Friday, 27 February 2015
Heanor – the place to buy a property?
Information is so important when making decisions on what (or not) to buy when investing in Amber Valley property. The demand for rental properties is much greater than the supply and in some circumstances, we have four to five prospective tenants for each decent property. As always the demand is much greater for properties that are in good areas. Also, we are noticing that tenants are staying longer in their chosen property with some tenants signing for the third and fourth years. This is obviously causing problems from the supply side so we are relying on new investment Landlords to bring in some new properties.
Today, I want to look at Heanor. By knowing the different areas of Amber Valley, I can weigh up potential hotspots in the rental market and show potential landlords where there could be an opportunity. The overall average price of a property in Heanor presently stands at £120,500 which as one would expect is cheaper than nearby Smalley at £189,100, Codnor at £132,900 and Horsley Woodhouse at £161,100. Interestingly, prices in Heanor are 5% up on 12 months ago and still only 6% down from the boom of 2007 when they averaged at £128,100.
In Heanor, there are 25,480 people living in 10,820 properties. It is the home ownership percentages that really got me interested, as it is this information, tied in with our intimate knowledge of the market, where we can match tenant demand to an under supply of rental properties. In Heanor, of those 10,820 households, 71.2% own their property (compared to the Amber Valley average of 74.1%).
There are only 1,242 rented properties in Heanor that are in the private rented sector (11.4% of Heanor properties are privately rented compared with the Amber Valley average of 10.7%). The reason the private rental sector is much lower is that Heanor has a high proportion of homeowners and hardly any local authority housing. The properties do sell well, in fact 861 properties have changed hands since 2009. However, with such excellent demand from homeowners and tenants, this could be the right area to purchase your next buy to let investment.
Therefore, if you are considering buying a property for investment in the near future, as I don't sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Spruce Property Blog www.heanorpropertyblog.co.uk