Thursday, 19 June 2014
What has happened to the Heanor rental market since 2008?
It might surprise some readers that the average rent, that tenants have had to pay for a rental property in Heanor, are on average, 4% lower than they were in 2008. Average rents in Heanor in 2008 were £476 per month but now they stand at £458 per month. That doesn’t tell the whole story though.
Interestingly, nationally and regionally, rents dropped by around 10% to 15% a year later by 2009, depending where you lived. However, the Amber Valley and Erewash bucked that trend, with rents in Heanor only dropping by 6% to £447 per month. They did drop another 2% in 2010, taking the average down to £439 per month.
However, 2011, saw a slight rise, with the average going up to £446 per month with a similar rise in 2012 to £453 per month. This is all still despite the squeeze on Heanor wages. Demand has remained good, mainly in part to the demand of tenants from Derby, Chesterfield and Nottingham who are happy to commute. There are still plenty of tenants willing to pay for well maintained properties in great locations.
As we go into the Summer of 2014, average rents in Heanor stand at £458pm. From a landlord perspective, the steady rise in rents is good news, as are steady rising property prices. Interestingly, property values in Heanor have seen a rise of over 2.5% in the last 12 months.
If you are thinking of buying your first (or second) buy to let property and want to pick my brain on what (and what doesn’t) make a good investment and, as I don’t sell property, I can look at the whole of the market and give you my honest opinion.
Feel free to email me on firstname.lastname@example.org or ring me on 01332 910499
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