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Under the skin of the letting market

Here we share news and views on both the local letting market in & around Oxfordshire and all planned and recent legislation.

Success at Stratton Park

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In our recent market report we looked at 9 property trends for 2017 and predicted more demand for Bicester from buyers, investors and tenants. Over the past year or so we have seen Bicester grow with the expansion of Bicester Village, a new train line, multiple major new-build schemes (including the Elmsbrook eco-town) and road improvements. One of the developments where we have seen great success has been Stratton Park.

Located within a few minutes’ walk of Bicester Village train station, this exclusive development has a mixture of 2, 3 and 4 bedroom high quality homes. Maxine Allington, Letting Department Manager, contacted the developer when she noticed building activity starting at the site in summer 2016.

“I could tell straight away that this was going to be a really exciting development and would provide ideal investment opportunities for landlords. From the location, close to the train station with access to London, and the quality of finish I could see these being extremely attractive to tenants and would therefore provide a decent return for any landlord.”

Seeing the potential, she promptly emailed the details of the development to a list of registered investors.

Following the mail-out one investor went on to secure two properties which were then marketed by Finders Keepers at £1,150 pcm. Both promptly let, with the tenancies starting within four weeks of being instructed. We went on to have more success at the site, finding great tenants for three other properties and the landlords are seeing approximately 5% returns on their investment.

Thanks to our proven track record with the development we were contacted by an investor who was in the process of purchasing a block of seven apartments. Once they had completed on the purchase we immediately secured lets on the first two apartments and within a matter of weeks the remaining five properties were let.

So why are these properties so appealing to tenants? It comes down to location and quality. Bicester Village train station provides direct access into London in less than 50 minutes and to Oxford in 15 minutes. One property let to a couple who are moving out of London to save money on rent but will continue to commute to the capital for work so the location was ideal for them.

Another couple are moving to Bicester as it is equidistant for their journeys to work. He is a doctor and drives to work, so the parking space (which is at a premium for town centre properties) was a bonus, and she needs to get the train to her job as a chiropractor and so access to rail station was essential.

Tenants love to be the first to live in brand new builds, which might go some way to explaining why we have achieved such fantastic lets across the town recently. The properties on Stratton Park are super smart, super clean and very well-built so we knew they would be popular with tenants.

If you would like to register with our Bicester team call Maxine on 01869 329530 and find out how we can help make you a successful landlord.