Thursday, 20 August 2015
Should you be buying in West Hallam, Smalley or Horsley Woodhouse?
In other articles I have discussed the differences in the rent that could be achieved from properties in the villages around Ilkeston, compared to the town itself. However, I didn’t mention the average values in both and how that affected their annual returns/yields.
The average terraced house in Ilkeston is worth around £98,000, whilst terraced houses in the surrounding villages, such as West Hallam, Stanley, Mapperley, Smalley and Horsley Woodhouse, are worth around 34% more with an average in the region of £131,500. A similar, although not so pronounced difference, was found for the value of an average semi-detached house worth £125,000 in the town, with the value increasing by 17% in the villages at £146,000. For a detached house in the town, you can pay approximately £221,000. This value is increased by 11% in the surrounding villages, with average values of £246,000.
If you are a landlord who is looking to buy property to let, before you buy in West Hallam or any DE7 6 village, you should consider the possible annual returns/yields. In the villages the yields are quite low, at around 4%, compared to around the 5+% annual yield you may receive from properties in town.
Specifically in West Hallam though we have recently had a spate of rentals – all of which have rented well (some positively flying out the door!) and also enquiries about the rental prospects of other properties in the village – so things are looking good for the village-landlord.
So if you would like any advice when choosing properties, you may come and see us at our offices.