3rd June 2016
Streets Ahead event experts draw 200 buy-to-let investors
More than 200 people got an exclusive insight into Croydon’s booming buy-to-let market from leading property experts at the second Streets Ahead Investor Event (Thursday, 2nd June).
Top industry commentator Kate Faulkner and Croydon’s Deputy Leader Alison Butler, Councillor for Homes, Regeneration and Planning, gave delegates the inside track on investing in the local market at the event in Croydon College Conference Centre
Kate Faulkner gave an appreciative audience a masterclass in buy-to-let investment. She spoke about the importance of doing your research on the local property market before investing – and she emphasised the value of consulting experts before parting with your hard earned cash.
She said looking at the latest data, Croydon represented a unique opportunity. It was losing its image of a town dominated by sixties blocks of flats to make way for ambitious regeneration.
“If Croydon can be a destination in its own right, then the town can indeed succeed,” said Kate.
“As an investor you are putting your money in because you want something out of it – capital growth or an income. You must decide how and when you want that money, and whether Croydon can give you that.”
“With the amount of data we have on the area, you should have a good idea of what it’s going to deliver. The average house price in Croydon is about £350,000, while the surrounding areas are more expensive, even though the transport links in these areas aren’t quite as good.
“So I think if the regeneration comes through as planned and if the town can bring in better jobs to get that buy-to-let occupancy up – and rents with it – you might well see more of a margin here than you will see in other areas. And that as an investor you are looking for.”
Streets Ahead Managing Director, Bob addressed delegates on the health of the Croydon property market. Mr Hay discounted the market fears around Brexit and the recent Stamp Duty increase which have appeared in the media.
He said local and national statistics proved that Croydon was bucking the trend, with impressive Quarter on Quarter increases in buyer registrations and sales. He put the overall average year-on-year increase in prices in the town until now, at around 11% or 12%, with new home completions closer to 18%.
Cllr Alison Butler outlined the impressive regeneration plans for Croydon that area transforming the look and feel of the borough. She revealed the council is planning for 1,000 new homes in the next few years, 50% of which will be “truly affordable.” She also said the council’s ambitious plans for the College Green around Fairfield Halls, which is closed for refurbishment, will make the area near East Croydon station, a real destination with excellent shopping, restaurants and entertainment venues. All of which was good news for investors as it would make Croydon place where people will want to live and rent.
Speaking after the event, delegate and solicitor Nirani Patel, said she thought the event was ‘very well organised and informative.’
She added: “I have learned so much more about Croydon and the regeneration happening here. The town will be amazing when it is all completed, making it more attractive to renters, which is good for buy to let investors.”