Thursday, 22 October 2015
Is Buxton Avenue Heanor’s sleeping giant?
A landlord recently missed his chance to buy a nice three bed semi-detached property on Buxton Avenue, in Heanor, as it sold quickly. He asked me if there something special about the area, so I did a little research.
I have included roads surrounding the Buxton Avenue area such as Sunningdale Avenue, Owers Avenue and Coppice Drive amongst others in my findings. Many of these properties were built around the 1950s.
A number of the three bedroom semi-detached properties have sold in the area for between £90,000 and £135,000 in the last two years. Remember though that to prepare a property as a rental investment could take additional funds and depending on the work needed could be as much as £10,000, or more, so some of these properties may have needed some care and attention. These properties would achieve rents of around £495-550 per month, which would provide a reasonable annual yield of around 6%.
The three bedroom semi-detached properties in the Buxton Avenue area are now asking a minimum of £125,000 and upwards. The older houses offer the tenant and buyer larger rooms, which can be more appealing.
Even though the purchase price is heading upwards, the rents being achieved are also edging upwards, meaning the annual yield is still good especially as the houses have seen great increases in value and are popular with buyers and tenants.
So, if you would like to talk to us about property in our area please feel free to visit our offices.