Investors seeking a cheap home will find that there aren’t many available in Winchester. One of the most costly regional cities for real estate is Winchester. Nonetheless, Winchester continues to make wise investment sense according to property experts including estate agents in Winchester because to its strong letting fundamentals and high letting demand.
Why should you invest in Winchester
Hampshire’s county seat, the City of Winchester, is a cathedral city. It serves as Hampshire’s county seat and administrative hub. Although having a population of only over 45,000, the surrounding area is home to about 117,000 individuals.
Living in Winchester is seen as being sophisticated and fashionable. The majority of Winchester is wealthy, making it one of the wealthiest regions in England outside of London. Several best places to live surveys rank it as one of the best places to live in the nation.
Winchester has a long history and was once a part of the Wessex kingdom. Particularly for Winchester Cathedral, is renownes for its rich history and distinctive architecture. With a history dating back to 1079, Winchester Cathedral is renowned for being the longest Gothic cathedral in Europe. Due to its history, Winchester is a well-liked tourist destination, particularly in the summer, thus there may be prospects for investing in holiday homes. The Winchester Castle, which houses King Arthur’s Round Table, Wolvesey Castle, the City Cross or Buttercross, the Hospital of St. Cross, and Jane Austen’s Home are prominent structures in the city in addition to Winchester Cathedral.
But history isn’t everything about the city. The tourism, land-based, retail, knowledge-based, creative, service, and public administration sectors are the backbone of the Winchester economy. At the Sir John Moore Barracks, which is located close to the city, the Army Training Regiment ATR Winchester is housed. Another significant employer in the city is the Royal Winchester District Hospital.
Projections:
According to projections, Winchester’s economy expects to expand more quickly in the future years than the neighbouring, much larger cities of Southampton and Portsmouth. The Winchester City Council is creating a strategy to revitalise and improve the city centre in order to increase its appeal to locals and tourists. Although being in a remote area of Hampshire and near the South Downs, Winchester offers adequate transportation options. Its proximity to the M3 and A34 motorways provides quick access to the south coast, Oxford, Southampton, and London, which is located 60 miles away. Regular trains depart from Winchester Station for London Waterloo, and the trip takes about 60 minutes.
The Winchester real estate market gains from being appealing to those who live and work in London thanks to the city’s convenient transportation options. Several people who live in Winchester frequently travel to London. Londoners frequently buy second houses in Winchester or relocate there from the city.
With the University of Winchester being here, Winchester is also a university city. In Winchester, popular neighbourhoods for student housing include Sparkford Road, Stanmore, Winnall, Badger Farm, Hyde, and Fulflood.
Demand for rentals in Winchester
The majority of potential tenants on the Winchester buy-to-let market are locals and students. The rental market in Winchester also includes a sizeable portion of locals who cannot afford the city’s high housing costs.
High property values in Winchester mirrors in the high rents that landlords can charge. Rents in Winchester are comparable to those in many prestigious London boroughs.
Information about potential rent prices in Winchester is available in the Winchester Market Rent Summary. According to their data, Winchester’s average monthly rent is £1,691. According to the statistics, the average monthly rent for various types of Winchester rental properties ranges from £841 for a one-bedroom to around £2,590 for a five-bedroom. Other average rents include £1,242 for a two-bedroom, £1,630 for a three-bedroom, £1,924 for a four-bedroom, and up to about £3,050 for a five-bedroom.
The typical gross yields for long lets in Winchester and the surrounding area are 2.7% in the Southampton SO21 area, 3.8% in the Southampton SO22 area, and 3.4% in the Southampton SO23 area, according to data from Property.xyz.
The Winchester City Council can provide information regarding the licences required for this sort of property to real estate investors who are considering investing in a Winchester HMO.
Winchester Real Estate Investing
Population: 45,000 people
Average house price of £421,796
The main centre of Winchester is a popular location for renting or buying real estate. Investors have a variety of options, including historic homes, modest apartment buildings, new construction, classic terraces, and cottage-style real estate. In the once-village regions surrounding Winchester, which are now suburbs, there are some older homes as well as a number of newer housing developments.
The neighbourhoods of Abbott’s Barton, Fulflood, Littleton and Harestock, Weeke and Winnall are located to the north of the city centre of Winchester. With easy access to the railway, hospital, and university, Fulflood is located just to the west of the city centre. Winnall is near the M3’s Junction 3. It is both a residential and commercial district, home to numerous employers and big-box stores.
Conclusion:
The settlements of Littleton and Harestock exist independently of the city. They are well-liked residential areas with independent elementary schools and the Henry Beaufort School for secondary education. A brand-new suburb is being built at Barton Farm in the King’s Barton region, where there will eventually be about 2,000 new homes and new community amenities.
With all these and more making an investment in Winchester is definitely a wise decision to make in 2023!
