Well as the nights draw in, if there is nothing on the telly, the significant other and myself like to play the board game Monopoly. The buying and renting of property, it’s like a busman’s holiday for me! Interestingly, the game was originally invented at the turn of the 20th Century (in 1903) and the game was initially called ‘The Landlord’s Game’! Anyway, after a few years in the wilderness, the current owners of the game renamed it in 1935 and so began Monopoly as we know it today.
So whether you are a homeowner or landlord in Thanet, what would a Monopoly board look like today in the area? Property prices over the last 80 years have certainly increased beyond all recognition, so looking at the original board, I have substituted some of the original streets with the most expensive and least expensive locations in Thanet today.
Initially, I have focused on the CT10 postcode only, looking at the Brown Squares on the board, the ‘new’ Old Kent Road in Thanet today would be Church Court Grove, with an average value £120,500 (per property) and Whitechapel Road would be Linley Road, which would be worth £132,400. What about the posh dark blue squares of Park Lane and Mayfair? Again, looking at CT10, Park Lane would be South Cliff Parade at £732,800 and Mayfair would be Cliff Road at £929,800, all of which being in Broadstairs. Also, I can’t forget the train stations (my favourite squares), and over the last 12 months, the median average price that property within a quarter mile of Broadstairs station sold for was £250,000.
So that got me thinking what you would have had to have paid for a property in Thanet back in 1935, when the game originally came out?
· The average Thanet detached house today is worth £326,740 would have set you back 591 Pounds 3 shillings and 5 old pence.
· The average Thanet semi detached house today is worth £225,680 would have set you back 408 Pounds 6 shillings and 5 old pence.
· The average Thanet terraced / town house today is worth £187,960 would have set you back 340 Pounds 1 shillings and 6 old pence.
· The average Thanet apartment today is worth £143,440 would have set you back 259 Pounds 10 shillings and 6 old pence.
Anyway, I hope you enjoyed this bit of fun, but underlying all this is one important fact. Property investing is a long game, which has seen impressive rises over the last 80 years. In my previous articles I have talked about what is happening on a month by month or year by year basis and if you are going to invest in the Thanet property market, you should consider the Thanet property you buy a medium to long term investment, because Buy to let is pretty much what it sounds like – you buy a property in order to rent it out to tenants.
As I reminded a soon to be first time landlord from St Lawrence the other week, Buy to let in Thanet (as in other parts of the Country) is very different from owning your own home. When you become a Thanet landlord, you are in essence running a small business – one with important legal responsibilities. I write the Thanet Property Blog, where it has an extensive library of articles like this one, where I talk about what is happening in the Thanet property market, what to buy (and sometimes not) in Thanet and everything else that is important to know as a Thanet landlord. Please visit the Thanet Property Blog www.thanetpropertyblog.com