With its vibrant cities, prestigious institutions, picturesque orchards, and convenient proximity to London, Kent seems to be a promising county for first-time homebuyers seeking to jump into the property market.
Maidstone, one of Kent’s largest towns, is a glowing suggestion for those looking towards Kent. It follows that real estate in Maidstone is now quite desirable. The town, which is seeing a greater boom in population than even the rest of England, has a lot to cherish, given the fact the estate agents in Maidstone are publishing many desirable properties for the public to opt on.
So, is Maidstone a good place to invest in property?Read on to find out!
Maidstone As A Hotspot For Those Looking To Invest Property
Maidstone is Kent’s county town. In addition to its long history in agriculture and manufacturing, the city is also a major regional hub for services and consumer goods. Its proximity to the M20 highway is a major plus as well.
Due to Kent’s robust economy, local expansion, shifting work habits, and a persistent paucity of readily available homes, Maidstone presents a wealth of prospects for investors. Take a look below.
A Robust Economy On The Rise
Maidstone’s economy was sputtering a few years ago. Although it has long been recognised as Kent’s commercial hub, its growth rate of 3.8% between 2002 and 2012 lagged below the county’s average of 4.2%.
The Council has recognised the need for reform in the wake of the epidemic, and it has launched a public engagement effort to solicit input on how it may expand its services. With the flood of new individuals encouraged by liberty of movement, the UK’s economy is expected to increase by 7.2% in 2021, the quickest rate since 1941.
An Ideal Location For Commuters
Covid-19 has altered our lifestyles and the places we call home. Now that working from home is turning mainstream, many who rent apartments are looking for options outside of the city of London.
People who no longer need to be in London regularly as they once did may find that housing in the commuter belt, which offers a variety of amenities and is located outside of the city, is an attractive option.
While working remotely is likely to remain popular, many companies are instead using hybrid models that make Maidstone an excellent place to invest in property. Maidstone is less than an hour by train from London, making it a great location for professionals who commute to the metropolis.
In addition to this, the town boasts great transportation connectivity. The towns of Maidstone and Medway are served by the Southeastern as well as Thameslink lines, respectively. By using the Southeastern route, passengers may go from Maidstone to London Victoria in a little over an hour.
There are cabs and buses that run often in the town, and the bus companies Arriva, Nu-venture, and Stagecoach all service the city.
A Breath Of Fresh Air
The gorgeous Kent landscapes, gardens, and outdoor areas that envelop Maidstone have grown more desirable among homebuyers in recent months. These days, a garden is a must-have amenity for those who currently live in condos and apartments but are seeking to move.
House prices have risen by over 15% in the last year only, although they are still far lower than those in London and its suburban areas.
Home costs in Maidstone are far lower than those in London. Compared to London, where the typical home costs £990,467, Maidstone has far more affordable average property prices of £365,503. Investors may presumably realise excellent financial gains from the relatively modest purchase prices of Maidstone homes.
An Expanding Property Market
The ONS estimates that the population will increase by 1.28 percent year until 2028, when it will increase by another 10 percent, or 17,100 people. Continual strain on the housing supply and rising prices are inevitable results of this kind of expansion.
With 1,146 new houses completed in 2018-2019, Maidstone was the leading Kent municipality in terms of residential construction, surpassing Sevenoaks’ total of 225. This shows how desirable the location is for builders and buyers of residential property.
In order to maintain the housing market stable, it was determined in the ‘Local Plan’ that 833 new houses would need to be built year. However, this number has consistently been surpassed, and a part of these homes are affordable.
A Winning Situation For Landlords
Investors may presumably realise excellent financial gains from the relatively modest purchase prices of Maidstone homes.
Comparing London to Maidstone reveals that rents in the capital are much higher, which is, in fact, excellent for landlords. As an example, the rental return on a home in Covent Garden, West London, is just 1.58% despite a property price of £1,792,859.
While Maidstone’s average rent is £875, the town’s rental return is a more encouraging 3.6%. The town of Maidstone in Kent offers a higher rental return than London does, while having cheaper rentals than the capital city.
The property market in Maidstone will flourish due to rising demand, rising consumer confidence, and a well-thought-out strategy for long-term prosperity. If you are looking to invest in a property in Maidstone, now is the perfect time. Get in touch with dependable agents to find just the right property!