When it comes to the buy to let market in London, it is important to know what you are letting yourself in for. Given the level of demand for rental property in the capital, including central and Inner London areas, you may be forgiven for thinking that any area would be suitable. However, with an investment, it is always best to carry out your research, no matter how well you know an area and the local population.
There are plenty of exciting and interesting areas in London but you can see why people fall in love with Brixton. This is a vibrant area and the multi-cultural feel of the local community helps to make people feel welcome. There are many great shops and entertainment options in the local area and if you need to get around the capital, or beyond, Brixton is an excellent base. All of these elements provide you with an ideal starting point in getting to know what Brixton has to offer.
Obviously the cost of buying property and the expected rental yield are vital components of investing in property. You need to be very sure on your finances and you also need to be confident that there is a good return on your investment. It is also important that landlords are clear on their aims. There are differences between short and long term returns and not every property type or local area will help an investor reach their goals in the same manner. This is why you need to know what your aims and goals are, but Brixton is an area that has a lot to offer.
If you are going to be a hands-on landlord, you have to choose an area close to where you live or work. Being a landlord can be an all-encompassing position and this means you may need to be in attendance on a regular basis. If you are close to Brixton, investing in this area will allow you to be present when you need to be. There is also the fact that if you already live close to Brixton, you should be able to offer insight into what is on offer in the area.
Brixton has changed
There is also a need to have practical knowledge of an area and one good thing about Brixton is that there have been significant developments in the past decade. New and major name retailers have arrived in Brixton and the area has welcomed a flow of creative types to the community. The presence of art galleries, exhibition areas, studios, new cafes and bars stimulates an area and encourages further growth and development. As an area with a long history of creativity, Brixton’s re-emergence hasn’t been tainted with “gentrification” claims like some other London areas have witnessed but there is no denying that there is an invigorated sense of energy and purpose in this part of London.
The fact that the Brixton Pound, or the B£, has taken off and can be used in more than 200 local outlets is an indicator of the spirit and desire to stay and shop local. There will have been plenty of people snapping up the notes with the face of David Bowie on them but these notes play an integral part of local life, ensuring that money earned in the community helps the community to flourish. When people are looking for a place that they can call home, and feel at home, Brixton has a lot to offer.
There have been many developments in Brixton this millennium
The town centre of Brixton has also welcomed development with a new town hall allowing the historic building to be used for homes. There have also been new builds in the area with The Junction being an example of modern architecture blending into a more traditional part of the town. Park Heights has also been considered as a tower block that has provided good value housing options in the local area. Given that this tower block is situated beside a highly regarded conservation quarter shows that Brixton is able to offer a variety of local life and housing options, maintaining its mixed and lively narrative.
There is no denying that Brixton is evolving. It used to be that the main drawing power of the area was its proximity to areas like Clapham at a much more affordable price but in the present era, people are moving to Brixton because they love the area. They also love the fact that Brixton is classed as a Zone 2 transport area, which can make a huge difference in the sums of money you shell out getting from A to B and back again.
As a landlord, you have plenty to think about when looking for an area to invest in. You should be looking at financial returns but you should also consider what an area has to offer and what the local community is like. Any landlord who is keen to be involved with a vibrant and evolving area will find Brixton to be of interest.