Last week, a landlord came in to our office to discuss the property values in Ramsgate. He owns a varied portfolio of rental properties, primarily in Ramsgate but also throughout Kent and is hoping to increase his portfolio. So it is interesting to compare the increase in property values around the areas and see what area is performing better.
Over the last 12 months the average property value in Ramsgate has risen by nearly £19,205 from £174,240 to £193,445. This is an excellent increase of 11.02%. When we looked at the values for detached houses, this average increase is even greater at £28,361. This is a considerable average increase of £545.40 per week.
When I looked at some of the surrounding towns, Ashford has a lower average increase in property value, at around £311 per week, whilst Deal has an even more modest average increase of around £291 per week. Come back in to Thanet and in Margate property has increased by around £414 per week. A great sign to see our towns outperform neighbouring areas. A great reason for people to invest in property on the Isle of Thanet.
When considering this landlord’s buy to let portfolio, the rental values have remained fairly stable during the 12 months. They are slowly recovering to the average of around 5 years ago, therefore it could be a good time to invest in the property market in Thanet. If you would like some advice about buying to let, please come and see us at our office in Northdown road in Cliftonville.
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