Thursday, 2 October 2014

Ilkeston property market has outperformed Bakewell’s by over 166%


 

Along with Ilkeston we have many towns and areas that make up our fine County, from the up market posh areas of the Hope Valley, Bakewell and Ashbourne all the way to our no-nonsense areas of Amber Valley and Erewash.  In fact I have a few landlords from Bakewell, one in particular who has a decent portfolio of buy to let property in Bakewell, the Amber Valley and Erewash. Let’s be honest Bakewell is a sophisticated market town which enjoys a well-earned reputation for stylish and convenient living close to abundant countryside and commons. The thriving High Street, offers a comprehensive range of upmarket shopping facilities and the schools in are highly sought after having excellent Ofsted results. All these factors make the average value of a property in Bakewell around £357,500.

Ilkeston has an excellent choice of shops, banks and restaurants, but not in the same league as Bakewell’s. Ilkeston will soon offer a brand new railway station (once the Great Crested Newts are sorted) together with existing excellent road links and there is a good choice of schooling within the area.  All these factors make the average value of a property in Ilkeston around £144,500.

In the last 12 months, the average value of a property in Bakewell and Ilkeston has risen in both places by roughly the same amount (Bakewell £13,629 and Ilkeston £13,795). However, that doesn’t tell the whole story, because average property values are much lower in Ilkeston. As a percentage, values in Bakewell have increased by a modest 3.96%, but in Ilkeston they have increased at more than double that rate, in fact 166% proportionally more at 10.55%. It shows that Ilkeston is a town that people want to invest in.

By keeping an eye on the local market, I am able to judge if a property is good value to buy for a landlord. I give this advice and opinion at no charge to anyone who asks, be they an existing landlord of ours or indeed another agent. I will also give it to anyone considering becoming a buy to let landlord for the first time.

I do not charge for this service, because if I offer you an honest and straight forward opinion, you may consider using me to manage your property. However, I must stress there is no obligation to do so. Feel free to pop your head through our door in Heanor or email me on lettings@sprucetree.co.uk or telephone on 08456 86 0499 to chat about the ups and downs of the property market in Ilkeston.

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