Buy To Let in New Addington Croydon

[dushanmak]

I'm interested in buying a BTL property in closer to North Walk New Addington Croydon. Property is little over 300K and already been rented for £1800. There are near by tramp stations and about 5-6 miles away from East Croydon station. While it provides a good rental yield, I'm wondering why properties in this area cheap when compared to other parts of Croydon. I'm worried about if long term (say 10-15 years) capital growth very little, then it might not be a good investment.

Anyone advise on this really appreciate. Is it a good area for property investment ? Properties near east and south Croydon stations are out of my budget.

You’ve missed the buy to let party by 10 years. People have been describing Croydon as up and coming for decades but it never seems to unfortunately! We bought our 4 bed house for £600k in a nice party about 5 years ago. We’ve lost money on it.

It's cheap because it's a shit hole.

I come from Croydon OP and I'd sooner buy a BTL in Beirut. New Addington is NOT a sought after area, even with the tram. Never was, never will be.

That's it in a nutshell. Take it, like me, you're a local @longdistanceclaraclara .

your typo was the truth. "tramp station" LOL.

A local paper report written 5 days ago
The 'forgotten' Croydon neighbourhood where residents fear walking due to crime

New Addington has 25,000 homes and was originally built as new housing for those in the East End of London slums after WW2. The schools are awful, and Central Parade (shops) reflect the clientele: Poundland, fast food, Iceland, Card Factory, Londis, etc. There is a big street market each week full of tat, hot goods, fakes, etc.

There are massive social issues on the estate: high crime, poor school attendance, and youths hanging out, causing issues, some parts more than others. It has its own A&E hub, its own special police station, and an offshoot of Croydon police station 'for a faster response' to local issues. Transport was awful; there was no train station, just buses, but then the Croydon council added a tram (which helps ship residents of NA into Croydon). Have you seen the decline in Croydon town centre in the last decade?????

NO social life, or cinema, etc. There is a massive traveller park at the back of the estate and social club. Some pubs are strict no-go areas unless you want drugs or are in a middle-aged men's gang.

Do Not Proceed with that BTL

me too

Have you set foot in New Addington? The vibe alone should put you off buying anything, it's definitely not the place to invest money.

I would not live in New Addington for all the tea in china. Absolute dump.

I live in Croydon and I'd sooner gouge my eyes out with a rusty spoon than go to New Addington. Don't do it.

I came here for the comments and wasn't disappointed. Avoid at all costs

If you look at the property it's already been reduced from £337k to £315k. They will be the previous landlord's tenants so who knows what they are like? Saying a projected rent means nothing, the reason for selling might be because they are problematic.

If the owner really wanted to get out then selling it vacant would be the way forward.

It's not really a BTL-type area at all; not many jobs in the vicinity apart from the shops and the proximity to East Croydon is not relevant - it is many stops on the tram and anyone working in London could choose somewhere that has a proper train station at a similar price.

I dunno if you have done the sums but it's a 6.8% gross yield. After tax and expenses it seems a very poor investment.

assuming you have a considerable amount of cash to invest, you will get a far better and more tax efficient return by taking some good independent financial advice abd investing in a range of investment products. There really is NO money in BTL any more and I speak as a landlord with several properties

Thanks for the reply and suggestion

Thank you all for all your responses. There are some good suggestions here. I made my mind not to invest in this area. probably think about other investment opportunities.

That was exactly my first thought too 😂

People's homes aren't investment opportunities.

@BrigadierEtienneGerard used to be 😂