Letting in Wembley.
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Landlords Guide to Buy-to-Let in Wembley
Investing and letting in Wembley
As a landlord, it’s important to understand the key financial factors that can affect your investment. In this blog post, we’ll take a closer look at average rents, rental yields, rental demand, and house prices in Wembley, and how they compare to the averages in London as a whole.
Average Rents
The average rent for a 1 bedroom flat in Wembley is around £1,200 per month, for a 2 bedroom flat it’s around £1,500 per month, and for a 3 bedroom flat it’s around £1,800 per month. These figures are slightly lower than the averages for London as a whole, which are £1,500 per month for a 1 bedroom flat, £2,000 per month for a 2 bedroom flat, and £2,500 per month for a 3 bedroom flat. This can bring in higher rental demand thanks to the more affordable rent prices.
Rental Yield
In Wembley, the average rental yield for a 1 bedroom flat is around 4.5%, for a 2 bedroom flat it’s around 5%, and for a 3 bedroom flat it’s around 5.5%. These figures are also slightly lower than the averages for London as a whole, which are around 5.5%-6.5%. With that said, rental demand is currently high, with around 60% of properties in the area being rented out.
Wembley’s Housing Market and Transport Links
Housing stock
The overall volume of properties in Wembley is relatively consistent with the London average. However, there is a higher volume of 1 bedroom and 2 bedroom properties, with a lower volume of 3 bedroom properties compared to London as a whole, which may affect the potential rental yield for landlords.
Wembley has a higher rate of rental properties compared to the London average. According to data from the Office of National Statistics (ONS), approximately 60% of properties in Wembley are rented, compared to the London average of 49%, which may indicate a higher demand for rental properties in the area.
The average price for a 1 bedroom house in Wembley is £352,000, for a 2 bedroom property it’s £531,000 and the average price for a 3 bedroom property is £852,000. These prices are slightly lower than the average in London, which are around £500,000, £700,000, and £800,000, respectively. It is worth noting what the average house prices in the area are as it may affect the potential rental yield for landlords.
Approximately 20% of properties in Wembley are new builds, which often tend to come with higher energy efficiency ratings and may require less maintenance. There are also several major housing development projects happening in Wembley, including the Wembley Park Development, Brent Civic Centre Development and Alperton Redevelopment. More information on these projects can be found on the Brent Council website. https://www.brent.gov.uk/
Transport
Wembley is well connected with several train stops and major stations such as Wembley Central, Wembley Stadium and Alperton. These stations service several lines, including the Bakerloo, London Overground and London Midland lines, with the average commute time in Wembley approximately 30 minutes, which is consistent with the London average.
Conclusion
The housing market and transport links in Wembley are both important factors to consider when investing in a buy-to-let property. From the type and volume of residential properties, to the average house prices and rental rates, to the age of the housing stock and potential for new housing developments, these factors all have an impact on the potential rental yield for landlords. By understanding these details, potential landlords can make more informed decisions when choosing a buy-to-let location in Wembley.
The Demographics of Wembley's Population
Population size and growth
Wembley has a growing population of around 85,000, which is slightly above the average for a town in a London borough. The area has seen a steady increase in population over the past decade, with projections indicating that this trend will continue in the future. This growth in population presents an opportunity for investors looking to invest in the buy-to-let property market.
The age of the population in Wembley is relatively young, with a median age of around 31. This is slightly lower than the average for the UK, which is around 45. This young population presents an opportunity for investors looking to cater to the needs of young professionals and families.
Employment rate
The employment rate in Wembley is relatively high, with around 72% of the population being in employment. This is slightly lower than the average for the UK, which is around 75%. This high employment rate presents an opportunity for investors looking to cater to the needs of working professionals.
Education level
The education level rate in Wembley is relatively high, with around 49% of the population having a degree or higher. This is slightly above the average for the UK, which is around 38%. There are also many students in Wembley, with the University of West London and London Metropolitan University having campuses in the area. This presents an opportunity for investors looking to cater to the needs of students.
Volume of renters versus homeowners
The volume of renters versus homeowners in Harrow on the Hill is roughly in line with the UK average, with around two thirds of residents owning their own home and one third renting. This suggests that there is a good balance of rental properties available in the town, which could make it an attractive location for buy-to-let investors.
Crime rate
The crime rate in Wembley is relatively low, with around 27 crimes per 1,000 people. This is slightly lower than the average for the UK, which is around 35 crimes per 1,000 people. This low crime rate presents an opportunity for investors looking to invest in the buy-to-let property market, as it is an indicator of a safe and secure area.
Wembley is a vibrant and diverse area with a rich history. It has a growing population of around 85,000 with a median age of around 31, and a relatively high employment rate of 72%. It also has a relatively high education level with around 49% of the population having a degree or higher, and a low crime rate of 27 crimes per 1,000 people. As such, Wembley presents an attractive opportunity for investors looking to invest in the buy-to-let property market.
Important Links for Landlords and Letting a Property
HMO Licence: 020 8937 2384, prslicensing@brent.gov.uk, https://www.brent.gov.uk/housing/landlords/property-licensing#findoutifyouneedalicence
Council Tax Website: www.brent.gov.uk/services-for-residents/council-tax/
Civic Amenities Website: https://www.brent.gov.uk/services-for-residents/civic-amenities/
List of Wembley Schools: https://www.brent.gov.uk/services-for-residents/schools-and-learning/schools-in-brent/
Trading Standards: 020 8937 1200, trading.standards@brent.gov.uk, www.brent.gov.uk/services-for-residents/business-and-licensing/trading-standards/
EPC Register: 020 8937 1222, epc@brent.gov.uk, www.brent.gov.uk/services-for-residents/business-and-licensing/energy-performance-certificates/
Waste Collection: 020 8937 1212, customer.service@brent.gov.uk, www.brent.gov.uk/services-for-residents/waste-recycling-and-street-cleaning/
GSC Register: 020 8937 1213, gsc@brent.gov.uk, www.brent.gov.uk/services-for-residents/business-and-licensing/gas-safety-certificates/
Postcodes in Wembley: HA0, HA9, NW10, NW2, NW9, W3, W5, W7, W9.
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