Belper vs Heanor Property markets – why such a difference?

I was talking to one of my landlords from Denby Village the other day, when we were looking over a few properties that he was considering buying in Belper or Heanor. As I cover both towns, I was able to discuss the two towns in depth. We started to notice an interesting pattern in the property markets between the two towns. Belper has always been a more expensive town to buy in comparison to Heanor, but depending on what type of property you buy, there are some fascinating differences.

A few weeks ago, we said that the average value of a property in Heanor was £129,900, compared to Belper’s  £204,400 (making Belper property values 54% higher than Heanor’s). However, when you look deeper, things become quite interesting. Terraced houses in Belper are 47% higher than Heanor’s (£132,900 to £90,200) and semi detached properties are only 37% higher in Belper (£159,400 compared to £116,100) yet flats are 77% higher in value Belper than Heanor!

So why the big difference when it comes to looking at the two towns as a whole? Well after investigating, it transpires that in Belper, there are proportionally 42% more detached houses than Heanor, whilst Heanor has 23.5% more semis and 24.3% terraced houses than Belper. The number of houses in both areas are almost identical, it’s just there are lot more of the upper end (detached and semis) in Belper than Heanor. That means if you are looking to invest for capital growth, Belper could be a better bet and if you were looking for a slightly better yield, Heanor could be for you.

As always, everyone’s circumstances and what they want from investing in property is different, and just like these two neighbouring towns are so different, it just goes to show that you need to know your marketplace and decide which is the right town for your money. 

If you are an existing landlord with rental property in Erewash or Amber Valley, whether you are landlords with ourselves or another agent or someone who  is thinking of becoming a landlord for the first time, don’t hesitate to ring me on 01332 910499 or send me an email to lettings@sprucetree.co.uk for my thoughts and opinions on the local property market and what does (and doesn’t) make a good buy to let investment.