New homes in Essex offer solid buy-to-let returns

Weston Homes' new homes developments in Essex are proving popular with buy-to-let investors, thanks to a high level of demand from tenants.

Weston Homes is currently offering a selection of new homes in Essex for sale at Morello Quarter in Basildon and Hawkins Wharf in Colchester. The strong tenant market at both locations means potential investors can take advantage of yields in excess 6%, based on local rental market values.

Morello Quarter, the Bronze Award winning development for ‘Best Starter Home' at the What House? 2010 Awards, comprises 425 luxury one and two-bedroom apartments. Prices at this development start from £125,000 for a one-bedroom apartment and £143,000 for a two-bedroom apartment.

As part of the £2bn "More Basildon" Vision, Morello Quarter is an integral part in the transformation and regeneration of Basildon into one of the UK's most modern towns, putting the area firmly on the map ahead of the London 2012 Olympics. As well as new homes, the vision involves the creation of a new Sporting Village, which is earmarked as a training camp for the London 2012 Olympics and will give local residents access to an Olympic size swimming pool, gymnastics centre, fitness suites and an athletics track with grandstand.

Basildon's proximity to Southend Airport, which from 2012 will offer flights to a number of European destinations including Spain Germany, is also another factor in the popularity of the area.

Located on the banks of the River Colne, Weston Homes' luxury development Hawkins Wharf is proving extremely popular with students at the University of Essex, with a long list of potential tenants looking to rent the three and four bedroom houses available, providing a good opportunity for property investors. Students are waiting for investors to purchase new properties so they can rent them. There is an added incentive for anyone buying the three and four bedroom houses, with their rent guaranteed for two years if they are unable to find a tenant.

The first phase of the Hawkins Wharf waterfront development features 43 one and two-bedroom apartments and seven three and four bedroom townhouses, many with tranquil views over the river. When complete, Hawkins Wharf will comprise 221 one, two and three-bedroom apartments and seven, three/four bedroom townhouses as well as commercial and retail space. Prices start from £116,500 for the one and two bedroom apartments and £225,000 for the three and four bedroom townhouses.

Bob Weston, Weston Homes Chairman and Chief Executive, commented: "Both developments offer outstanding value for money, a high level of specification and are well served for excellent commuter links into London. With huge demand from people looking to rent properties in Essex, Morello Quarter and Hawkins Wharf are ideal for investors looking to make a timely profit in the property market."