Hearthstone Investments, the residential property investment specialist, has acquired eight new properties in a new development at Rowhedge Wharf, near Colchester, to help meet local demand for private rented housing.
Hearthstone bought the new build two and three-bed terraced houses as an investment within its TM home investor fund.
The firm said that this retail fund offers an affordable way for individuals and their advisers to invest in homes and flats across the UK while also providing well-managed, modern housing for those looking for long-term rental accommodation.
Alan Collett, Fund Manager at Hearthstone, commented: “The TM home investor fund is an actively managed, regionally diversified fund investing in properties in strong performing rental locations with an active re-sale market to maximise investor returns.
“There is a growing demand flats and houses for long-term private rent, but a serious shortage of good housing available, with almost a third failing to meet Decent Homes Standards.
“The Rowhedge Wharf development was attractive due to its high-quality homes, range of local amenities and easy access to Colchester and London, making it a sought-after rental location for professionals and families. Within a month of purchasing the properties,
two are occupied, three are reserved awaiting references and, following strong interest in the remaining houses, we are confident they will be snapped up soon.
“Although the number of houses for sale nationwide remains low, prices remain relatively stable across the UK as a whole, with independent valuations of our own properties showing little change month on month, while rental demand remains strong. At a regional level, we continue to see excellent buying opportunities for long-term investors. We remain underweight in London, where house prices and rents are facing greater pressure, and are seeking to increase our housing stock in East Anglia, the Midlands and northern England where prices are more resilient.”