Mon 22 Aug 2022
With an intriguing cultural history, thriving nightlife and strong commuter links to the capital, Maidstone possesses a wide allure to a variety of tenants. Because of Maidstone’s position as a key commuter hub and a variety of things to do in the town, a buy-to-let property in the town could prove to be a savvy investment for landlords.
Eden Estates is a letting agents based in Maidstone which covers various areas in Kent. As well as being based in Maidstone, we know and are passionate about our local area meaning we can confidently talk to potential tenants about your rental property.
Cheaper buy-to-let properties
In comparison to the capital, property prices in Maidstone are much cheaper than in London. The average property price in Maidstone is £365,503 while for London, it is triple that price at £990,467. The cheaper Maidstone house prices mean a lower buy-in cost for landlords and hopefully, over time, this can equate to good capital gains.
Pitting London against Maidstone shows the capital city definitely has higher rents which is actually good news for landlords. For example, Covent Garden in West London has an average property price of £1,792,859 and rent of £2,363 but this produces a rental yield of only 1.58%. Whereas Maidstone has an average rent of £875 and a promising rental yield of 3.6%.
This means that although rents are lower in the Kent town than in London, Maidstone provides a better rental yield, meaning landlords are getting more for their investment.
With the pandemic increasing homeworking and other contributing factors, more tenants are looking outside of London for homes. With cheaper rents and a wide appeal, Maidstone could prove to be an attractive prospect.
Covid-19 has transformed the way and where we live. With homeworking becoming more of a norm, tenants are now setting their sights beyond the capital. Homes in the commuter belt can be a great choice for professionals as they may not need to be in the office as often anymore and can choose properties away from London with cheaper rents.
Although remote working seems here to stay, many firms are opting for a hybrid working model and this again makes renting in a commuter belt town like Maidstone a great idea. Maidstone is just under an hour away from London by train meaning the commute won’t be too long and can be an ideal choice for professionals who work in the capital.
In addition to it not taking too long to travel from Maidstone to London, the Kent town also has excellent transport links. Maidstone is serviced by the Southeastern and Thameslink lines. Through the Southeastern service, travellers can get to London Victoria from Maidstone in under an hour. Maidstone also has regular bus routes provided by Arriva, Nu-venture and Stagecoach and there are also local taxis available.
Maidstone is within a reasonable distance of Kent’s two major universities, Canterbury Christ Church and the University of Kent. Both universities have campuses in Canterbury and Medway. Canterbury is a 48-minute drive and just under an hour away by train while Medway is a 35-minute car journey from Maidstone.
Maidstone’s proximity to the university campuses is another good sign for landlords as student rents are set for a rise. The South East region had a bumper month for student rents in July - with rents averaging at £1,581, up 30% compared to this time last year. With the University of Kent having over 19,000 students and Canterbury Christ Church over 17,000, this presents a promising student market for landlords to partake in.
Maidstone’s mass appeal
Maidstone’s wealth of attractions helps to give it a wide appeal to a variety of tenants. Maidstone’s bustling nightlife, with nightclubs such as The Source, Bar attracts clubbers and students. Other popular nightlife spots in the town include Banks Bar, Mu Mu and Fever & Boutique Maidstone.
Shoppers will also have plenty to do in Maidstone as its town centre boasts over a million square feet of retail space. The town’s two main shopping centres are The Mall Maidstone and Fremlin Walk - the latter is just five minutes' walk from Maidstone East.
Adventure seekers can also enjoy high ropes, skydiving, flying and motorsports in and around Maidstone. For those wanting a more idyllic pace of life, there are also specialist fishing lakes in Maidstone’s Mote Park.
Meanwhile, Golfers can enjoy the numerous golf courses in Maidstone and wine enthusiasts can indulge in the vineyard and wineries the county town of Kent has to offer.
Overall, Maidstone is one of those towns that truly appears to have something for everyone. The wealth of things to do helps to increase its pool of prospective tenants as the town has so much an offer.
As an experienced lettings agent working in Maidstone and surrounding areas, we can help you to get the most from your sale, even in these complicated times. To find out more, contact us today.
Image Source: Planning Resource, Dr Bob Hall