With the Royal Institute of Chartered Surveyors (RICS) stating that rental demand outstrips supply in the current market* and following the introduction of 75% buy-to-let mortgages by Woolwich of Barlcays, it is no wonder that investors are looking to new build developments to fill the gap. According to local estate agent Savills, Crest Nicholson’s Kings Warren development in Red Lodge is proving popular with investors who are achieving high rental yields. The latest phase of homes currently available to buy at Kings Warren is Hunters Chase, which comprises 71 two-bedroom coach houses, two and three-bedroom cottages and four-bedroom family homes.
Toby Greenhow, Associate Director at Savills, Cambridge, comments: “Recent research conducted by Savills shows that rental yields are expected to grow by as much as 29.5% over the next five years and, thanks to good local employment opportunities, the lettings market in the Red Lodge area continues to be in strong demand. Investors in the area can find a competitive rental yield from the homes at Kings Warren. As well as the homes being brand new, well-built, well-insulated, clean and attractive which makes them highly appealing to renters, the development also offers residents great travel connections to both the nearby towns of Newmarket and Cambridge as well as into London.”
Annette Cole, Sales and Marketing Director at Crest Nicholson Eastern, comments: “Kings Warren has always been a popular place to buy for local investors and Hunters Chase is continuing to attract a variety of tenants to the Suffolk countryside, mainly due to the great location of the development and the high quality and variety of homes on offer. Investors can also take advantage of our 5% deposit paid scheme which, together with the new 75% mortgages, means they need only raise a 20% deposit. With Savills predicting further growth in rental yields over the next five years, savvy purchasers will see a great return on their investment for many years to come.”
When complete, Kings Warren will comprise 1,250 homes in addition to community facilities. As well as offering a peaceful and idyllic rural setting, an excellent road and rail infrastructure located close by means that residents are well connected. Kennet Station is located just three miles away and provides frequent and direct rail links to Cambridge in just 30 minutes. Alternatively, Cambridge city centre is just 18 miles by road and there is also easy access to the A11 and nearby A14.
Crest Nicholson has recently received planning approval for a village centre and school site which will be coming to the site in September 2012. The village centre includes plans for shops, financial/professional services, restaurants, cafes, pubs and offices as well as a crèche.
For more information about Hunter’s Chase or Kings Warren as a whole, please contact 0870 755 1632 or visit www.crestnicholson.com/kingswarren.
*http://www.ftadviser.com/FTAdviser/Mortgages/News/article/20110831/0708e3ee-d3ae-11e0-9ac6-00144f2af8e8/Demand-for-tenant-property-outpaces-supply-Rics.jsp