Lady Lane is one of the sought after places to live in Chelmsford as it is in the popular 'Old Moulsham' area, which has fantastic schooling facilities nearby and is also convenient for the station, for those of us who need to commute. Properties in this area are predominantly 3 bed semis, with a few 2 bed terraces and 4 bed detached thrown into the mix. The average selling price of a property here is around £259,000 and rents are on average around £1,180 per month.
One of our landlords had also been looking at this area and wanted to find out if Lady Lane would be a better rental investment than Kings Road, where she has another property at the moment. When we compared the two, we found Kings Road is made up of two & three bedroom houses which are ex-local authority. On average they sell at around £201,000 and can rent at around £1,010 per month.
It became interesting when we compared the possible annual yields, as Lady Lane could achieve 5.4%, which is by no means a poor return, but yields can be as much as 10% more on Kings Road at around 6% on average.
However, we must remember that yield is not the sole consideration when investing in buy to let. The average value of property on Kings Road has risen by 1.6% since 2011, but Lady Lane, in the same time frame has risen by 17%.
If you would like to come and discuss property in the area, you are welcome to visit our office on Duke Street.