World famous leisure events reasons why buy to let landlords continue to invest in county
Employment, education and world famous leisure events are reasons why buy-to-let landlords continue to invest in Gloucestershire, according to a county estate agent.
Ian Perry, chairman and managing director of Perry Bishops and Chambers estate agents, said the county had key attractions drawing both landlords and renters to the area, such as this week's The Festival at Cheltenham Racecourse.
Speaking to Property Life about Cheltenham's popularity, he said: "Renters come to the town for a number of reasons, mainly employment, and/or education, or they are new households from within the town.
"The local economy is a balanced mix between manufacturing, much of which is high end technology, GCHQ, education – the university and several notable schools – retail, the famed Promenade and of course, leisure.
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Cheltenham is now well-known as a festival town with racing, art and literature, jazz, food and music, some of which are world famous."
He said a steady rate of employment possibilities in the area brought a "relative stability" to demand in the housing market in both sales and lettings.
He added it was this stability and above national average rental prices that ensured high interest.
"Investors are attracted as rents are likely to remain stable on the high side nationally, and there is more likely to be capital growth or at worst less chance of a fall in capital values," he said.
"Cheltenham is a great place to live, which creates demand."
He added demand would also remain high due to decent countryside within 10 minutes of the town centre, good motorway links and "excellent" recreational facilities, including theatres, cinemas, golf, racing, walking and other cultural amenities.
Perry Bishop and Chambers has four offices in the county including Cheltenham, Cirencester, Nailsworth and Tetbury.
â Homeowners in Cheltenham are cashing in on The Festival by renting out their own flats and houses to race goers.
Nicole Archer, 37, who now lives in Fairview, rented out her flat in the centre of town for three nights in 2010.
She said: "When I owned a flat in the centre of town I rented out the whole of the property for three nights during race week, charging £250 a night, and I stayed with friends.
"I asked for a £500 cash deposit for security and then I gave that back at the end.
"I did worry the whole time, but having that money in the bank made it less of a concern."