Last week, a landlord came in to our office to discuss the rising property values in Bo’ness. He owns a varied portfolio of rental properties, primarily in Bo’ness, and is thinking of buying more properties so he was interested in comparing the increase in property values around the area.
Over the last 5 years the average property value in Bo’ness has risen by just over £25,000, from £123,977 to £149,490. This is a 20.6% increase or £98.13 per week. When you dig a bit deeper, the values for flats has performed the best in percentage increase terms with the average increase of flats over the last 5 years being £19,743 or 25.6% or £75.93 per week whereas terraced houses have performed the worst in percentage increase terms as they have only seen an increase of value of £15,065 or 15.0% or £57.94 per week over this period. The value of terraced houses and flats has increased by 21-22% so they are somewhere in between flats and terraced houses.
When we looked at some of the surrounding towns, what we found was very interesting as their property prices have all increased more than Bo’ness other than Grangemouth. Linlithgow has had the highest average increase in property value of the surrounding towns at around £164.66 per week, followed by South Queensferry at £163.42 per week, Falkirk at £113.44 per week, Polmont at £115.95 per week and Grangemouth at £82.13 per week.
So overall average property values in the area have risen which suggests that the local property market is remaining strong although, as always, there are pockets that are doing better than others.
When considering this landlord’s buy to let portfolio, the rental values have also been increasing over the last 5 years.
So with rising property prices and rents, it could be a good time to invest in the property market in Bo’ness.
We hope you find our posts useful. If you would like some advice with your potential investment, please call us (on 01506 828096), come and see us in our offices (6 Vicar Street, Falkirk) or email us (email@example.com).