Thursday 13 August 2015

Bargains in and around Kimberley and Eastwood



A landlord became ever more curious about the Eastwood’s Buy to Let market after reading our articles about various areas around Eastwood, so decided to pop in and ask our advice.

I found that a small two bedroom cottage on Sydney Street, Kimberley, was bought for £85,000 in the summer of 2011. The same property then sold, after a full scheme of refurbishment, for £170,000, twice the original purchase price, in April this year.
Looking at some of the after photos shows what a lovely job has been done on this one!


 

A traditional 2 bed terraced property in Noel Street, Kimberley was acquired for £68,500 and then sold for £98,500 in May of this year giving a very respectable gain of 44%. However, prices in the town during this same time period rose by just 12%

Another property, a tidy 3 bed semi-detached house in Charles Avenue, Eastwood, was purchased for £100,000 in July 2013 and then resold in March this year for £140,000, a 40% gain in less than 2 years, compared to the average growth in the area, across the same time period, of some 11%, so it should have only sold for £111,000 if it had merely kept up with the towns average house price.

With rents for semi-detached houses in the area achieving between £550 and £600 per month, average yields are around 6%. I think in terms of a rental investment, this is worth consideration – buying carefully in the first place and assuming good capital growth – which we can definitely can see happening here.

Our passion lies firmly within the residential property market, so please feel free to talk to us at any point about our area.

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