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Woking Buy-to-Let Guide

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

    The Woking buy-to-let market offers a blend of urban amenities and suburban tranquillity. The market has grown steadily, driven by the town’s convenient location and excellent transport links to London.

    Landlords in this area may benefit from a diverse tenant pool, including young professionals and families. Woking’s property market presents potentially promising opportunities for investors seeking stable returns and long-term value in the buy-to-let sector. But is it worth it when compared to the more budget-friendly investment opportunities further north?

    Today, we’ll cover Woking’s buy-to-let costs, rental market and different areas where you may want to invest. So sit back and learn just what is an investment property. and how it can work for you.

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      Woking park

      Buy-to-Let Property Prices in Woking

      As you may expect for a town in Surrey, Woking property prices are more expensive than the national average.

      According to HM Land Registry UK House Price Index, the average property price in Woking was £485,104 as of December 2023. In sharp contrast, the average UK house price for the same period was £284,691.

      By those metrics, Woking properties are just under 50% more expensive than the typical UK home.

      Buy-to-let investors can expect to pay the following average prices for different properties.

      • Detached: £1,009,733
      • Semi-detached: £535,271
      • Terraced: £421,097
      • Flats and maisonettes: £277,572

      According to Savills Residential Property Forecast, the South East region is expected to enjoy 16.7% capital growth. While this is better than the London region, it falls short of the total UK capital growth expectation of 17.9%.

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      Woking lake view

      Buy-to-Let Rental Market in Woking

      Like property prices, Woking’s rental prices are also more expensive than the national average.

      The HomeLet Rental Index puts the average UK rent price at £1,268 (as of December 2023), while rents in the South East cost £1,353.

      Yet, while the rents are more expensive in the region, the price of a property in Woking ensures that rental yields are significantly less than the national average. For instance, if we take the average property price for Woking and the average rental price for the South East, landlords can expect an average yield of 3.43%, well below the UK average, which sits around 5.2%.

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      Woking highway

      Investment Properties for Sale in Woking

      Woking features a variety of investment property types, including detached properties, semi-detached properties, and flats. While these properties can be expensive, they are significantly less so than in nearby London, which means investors may be able to find better-value investment options in this area.

      During the past year, most sales in Woking consisted of detached properties, which commanded an average price of £1,002,556. Semi-detached properties averaged £535,274 in sales, while flats were sold at an average of £279,573.

      In general, Woking experienced a 4% increase in sold prices over the previous year and an 8% increase compared to the peak in 2021, which was £554,460.

      Find Out More: If you’re interested in a southern UK property investment guide, check out our page on London property investments.

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        Woking residential area

        Buy-to-Let Investment in Woking: Area Breakdown

        Woking Town Centre & North Woking

        Woking’s town centre bustles with commercial and retail activity. Recently, there has been a surge in residential development, leading to the development of city-style apartments. Woking’s town centre properties offer excellent access to amenities, including the Woking train station – perfect for those commuting across the region. This area provides good value for property investment, particularly when compared to some of the more suburban Woking areas.

        The North Woking region comprises Goldsworth Park, Horsell, and Woodham. Horsell stands out as a highly sought-after residential area, maintaining a village-like atmosphere while enjoying convenient access to the town centre and train station. On the other hand, Goldsworth Park offers reasonably priced properties but is situated farther away from the town centre.

        Average Property Price in Woking Town Centre & North Woking

        These parts of Woking have an average property price of £499,515.

        Average Rental Yield in Woking Town Centre & North Woking

        The average rental yield in this area is roughly 3.55%.

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          Woking night view

          South & West Woking

          South of Woking, you’ll find Hook Heath, Maybury, Mayford, Old Woking, and Westfield. These residential areas are popular, offering easy access to Woking while maintaining a semi-rural feel. Worplesdon also hosts a train station. Property prices in these regions cater to various budgets, with Maybury and Old Woking presenting particularly good value options.

          Heading west from Woking, you encounter Bisley, Brookwood, Knaphill, St. John’s, and Worplesdon Hill. These areas generally command higher prices, with some streets boasting properties valued at up to £2 million or more. Brookwood enjoys the convenience of a train station, providing quick 5-minute access to Woking and a 46-minute journey to London (London Waterloo).

          Average Property Price in South & West Woking

          The average property price in this area is £636,857.

          Average Rental Yield in South & West Woking

          The average rental yield in this area is 3.20%.

          Investment-Investor-business

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

          In recent years, Woking has experienced significant regeneration and development, enhancing its appeal for residents and businesses, which may bolster the property market in the future. The local authority has led an investment of over £2 billion into the area.

          One notable project is Victoria Square, a dynamic mixed-use development featuring 10,000 sq.m. of fresh retail space, a brand-new Hilton hotel, modern city apartments, and vibrant public squares. The addition of new high-rise buildings has transformed the skyline, giving Woking a taste of a ‘mini Manhattan’.

          However, Woking Council faces difficulty after accruing significant debt following a substantial investment spree, as reported in The Guardian. For this reason, investors may consider off-plan investment opportunities in other cities where the economy is less under scrutiny.

          Convenient Access to London

          Woking is conveniently placed for travelling into London, appealing to people who prefer to commute into London and enjoy the slightly cheaper properties.

          The most common mode of transport is by train, with frequent services connecting the two cities. The journey takes approximately 25-40 minutes, depending on the type of train and specific destination within London. Woking’s well-connected railway station provides easy access to London’s major hubs, such as Waterloo, Victoria, and Paddington. Additionally, there are regular bus services and road networks for those preferring to drive.

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          Woking New-Builds

          Woking’s new-build market mainly consists of new-build houses, typically semi-detached or detached. Unlike many of the major UK cities, there does not seem to be much of a market for new-build apartments.

          Shawbrook Bank notes that landlords expect city centre apartments to be a lucrative investment throughout 2024, as more tenants seek accommodation closer to the jobs in the city centre. You may want to focus on such areas to make the most of this potential surge in demand.

          Read More: Discover more about this investment trend with our recent buy-to-let guides, covering everything from new-builds in Swindon to buy-to-lets in Liverpool and other UK hotspots!

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            New builds

            Off-Plan Property in Woking

            Off-plan investment is an investment strategy that sees investors purchase property for a discounted price directly from the developer. These properties usually come with modern facilities and fixtures. They are built per the latest EPC regulations, appealing to tenants who want to save money on their energy bills.

            Woking has enjoyed some off-plan developments, with new high-rise apartment buildings being constructed in recent years. However, if you’re looking for a wider variety of off-plan investment opportunities, you may want to turn your attention to some of the UK’s major cities, such as Liverpool and Manchester.

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            How Does Woking Compare to Other UK Regions When It Comes to Buy-to-Let?

            While Woking offers a convenient location to people who may need to commute to London, the property prices in this area are well above the national average. At the same time, rental yields are significantly low as well. These are things you need to consider if you are interested in making money in property. In addition, the South East is only expected to see capital growth of 16.7% over the next five years, making it one of the weaker markets on the UK buy-to-let scene.

            In comparison, somewhere like the North West offers capital growth predictions of 20.2%, while property prices are considerably less expensive and rental yields are more impressive.

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              Want to Invest in Woking in 2024?

              As you can see, Woking offers multiple selling points to people who may want to live close to London and save a little money on their rent.

              If you’d like to see how much money you’d need to invest in premium areas in London, see our guide on available investment property in Chelsea.

              However, as a property investment opportunity, you could find better-value properties if you looked further north for the best buy-to-let areas, which boast lower average property prices and higher tenant demand.

              Discover More: If you want to see more buy-to-let insights, check out the following guides:

              Map of Woking

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              Author

              Dale Barham

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

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