In previous articles we have found that ex-council
properties such as those to be found on the Cotmanhay and Hopewell Farm estates
in Ilkeston and off St Norbert’s Drive in Kirk Hallam can achieve good annual
rental yields of over 8%. Yet their average value tends to stay quite stable
when we compare this to the average capital growth in non-council areas such as
West Hallam which have had a more significant rise.
Nevertheless, a three bedroomed semi-detached
property on Queen Elizabeth Way in Kirk Hallam sold for £62,000 in August last
year, albeit in need of some TLC and it was sold again earlier this year for
£76,000, which is a gross return of 22.5% in less than 9 months which is
equivalent to 35% per annum. Another
example of good capital growth from an ex-council property is a two bedroomed
on Birchover Place (off the Beresford Road) in Cotmanhay which was sold in
March of this year for £85,000, following an increase in value of around 16% in
just over a year and a half. In this particular case no real work had been done
at all as the property was in very good condition with a lovely kitchen and
plenty of garden and off-street parking space.
The worst performing property for capital growth in
2015 so far, however, was bought in November 2006 for £200,000 and has recently sold for
£153,000. This is a significant decline of 23.5%. However, this was not an
ex-council property it was modern detached bungalow, which shows that whatever you are buying, caution is always advised.
If you would like some advice about buying to let,
please come and see us at our offices.
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