Crawley is primarily made up of 2 key postcodes, RH10 and RH11 which both offer great investment opportunities for property buyers and investors. However, understanding the property market activity in these areas is crucial before making any investment decisions. In this article, we will compare the property market activity in RH10 and RH11 based on the data provided by Rightmove for the period between 1st March and 31st March 2023, in previous posts we have broken these down individually.
Property Prices
According to Rightmove's data, the average property prices in RH10 for houses with different numbers of bedrooms are as follows:
1 bedroom: £220,540
2 bedroom: £389,149
3 bedroom: £484,038
4 bedroom: £578,330
5 bedroom: £735,781
Meanwhile, in RH11, the average property prices for the same period are:
1 bedroom: £228,841
2 bedroom: £360,441
3 bedroom: £385,889
4 bedroom: £480,112
5 bedroom: £656,006
Compared to RH11, RH10 has higher property prices for most property sizes, particularly for houses with 3 bedrooms or more. However, both areas offer similar prices for 1 and 2-bedroom properties.
Rental Prices
The average rental prices in RH10 for houses and flats with different numbers of bedrooms are as follows:
House:
1 bedroom: £915
2 bedroom: £1,368
3 bedroom: £1,642
4 bedroom: £2,033
Flat:
1 bedroom: £1,111
2 bedroom: £1,353
On the other hand, in RH11, the average rental prices for the same period are:
House:
1 bedroom: £841
2 bedroom: £1,308
3 bedroom: £1,642
4 bedroom: £1,916
Flat:
1 bedroom: £982
2 bedroom: £1,295
3 bedroom: £1,400
The data shows that rental prices in RH10 are generally higher than in RH11, particularly for flats with 2 bedrooms or more. This indicates that the demand for rental properties in RH10 is higher than in RH11. Its interesting to note that 3 bedroom houses have the same average price for both areas, this is because of the incredible demand for 3 bedroom houses in Crawley we are seeing, families are the most common form of households in Crawley making up 41.6% of all households
Property Supply
In short there isn’t enough rental properties to go round! In RH10, 64 new flats and 25 new houses were added to Rightmove for lettings, while 116 new houses and 42 new flats were added for sale. Meanwhile, in RH11, 18 new flats and 25 new houses were added for lettings, and 89 new houses and 21 new flats were added for sale. Again, it goes to show how little properties there are currently available to rent with only a combined 132 properties made available during the month. To show a comparable we have around 300 new applicants a month register looking for a property for rent. The data suggests that the sales market is more active in RH11, with more houses being put up for sale than flats. Meanwhile, in RH10, there is a more balanced supply of houses and flats, although there are more houses available for sale then flats.
Yield
The rental yield for both arears is 4.97% based on data from March 2023, however it would appear that RH10 offers greater capital growth.
Conclusion
Both RH10 and RH11 offer great investment opportunities for property buyers and investors, if you would to discuss tenant demand and trends for your potential investment property call Ben on 01293552338.