Having sold my old offices to Studio24 on Monday. I’m now looking at places to invest my gains ( Pretty low by the way , the property has roughly doubled in price over 20 years) although when fully let it was yielding 9%.
I called up the Kings Street Housing Association. They offer a private sector leasing scheme that guarantees you a rent for a period of 2 years on houses offered to them. The rent offered is based on the local housing allowance which, apparently, is £450/500 per month for a 2 bedroom property rising to £550/600 for a 3 bedroom house.
So, to even get a 6% return the house can only cost £120,000. Certainly impossible to buy a three bedroom house for that in Cambridge and for that matter even in places like St. Ives, Soham, Ely and St. Neot’s maybe.
The houses have to have the 3 C’s as well – carpets, curtains & cooker.
So back to the drawing board I think! All ideas welcome 🙂
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My housing association house had no carpets just concrete floors, it never had curtains either or light shades or curatin poles or even light bulbs…….. they even ripped a great shower out so they would not be rsponsible for it, and the same with the lovely wooden flooring it had too ……….
Certainly impossible to buy a three bedroom house for that in Cambridge and for that matter even in places like St. Ives, Soham, Ely and St. Neot’s maybe.