Thursday, 19 November 2015
Bargains in Duffield and Belper
We always like to keep an eye on what if happening in our local markets, which is helpful for when landlords decide to pop in and ask our advice, but also helps keep us close to the latest trends.
Looking in and around the Belper area I found that a four bedroom 1920s semi-detached property on Ecclesbourne Avenue, in Duffield, was bought for £265,000 in the Autumn of this year. The same property sold for less than £25000 in the Summer of ’98! This is 963% or almost a tenfold rise, a ten-bagger or just a plain 1000%! However, prices in the town during this same time period, some 17 years, rose by 179.6%, so it should have sold for a little under £70,000 if it kept up with the towns average house price. This could be down to that highly potent mixture of buying property a little under-value, adding value and modernising, then letting time do it’s work. Whatever happened here though that is a staggering rise!
Meanwhile a 3 bed detached house on Eyam Walk sold for £110,000 in May 2014, and was sold again this August for £125,000. This is a solid rise of 14%, but average prices in this time have risen by a little more at 17.3% in Belper.
Finally a 1900s 2 bed semi-detached on Belper Road sold for £124,900 in January 2013 and then sold again £158,000 in September of this year a decent uplift of 27% or around 9.2% per annum.
With both owner-occupier and rental demand for quality properties in these areas always being strong, it’s worth keeping an eye out for the next bargain.
Our expertise is in the residential property market, so please feel free to talk to us about our area or any properties you may have your eye on.