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Experience of letting in Worcester or Cheltenham...


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Hi,

I currently live in Worcester and I'm considering buying my first real investment property (I am an accidental landlord with a flat in London). Does anyone have experience of letting in Worcester or Cheltenham?

At this point if be interested in any pearls of wisdom on the market - 'good areas', level of rental demand etc.

I'm also thinking that Cheltenham is an interesting location due to a hunch that property prices might have more scope for growth there. This is mainly because I think Cheltenham has more going for it than Worcester (as much as I love it). Again any other opinions would be really welcome.

If anyone is interested in my experience of letting in Highbury let me know. I've learned a lot in two years.

Thanks,

Gareth

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  • 5 years later...
On 22 July 2014 at 11:28 PM, gareth young said:

Hi,

I currently live in Worcester and I'm considering buying my first real investment property (I am an accidental landlord with a flat in London). Does anyone have experience of letting in Worcester or Cheltenham?

At this point if be interested in any pearls of wisdom on the market - 'good areas', level of rental demand etc.

I'm also thinking that Cheltenham is an interesting location due to a hunch that property prices might have more scope for growth there. This is mainly because I think Cheltenham has more going for it than Worcester (as much as I love it). Again any other opinions would be really welcome.

If anyone is interested in my experience of letting in Highbury let me know. I've learned a lot in two years.

Thanks,

Gareth

Hi Gareth 

I've been searching for information around renting demand and areas to invest in Worcester and came across you post, I noticed it's a few years old now but I would be keen to know if you ended up investing in Worcester and your experances if so. I'm new to the area, recently relocated from Edinburgh. 

Thanks martyn

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I should say worcester doesn't provide the best returns but doesn't mean it's not worth investing there. Lots of student accommodation has been muscled in on by the university, building their own apartment blocks.

Lots of commercial units near the mway being built and the Parkway Station, ring road improvements... so lot of out-of-town houses will be popping up everywhere in the next 10 years.

Cheltenham has alot of converted apartments  from old Regency buildings and pretty strong development wise, lots of competition!

I've worked in both places and they are both good. 

 

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Hi,

Thank you for some more info. Iv also noticed lots of large commercial units springing up along the outskirts of Worcester by the M5, it will be interesting to see how they all get filled, it certainly is good location for companies to access the m5+m6 corridor and Worcester doesn't seem to be very far from any of the UK's major cities. 

I also agree, form my research so far you don't get the best returns in Worcester. However, I am intreated to dig slightly deeper and I tend to look for properties needing large refurb / conversions from 2 - 3 beds etc, so I will see what I can find in the way of opportunity. I also have thought about the possibility of flips in some of the sounding areas? Not sure if you would have any experience of this? 

Kind regards 

Martyn 

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On 4/2/2020 at 10:09 AM, martyn taylor said:

Hi,

Thank you for some more info. Iv also noticed lots of large commercial units springing up along the outskirts of Worcester by the M5, it will be interesting to see how they all get filled, it certainly is good location for companies to access the m5+m6 corridor and Worcester doesn't seem to be very far from any of the UK's major cities. 

I also agree, form my research so far you don't get the best returns in Worcester. However, I am intreated to dig slightly deeper and I tend to look for properties needing large refurb / conversions from 2 - 3 beds etc, so I will see what I can find in the way of opportunity. I also have thought about the possibility of flips in some of the sounding areas? Not sure if you would have any experience of this? 

Kind regards 

Martyn 

Hi,

Good to hear of people in the same area!

You'll be lucky to find  decent refurbs in Worcester. I've hardly seen any about in the last few years, when they do they are gone straight away and go for a fair amount of money. 

I ran a development for some surveyors a few years back which I understand made a good return.

I've done a small 2 bed myself in Worcester too which again made good money.

I know of one development in Worcester/ surrounding area that's got good potential- GDV £340/360k. Will also be a 100-120% BRR. Which I may pursue myself or JV when I'm ready.

PM if you want any more info. 

 

 

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Hi, 

It certainly is challenging to find the right property in Worcester, ill keep looking but will need to start exploring other area options around 1.5 hour radius as I am fairly hands on while I do these projects. Your development sounds interesting and  I may well be in touch to find out more.  

 

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  • 4 months later...

Hi Martyn and Alja. How has it been going on the Worcester and Chelt front? I too am interested in these areas but in more of a general potential POV - I am very new to this and just working out whether a strategy of staying local works or if I should look further afield, which might entail some different activities and a lot more research. I live in Worcester and work in Cheltenham (or did before covid made me home-based!) so these are the two towns I know best. Agree that Chelt might appear to have more prospects for growth, but everything has been turned around a bit this year, so not so sure.

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