Ascot and East Grinstead are among the most lucrative places in the UK to invest in a buy-to-let property, with landlords enjoying a record return in the last year.
New statistics from Rightmove show the Berkshire town witnessed a 16 per cent increase in rental asking prices between the third quarter of 2014 and the same period this year, while the West Sussex settlement experienced a rise of 13.6 per cent.
Jane Wilkinson, lettings director at Leaders, says: “One of the most common dilemmas for buy-to-let investors is where to purchase a rental property, so this research is incredibly useful in pointing them towards towns like Ascot and East Grinstead.
“With rents rising at such a rapid rate over the last 12 months, the potential return in these locations is higher than ever, making it a fantastic time to invest in property.”
The figures show that the average asking rent for a two-bedroom property in Ascot jumped from £1,372 pcm in 2014 to £1,592 this year, while in East Grinstead the typical price requested by landlords increased from £884 to £1,004.
These results put both locations in the top five highest growth areas outside Greater London, alongside Gillingham and Gravesend in Kent and Rushden in Northamptonshire.
Jane adds: “Both Ascot and East Grinstead are extremely popular with young professionals looking for excellent links to central London, as well as families seeking a safe and pleasant place to live that offers a wide range of successful schools.
“There is no sign of tenant demand slowing, making these towns good options for landlords aiming to achieve a healthy return on their investment over the medium to long term.”
Across the country, the annual change in average asking prices on the rental market stood at 4.5 per cent - highlighting just how beneficial the Ascot and East Grinstead sectors have been for landlords in recent times.
For more information on beginning a successful buy-to-let venture or adding to your existing property portfolio, please contact your local branch.