News The Horsham property market
Published by Ben on 22nd May, 2017
The property market in the south of England is highly competitive and there are a number of attractive areas for people looking for a home and property investors. One area that is worth considering is Horsham and no matter what motivates you to consider the property market, there should be something of interest in the area.
One property specialist states that the average value of property in Horsham, as of May 2017, stands at £450,420 while the average price paid for property in Horsham stands at £386,630. This has been classed as an increase in average property price of 2.23%, close to £10,000 in the past twelve months. This source states that the average value of terraced property in Horsham, as of May 2017, stands at £332,762 while the average value of semi-detachedproperty stands at £397,027.
Horsham properties are attractively priced
Another property source states the average price paid for property in Horsham, as of February 2017, stands at £391,444; which isn’t too far from the other source. However, this source says that the change in average price over a 12 month period is 8%, which is akin to around £30,000 of an increase. This property source states that the average price of flats in Horsham, as of February 2017 was £233,224 and the average price of terraced properties was £309,875. The average price stated for semi-detached properties was £352,264 and detached properties held an average price of £543,387.
With the average price of property in London sitting at the £600,000 mark, the average price of property in Horsham stands up very well. When you take on board the fact that Horsham is just 31 miles from the heart of London, with regular train services heading towards London Victoria and London Bridge, it is easy to see why many people decide that living in Horsham and commuting to and from the capital is a more sensible approach to property. With Horsham also being less than 20 miles from Brighton and around 12 miles from Gatwick Airport, it is an area that has a lot to offer with respect to transport and getting around.
Horsham provides an interesting opportunity for landlords
There is a great level of demand for rental property in Horsham and surrounding areas, and it is only natural that investors and potential landlords have an interest in the area. With property prices being so affordable in Horsham, there is less of a barrier to buying property here than there are in other parts of the capital, so this is something that is worth considering. However, before taking the plunge with a property investment, it is always worth while examining the rental yield on offer.
In the RH12 postcode area, which covers Horsham, Broadbridge Heath, Warnham, Rudgwick and Rusper, there is an expected rental yield of 5.67% for a one bedroom property. The expected rental yield of a two bedroom property is 4.81% and for a three bedroom property, the expected yield is 2.9%. A four bedroom property in the RH12 area offers an expected rental yield of 3.43% while a five bedroom property provides an expected rental yield of 3.01%.
The RH13 postcode area, covering areas like Barns Green, West Grinstead, Cowfold, Mannings Heath, Southwater, Partridge Green and Slinfold; so there are a number of options to consider in this postcode area. For a one bedroom property in RH13, the expected rental yield is 4.16% and a two bedroom property should provide an expected rental yield of 5.75%. A three bedroom property offers an expected rental yield of 3.35%, a four bedroom property provides an expected rental yield of 3.81% and a five bedroom property in RH13 offers an expected rental yield of 3%.
It is up to each individual to consider what level of expected return is attractive to them. This needs to be considered alongside aspects like total cost, the long term aim of the investor and even what sort of tenant a landlord wants to deal with. This makes it difficult to give advice on what area or type of property is the best option for an investor but Horsham definitely provides a range of good property and rental property investment options.