A landlord with a small property portfolio came into our
new office on Vicar Street earlier this week. He lives in Polmont, and has properties
in Falkirk and Linlithgow (although interestingly not Polmont itself but that
is a discussion for another day!). He wanted to ask my opinion on where he
should his buy his next Buy to Let property.
Looking at Falkirk, the average property price can be an
impressive £136,447 and the average rent is £472 per month. In Linlithgow,
average property prices are much higher at £227,196 as are average rent at £619
per month. The annual yield in Falkirk could be 4.2% per year, compared to
Linlithgow where he could only achieve an annual yield of 3.3%.
It made me consider three other towns close by,
Grangemouth, Larbert and Bo’ness. In Grangemouth, I was not surprised to find
property values are lower than in Falkirk or Linlithgow, with an average
property price of £95,997. They have an average rent of £465 per month, which
could achieve an impressive yield of 5.8% which is considerably higher than
both Falkirk and Linlithgow. The average price of a property in Larbert is
£169,683, with average rents of around £459 per month. This could achieve you a
yield of 3.2% per year which is on the low side. Finally, in Bo’ness the average property
prices and rents are £131,367 and £488 respectively which gives a yield of 4.4%
similar to Falkirk.
It goes to show our town of Falkirk can be a good area
for an investment property, but it is a decision that shouldn't be taken
lightly. These are only averages, so the yields for some small to medium sized
properties in popular areas of Falkirk can be well in excess of 6% per year and
in less popular areas they can be well in excess of 8%.
If you want to know my thoughts on property in Falkirk,
come and see me in our new office at 6 Vicar Street, Falkirk – the balloons are
out and the cupboards are stocked with coffee and cakes. Alternatively, call me (01324 489840) or
email me (falkirk@thekeyplace.co.uk).
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