7.6% Yield in Langley Mill

This 2 bedroom property in ever popular Langley Mill has been put on the market for £74,950.  Suitable for couples and small families We think it could rent for £475pcm giving approximately 7.6% gross yield.  It’s a nice clean property which should rent with minimal expense.  Great amenities close by which are bound to be popular. Call me when you’ve viewed it to discuss how we can help you further!

Erewash vs Amber Valley - Census figures released

It seems a distant memory three years ago when we were filling in our census returns, but now the final figures for the each individual town and Council area have been released.  It all makes for some very interesting reading especially around the property sections, so let’s look at the Erewash and Amber Valley figures.

Of the 48,692 properties in Erewash, just over seven out of ten properties are owned (71.5 % to be precise) and 5,762 householders rent their house (or 11.8% of households). Compare that to Amber Valley where 38,973 householders own their own home (74.1%) and 5,618 of households are rented (10.7%). When you consider the national average for renting is 15.6%, both areas are the bottom quartile of local authorities for private renting

Roll the clock back 10 years to 2001, and in Amber Valley, 77.1% people owned their homes (compared to the 74.1% mentioned above), so it would be fair to say less people own their own home now? No, quite the opposite, because in 2001, 37,900 of Amber Valley houses were owned and by 2011, that had increased to 38,973 households (as above).

The reason is that over those 10 years, 3,467 houses were built in Amber Valley, and guess what, most were bought for buy to let. In 2001, 2,854 houses in Amber Valley were rented and as we discussed earlier, by 2011, that had risen to 5,618 households, a massive 96% jump in private rented property in Amber Valley over those 10 years (and the figures are almost identical for Erewash).

As in the rest of the UK, locally more people own their home than 10 years ago (in fact, out of all the UK local authorities, Amber Valley is in the top 12% of UK local authorities for home ownership and Erewash is in a very respectable top 25% spot), but more importantly, even more people rent. The demand for rental property will steadily continue to rise as the UK turns into a more European model of homeownership.

So, if you are considering becoming a landlord or are an established landlord who is thinking of buying another property to rent out, please do your homework. Feel free to ask my opinion on what makes a 'decent property'. I don't sell property, so it's in my interest for you to buy the right property for you, not me. I don't charge for that opinion, because I hope you will recommend me to your friends, which is in fact the best compliment you can make me.

Family Home Circa 8% Yield Ilkeston

This 3 bedroom semi in Ilkeston is available for £79,950.  We believe it could potentially yield 7.8%.  A bit of hard work would be required to the gardens of the property to remove the conifers which are threatening to take over, but overall it seems an interesting proposition.  Bound to attract a nice family with it’s proximity to local schools and with the benefit of off street parking.  Why not book that viewing and then call us back to discuss your options further.

c11% Yield Ilkeston

This 2 bedroom property in Ilkeston needs a little TLC but it is a real bargain!  It’s priced at £49,950.  We think it could achieve £465 per calendar month giving an incredible yield of 11.2% - yes you did see that correctly!  The property would benefit from re-decoration works and a facelift in the kitchen but otherwise it seems good to go!  If you don’t fancy going that far, you could just give it a lick of pain, ask £450 and still get 10.8% yield.  If you’re still reading, step away from the computer and book that viewing.  We can provide you with help and advice after your viewing!

Minor Works - 7.7% Yield Heanor

This 2 bedroom terraced house has been given a modern twist with open plan living downstairs.  Priced at £69,950 this house is almost ready to let out with just a few minor but essential works required.  We believe you could reasonably ask for £450 and achieve a yield of approximately 7.7%.  Bound to be popular with young families due to it’s location.  Give me a ring once you’ve viewed and I’ll advise on what is required to bring in the tenants and also what needs doing.

Property Values along the A6007

A few weeks ago, I said that property values in our part of Derbyshire had risen on average by 3.13% in the last 12 months but that could be split down to the different towns so, for example, Ripley had only risen by 2.9% whilst at the top end whilst Eastwood’s had risen by an impressive 5.2% in the same 12 months.

Anyway, I had a landlord ring me a few weeks ago  after reading one of our Property Newsletters, asking about the smaller towns and villages in our area, in particular a couple of the towns/villages along the A6007.

An overlooked road in the area, the A6007 is often seen as nothing more than a local Erewash link road really. However, the A6007 links Stapleford with Ilkeston, Heanor and Codnor - though anyone wanting to go between the end points would surely use the A52, M1 or A610.

Starting at the Southern end, Stapleford has seen values increase by 3.2% in the last 12 months, taking an average property to £130,300. New figures for Ilkeston show that values have jumped tremendously in the last 12 weeks. The dip of early of 2013 has worked its way out of the system, and now property values in Ilkeston see themselves 5.9% higher than a year ago (over half of that increase being in the last 12 weeks).

Heanor makes fascinating reading, as values in the later part of 2013 shot up, only to drop again around Christmas ever so slightly. Heanor property values are still 0.2% lower than they were at the back end of 2013 (but not to worry, Heanor values are still 8% higher than they were in 2009!).

Finally, as we reach the last town, Codnor, this town has seen average values increase by £3,300 in the last 12 months, taking an average property up in value by 2.65% to £129,200

I can only see greater demand for rental properties in the whole of Amber Valley, Erewash & Broxtowe  which will mean more people will continue to buy property for buy to let and, where there is greater demand, the price tends to go up. This, however, is only my opinion.  If you want to chat about any matter relating to property in Amber Valley, Erewash & Broxtowe, give me a call on 01332 910499 or email me on lettings@sprucetree.co.uk

 

 

 

 

 

 

Tidy 2 Bed Semi Leabrooks

I saw this tidy 2 bedroom semi in Leabrooks advertised recently at £89,950.  It’s ready to move into and should achieve £475 pcm.  That’s a 6.3% potential gross yield.  A popular area with easy access to the A38 making both Derby and Mansfield easily accessible, so great for commuters.  Book a viewing woth the agents so we can discuss getting you tenants moved in!