Property investment in Hastings – what could landlords gain?
Arts, history, culture and an idyllic seaside setting – Hastings has it all.
Situated in East Sussex, Hastings has risen among the ranks of property investment hotspots outside of London in recent years. There have been significant improvements to the local economy, infrastructure, and amenities that have created jobs and bolstered the housing market. As both the demand for and prices of property in the area are projected to rise, landlords would be wise to consider a buy-to-let property in Hastings sooner than later to enjoy maximum returns.
Why buy property in Hastings?
Property prices are currently below the national average in Hastings, but are expected to experience high rates of growth in the coming four to five years.
Zoopla names the average property price in Hastings as being £207,542, a figure below the current UK-wide average of £218,964. House price growth across the Southeast is projected to land around the 23 per cent mark between 2015 and 2019. Rental yields are also strong in the area; on average, one-bedroom properties let for an average of £450 to 500 pcm, while landlords could charge an average of £650 to £750 pcm for a two-bedroom property and £800 and £1,000 pcm for a three-bedroom property.
The local letting market’s strong performance is supported by the continued investment and development that is taking place with regards to infrastructure, housing and transit improvements. There has long been a movement championing the extension of the HS1 to link London to Hastings, something that would dramatically cut the current train time of 1 hour 35 minutes. The local government’s “Culture-Led Regeneration” initiative aims to make Hastings a “highly desirable place to live, work, visit and invest” by 2021. The Hastings Strategy for 2016-2021 outlines a number of ways in which they aim to grow the local economy, support and protect heritage buildings and sights, and improve community engagement, all while creating a new identity for Hastings that will make it an attractive place to live.
The area is currently home to an aging population, but the new jobs and opportunities that will be created thanks to the £500 million currently being invested into East Sussex are bound to attract younger professionals and families looking to escape the capital’s pricey housing market without losing nearness to London. Developers have been quick to rise to the occasion, building a number of new detached and semi-detached homes around Hastings. The Hastings to Bexhill link road, now named Coombe Valley Way, improved connectivity in the area when it opened in December of last year. Local authorities said congestion on the A259 would be reduced by up to 40 per cent, and that the road would create up to 2,000 new homes and 3,000 new jobs.
All of these strong KPIs make Hastings a market worthy of exploration for landlords looking to acquire high performing income properties without paying high prices in already saturated rental markets.
Established in 2001, Easy Let is the largest dedicated letting agent in Hastings, offering both let only and full property management services to local landlords. To find out more about investing in property in Hastings, contact us today.