Just last year, Private Finance named Southampton as the top buy to let hotspot in the South of England, with average yields of 5.9%. Now, it seems that the bustling waterside town, along with other urban areas across the UK, is finding favour with a new set of investors. According to Commercial Trust, older people are turning to buy to let investment as a means of boosting their income. And with properties such as Meridian Waterside from Inland Homes cropping up, it’s easy to see why.
Meridian Waterside is the award-winning new development from socially responsible housebuilder Inland Homes. The landmark development delivers waterside living for aspirational owners and renters, just minutes from Southampton’s lively city centre. Ranging in size from one to three bedrooms, the apartments boast superior designs and specifications. Each home comes with a terrace or balcony, along with many benefitting from secure, gated parking facilities.
With the latest release priced from £175,000 to £228,000 and commanding rents of between £795 pcm and £1,050 pcm, the apartments deliver yields of up to 6% and it is this that is catching the attention of older investors. According to Commercial Trust’s just-published research, there has been a 5.43% increase in the number of people aged 65-75 applying for buy to let mortgages. That compares to an increase of just 0.03% for those aged 25-34.
Many mortgage lenders are supporting older buyers to supplement their income through buy to let. Santander, for example, as just increased its end of mortgage term age from 75 to 85, at the same time as extending its maximum buy to let term from 25 to 45 years.
Vicki With the latest release priced from £175,000 to £228,000 and commanding rents of between £795 pcm and £1,050 pcm, the apartments deliver yields of up to 6% and it is this that is catching the attention of older investors. According to Commercial Trust’s just-published research, there has been a 5.43% increase in the number of people aged 65-75 applying for buy to let mortgages. That compares to an increase of just 0.03% for those aged 25-34.
Many mortgage lenders are supporting older buyers to supplement their income through buy to let. Santander, for example, as just increased its end of mortgage term age from 75 to 85, at the same time as extending its maximum buy to let term from 25 to 45 years.
Vicki Noon, Sales and Marketing Director at Inland Homes, comments: “Many more older people are turning to buy to let as a means of funding their retirement. The combination of regular income and capital growth that developments such as Meridian Waterside can deliver is an attractive prospect, particularly when backed by the strong rental demand that we are experiencing in urban areas such as Southampton. With its stunning riverside setting and superb specification, this is a development that turns heads – for renters and investors alike.”
Part of a priority regeneration project for Southampton City Council, Meridian Waterside sits on the banks of the River Itchen, on the former site of the Meridian Television Studios.
The riverside views are simply stunning, as are the apartments’ interiors. Open-plan living, dining and kitchen areas are ideally suited to contemporary family life, while spacious bedrooms and elegantly designed bathrooms enhance the sense of luxury.
Inland Homes specialises in turning brownfield sites and areas in need of regeneration into sustainable communities. The award-winning housebuilder crafts its developments to fit with existing community priorities – an approach which has seen it expand successfully across Southern England over the last 14 years, picking up dozens of awards along the way (25 of them in the last five years alone).
At Meridian Waterside, greenspace has been a key feature of the design. Courtyard gardens, public parkland and a new riverside walkway, all lushly landscaped, add a sense of serenity to the development. Yet it is only minutes from Southampton city centre and the huge WestQuay shopping centre, meaning that residents have all they need on their doorstep, from shops, bars and restaurants to a 10-screen cinema.
For buy to let investors, the combination of central location, riverside views, high-spec homes and healthy yields is certainly a winning one.
Prices on phase 3 at Meridian Waterside start at £175,000 for a one-bedroom apartment. Help to Buy is available on selected properties. For more information on Meridian Waterside or to register your interest, call the sales team on 02380 334 258 or visit www.inlandhomes.co.uk.