It might surprise some readers that the average rent, that
tenants have had to pay for a rental property in Ilkeston, are on average, 4%
lower than they were in 2008. Average rents in Ilkeston in 2008 were £492 per
month but now they stand at £476 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 Ilkeston only
dropping by 6% to £463 per month. They did drop another 2% in 2010,
taking the average down to £454 per month.
However, 2011, saw a slight rise, with the average going up
to £461 per month with a similar rise in 2012 to £468 per month. This is all
still despite the squeeze on Ilkeston 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 Ilkeston
stand at £476pm. From a landlord perspective, the steady rise in rents is good
news, as are steady rising property prices. Interestingly, property values in
Ilkeston have seen a rise of over 1.9% 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 lettings@sprucetree.co.uk or ring
me on 01332 910499
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