Buying to Let in Bridgwater

Why Should You Buy in Bridgwater?

When you are looking for the best place to invest in property, there are lots of factors to consider.

Firstly, you will want to ensure that you can achieve a good rental yield both now and in the future. So, finding an area where there is high demand for rental properties and suitable types of properties for the types of tenants you are looking for will be important.

Conducting comprehensive area research involves reviewing the local rental market, as well as existing amenities and future plans for the region, like infrastructure improvements, regeneration projects and increases in employment opportunities.

Reasons to invest in property in Bridgwater

If you are considering investing in a buy-to-let property, these are some of the reasons to choose a property in Bridgwater:

Affordable property for high rental yields

According to Land Registry data, the average property price in Bridgwater over the last 12 months was around £235,000. This is significantly lower than the UK average of £270,000, making it a more affordable location to buy compared to many other areas of the UK.

Redevelopment of the town centre

It was recently announced that funding of £23.2 million has been secured for redevelopment projects in Bridgwater, including plans to redevelop the town centre and improve traffic congestion. Plans also include restoring Bridgwater Docks to create a new tourist, leisure and residential area. The funding will help to drive the local economy and attract more people who want to live in the area.

New employment opportunities

The area has also been selected to build the new Hinkley Point C nuclear power station and Jaguar is investing £4 billion to build a battery factory in Puriton. It is estimated that the Jaguar factory will bring 4,000 jobs to the area.

Potential capital growth

One of the major draws of investing in property compared to other types of investment is the potential for good capital growth, in addition to rental income. Over a 10-year period, house prices usually increase in value considerably, which is why it can be a very lucrative and less risky investment strategy. For example, since 2015, the average UK house price has increased by 50% (data from statista.com). The investment in the area should help to ensure that property prices continue to grow.

High tenant demand

There is already a high demand for rental properties in Bridgwater and the average rent in Somerset is almost £1,000 per month. Average private rents across Somerset grew by 6.8% over the last 12 months (data from Office of National Statistics).

With so much investment going into the area and new employment opportunities, rental property demand in Bridgwater is likely to continue to grow. Excellent transport links to Bristol and Exeter make the area a good option for professionals. There is also a large number of primary and secondary schools in and around Bridgwater that are currently rated ‘Good’ by Ofsted, so the area is popular for families.

Another reason people like living in Bridgwater is the access to green spaces. The area is surrounded by countryside, with Somerset Levels, the Mendips and Quantock Hills close by. The combination of this scenic location and the amenities in the historic market town is a big draw for tenants looking to move out of cities and busier towns.

Property types

In Bridgwater, there is a diverse property stock, with lots of modern 2 and 3-bedroom houses, which are ideal for families, as well as apartments that attract professionals. There is also a large number of 4-bedroom properties on new developments close to the town centre.

Conclusion

There are many different reasons for buying rental properties in Bridgwater and with mortgage interest rates recently falling, now could be the perfect time to purchase a buy-to-let property in an area that is due to undergo significant redevelopments.

As an experienced letting agent in Bridgwater, we can help with any aspects of renting a new property out, from finding and vetting your new tenants to managing the property on your behalf. Get in touch if you would like any help in getting started with letting property out in Bridgwater and surrounding areas.