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Winchester Buy-to-Let Guide

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    Everything You Need to Know About Winchester Buy-to-Let

    Winchester is a picturesque cathedral city in Hampshire, famous for being England’s ancient capital. It’s a sought-after area, having all the local amenities of a city while being surrounded by rolling countryside, so it may catch the attention of property investors looking for in-demand cities.

    But Winchester is also known as one of the most expensive regional cities when it comes to property prices. So, is it worth the cost of investing?

    This guide will take a deep dive into Winchester buy-to-let property and UK property investment as a whole.

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      Winchester Cathedral

      Buy-to-Let Property Prices in Winchester

      According to Rightmove, the average price of a property sold in Winchester over the last year was £639,201. This is substantially more expensive than the UK average of £284,691 per the UK House Price Index. The South East is generally an expensive region, but even within the Winchester area, it is particularly expensive. In the past, it has been called the least affordable UK city for buyers.

      These sold prices are 2% down on last year and 2% up compared to 2021. This is typical of the sluggish growth observed in the property market last year. In particular, southern regions were affected most, with price dips in some areas. But is this subdued market likely to persist?

      According to Savills, the mainstream capital value forecast seems more optimistic from 2025 onwards, but the South East may take longer to recover than other regions. The area is expected to show growth of 16.7% leading up to 2028, which is lower than the projected UK average of 17.9%.

      Learn More: Discover the best place to buy-to-let in the UK and the safest property investments with RWinvest’s latest market insights and reports!

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      Winchester buildings

      Buy-to-Let Rental Market in Winchester

      According to housesforsaletorent.co.uk, the average monthly rent in Winchester is £1521. This is significantly more expensive than the average UK rent, which is £1260 according to the HomeLet Rental Index.

      In an article from last year, the BBC states that rental inflation in Winchester experienced annual growth of 5.8% in 2023. Rental costs are growing rapidly across the UK due to the chronic supply-demand imbalance that has characterised the private rental market for the past few years.

      Due to the high property prices, Winchester is known as a city with notoriously low average rental yields.

      Winchester is a university city, so it’s possible to target students as potential tenants. The University of Winchester and the University of Southampton’s Winchester School of Art are located in the city. There may also be some scope for short-term letting as the area has many attractions for tourists.

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        Winchester medieval wall

        Investment Properties for Sale in Winchester

        There is a mix of property types in Winchester, including cottages, townhouses, and modern new builds. Certain types of housing are found more commonly in certain areas; for example, Fulflood is known for cottages, while the Hyde area is home to Victorian semi-detached and terraced houses.

        Rightmove states that the majority of sales in Winchester over the past year were terraced properties selling for an average price of £615,641. When it comes to other property types and their average prices, detached properties sold for an average of £950,257, and flats went for £332,250.

        Learn More: Want to know how to get into property investment? Whether you’re interested in serviced accommodation in the UK or off-plan properties, our 2024 guides have got you covered!

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        Buy-to-Let Investment in Winchester: Area Breakdown

        The city centre and nearby suburbs and districts are in demand for their amenities and close proximity to the heart of Winchester.

        Fulflood can be found to the west of the city centre, and St Cross is to the south – both of these areas are known to be popular areas of residence.

        Further out are some separate villages in the north, such as Harestock and a cluster of villages known as ‘The Worthys’.

        Twyford is another separate village to the south, which is popular due to its good transport links.

        Fulflood

        Average Property Prices in Fulflood

        The average property price in this area is £734,640.

        Average Rental Yield in Fulflood

        The average rental yield in this area is 2.80%.

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          Winchester river view

          St Cross

          Average Property Prices in St Cross

          The average property price in this area is £703,120.

          Average Rental Yield in St Cross

          The average rental yield in this area is 2.91%

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          Winchester street view

          Harestock

          Average Property Prices in Harestock

          The average property price in this area is £506,110

          Average Rental Yield in Harestock

          The average rental yield in this area is 4.04%

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            Winchester street view

            Twyford

            Average Property Prices in Twyford

            £659,266

            Average Rental Yield in Twyford

            The average rental yield in this area is 2.63%

            (Average property prices taken from Rightmove in early 2024; rental yield estimates were calculated with figures from housesforsaletorent.co.uk in the same period)

            Winchester Medieval Interior

            What is the Best Area of Winchester to Invest in?

            Winchester generally has low rental yields due to the high property prices despite higher-than-average rental costs. Inner city areas are even more pricey than the Winchester average, leading to a high barrier of entry to investment and less-than-ideal average rental yields.

            The expensive property prices can’t be escaped outside of the city either, as Twyford’s average property price is just as high, with a disappointing average rental yield.

            Areas further out from the city centre but still near Winchester seem to be the most affordable districts.

            Harestock has an average property price lower than the Winchester average, but it’s worth noting that this is still much higher than the UK average.

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              Question mark with black background

              Why You Should Consider a Buy-to-Let Investment in Winchester

              Location and High Demand

              The idyllic city of Winchester has plenty of appeal for potential tenants. The area is of historical and cultural importance. The city’s medieval history can be sampled at Winchester Cathedral and the Great Hall housing King Arthur’s Round Table, and literature fans can enjoy Jane Austen’s house and Keats’ trail.

              Winchester is also surrounded by the stunning countryside of the South Downs National Park. During the COVID-19 pandemic, many renters started prioritising access to green spaces and nature when searching for a home, so this can be an appealing feature of a property. However, this trend has started to reverse somewhat.

              Winchester was named the happiest place in the UK outside of London in Rightmove’s 2023 Happy at Home Index. The city came second overall after Richmond upon Thames, a testament to Winchester’s high demand and desirable location.

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                Construction site

                Winchester New-Builds

                When it comes to housing and the private rental market, supply has been unable to keep up with demand for the past few years. This has led to a high demand for new-build developments to help address the housing shortage.

                New builds are also increasingly popular with property investors, as these properties typically have lower maintenance costs and better energy efficiency than older properties.

                Winchester City Council is working on various new-build projects to deliver new housing to the local community. Winchester is also a popular area for private developers to target due to the city’s high demand as a residential area.

                New builds are common in Winchester but typically come with a high price tag. Winchester is already expensive, and newly built properties are usually more costly than older ones. Expanding the search to other regions and considering more affordable new-build properties in areas like the North West could be more lucrative for investors.

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                  Off-Plan Property

                  Off-Plan Property in Winchester

                  Property investment trends are switching towards new-builds despite the premium investors typically pay to choose a brand-new property. For this reason, investing off-plan is gaining more attention as a way to acquire a newly built property at a lower-than-market-value price.

                  As a popular area, there are some off-plan investment opportunities in Winchester. Many of these projects are luxury developments with extravagant price tags, so they will still cost more than average for a property of their size, even with off-plan discounts.Why not read more about property investment in UK areas with the RWinvest guide.

                  It may be worth looking beyond Winchester to see the full range of options in the region. But as mentioned, the South East is much more expensive than other parts of the UK, so it is advisable also to take a look at Northern cities.

                  For example, major cities (such as Liverpool or Manchester) in the North West are more affordable. However, there is still a significant demand for new builds, meaning there are abundant opportunities for off-plan investment.

                  Further Reading: Discover more about this investment trend with our recent buy-to-let guides, covering everything from off-plan property in Poole to the latest UK hotspots!

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                  Liverpool skyview

                  How Does Winchester Compare to Other UK Regions When it Comes to Buy-to-Let?

                  Winchester property is very pricey compared to other regions. For example, the UK House Price Index states that the average price of a Liverpool property investment is £174,603. This means you could buy around three properties in this significant North West city for around the exact cost as one Winchester property.

                  The North West is also more promising than Winchester regarding capital growth. The region’s predicted growth leading up to 2028 is 20.2% – more than the UK average and higher than the projection for Winchester.

                  When it comes to student accommodation investment, it may also be worth targeting cities with larger student populations than Winchester, such as Manchester. Buy-to-let property in Manchester is much more affordable, and the city has comparable demand to Winchester.

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                    Want to Invest in Winchester?

                    Winchester is an attractive residential area that draws plenty of demand. However, investing in such an expensive area may not be the best path for most property investors.

                    For investors willing to consider other parts of the UK for investment, other regions can offer a much better deal, and investors will start seeing returns quicker on an investment acquired at a lower price point.

                    Discover the latest buy-to-let hotspots with our recent area guides:

                    Map of Winchester

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                    Author

                    Jessica Ferris

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                    Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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