This property came to the market today and although in need of some updating should still make a sound investment.
The property’s condition means that the buyer could be faced with spending around £10,000 to bring the house up to date but once fully refurbished the property should rent for around £650 per calendar month which is still a 6% yield based on a total outlay of £130,000. The property is on the market with Phillip James and can be found using the below link.
An analysis of commuting preferences in Reddish shows that the majority of people use a car to get to work (65.8%). This is followed by bus (17.4%), and then on foot (8.9%). It will be interesting to monitor how this pattern changes over time given the trend in Reddish and everywhere else to more flexible working, i.e. working from home
This immaculate 2 bed property came to the market today and immediately stood out as a fantastic buy!
As I’m sure you are aware the property market has picked up in the last 12-18 months and it has been increasingly more difficult to find buy to let property for around £100,000 in Reddish and considering such houses usually need refurbishment of around £10,000 and 3-6 months in lost rent while work is carried out makes this house an attractive proposition at £115,000.
The property is located in the centre of Reddish which is always popular for buyers and tenants alike. This house should see a rental income of around £595 per calendar month giving a yield of over 6%, easy money in my opinion.
If you would like any further advice on rental investments in the area, then please visit our branch in the centre of Reddish or give us a call.
The property is on the market with Julian Wadden and can be found on rightmove using the below link.
It’s 5.50am as I start to type this article and David Dimbleby has just announced the UK will be leaving the EU as the final votes are counted. As most of the polls suggested a Remain Vote, it came as a surprise to most people, including the City. The Pound has dropped 6% this morning after the City Whiz kids got their predictions wrong and MP’s from the Remain camp are using words like “challenging times ahead”.
.. and now the vote has been made .. what next for the 7378 Reddish homeowners especially the 4377 of those Reddish homeowners with a mortgage?
The Chancellor in the campaign suggested property prices would drop by 18%. Using Treasury estimates, their method of calculating this was tenuous at best, but focused around the abrupt and hasty increase in UK interest rates, which in turn would raise the cost of mortgages, and therefore lower demand for property, causing a drop in property prices.… and I would say, yes .. that will probably happen.
Reddish Property Values
Since the last In/Out EU Referendum in June 1975, property values in Reddish have risen by 1545.1%
The Chancellor in the campaign suggested property prices would drop and whilst property prices did drop nationally by 18.7% between the peak of 2007 and bottom of the market in 2009, when one compares property values today in the country, compared to that all-time high of 2007, (the period before the financial crisis of the Credit Crunch of 2008/9) .. they are still up 10.14% higher.
Another Credit Crunch?
And so, notwithstanding the Credit Crunch, the worst global economic outlook since the 1930s and the recession it brought us, a matter of a few years later, the Government were panicking in 2012/3/4 that the housing market was a runaway train.
Now the same Credit Crunch doom-mongers and Sooth-Sayers that predicted soup kitchens in 2008/9 are predicting Brexit meltdown. Bad news sells newspapers. Stock markets may rise, stock markets may fall, yet the British public continued to buy property in 2009/10 and beyond. Aspiring first time buyers and buy to let landlords dusted themselves down, took a deep breath and carried on buying… because us Brit’s love our Bricks and Mortar .. we need a roof over our head.
However, as mentioned previously, if the value of the pound drops, in the past UK Interest Rates have risen to reverse that drop. However, whilst a cheaper pound will make your pint of Sangria a little more expensive on your Spanish holiday this year and make your brand new BMW pricer .. it will make British export cheaper! Which is great for the economy.
It really is great to see our number one attraction, Reddish Vale Country Park, being included in an elite list of Greater Manchester’s recommended Summer hot spots, a list that includes the likes of Lyme Park and Dunham Massey. But once you get down there and see it for yourself it isn’t hard to see why. A good time to visit would be July 17th when they host their Summer Family Fun day.
Kingfisher Health Club, located within Houldsworth Mill, currently have a selection of membership offers in place. The Health club, which has a good reputation, benefits from a 16 metre indoor pool, a sauna and a steam room, making the new reduced rates seem competitive when compared to rival health clubs with similar facilities on offer.
Saturday 2nd July sees the first of what will more than likely be many, Summer Fairs. The destination is St Elisabeth’s Church, on St Elisabeth’s Way in central Reddish, and the opening hours run between 11am and 2pm if you want to head down…
In the last 12 months, terraces have accounted for 51.9% of all transactions making this the most common type of property on the market in SK5 (422 in total). Over the same period semis accounted for 38.4%, flats accounted for 5.2% and detached properties provided 4.3% of transactions.
A standard measure of a full working week is about 48 hours. That is what the EU uses in it’s ‘Working Time Directive’ to ensure employees are not being over-stretched. In Reddish, 91.2% of full- or part-time workers work those hours or fewer. That means 8.8% work more than that, a total of 1,200 people. Many of our clients fit into this category, and if you are one of them we are ready to work around your busy schedule.
A quarterly analysis of the last four years achieved sales prices from the Land Registry show some interesting patterns in Reddish. Achieved sales prices of flats have increased by 4% per quarter since 2012. This compares with 1.4% for terraces, 1.7% for semis and 3.2% for detached properties. In total, it is detached properties which have increased the most with prices now 29% higher than in 2012.