brilliant time to invest in Dartford’s property market, while the
average value of property is low compared to the average salary. If you
would like to talk to us about your potential investment, please call our sales
team on 01322 860500 or our lettings team on 01474 833050, visit our website here or email me here.
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