I came across this 3 bed property whilst browsing Rightmove this morning and thought it was worth a mention for anyone looking for an investment.
The property looks as though it needs some cosmetic work and would be ideal for anyone that has experience in refurbishing property to either sell or let. On the surface there doesn’t seem to be any huge jobs to do just decorating etc. The property is located in the center of Reddish which is always popular for buyers/tenants.
This property should return a rental income of around £650 per calendar month but could go for as much as £695 if refurbished. Basing the rent at £650 would return a yield of over 6%.
If you would like any further advice on rental investments in the area then please visit our branch in the center of Reddish or give us a call.
The property is on the market with Warrens and can be found on Rightmove using the below link.
When this property came available I thought “Buy to let” and decided it was worth letting you know about its potential.
As prices continue to increase in the area it’s getting more and more difficult to find good buy to lets for around 100k. With a small amount of work this house could achieve up to £595 per calendar month. The house is located in north reddish close to all local amenities and the train station. For anyone considering getting in to the buy to let market this would be a good choice. We have let properties on this street in the past and with a rental income of £595 per calendar month you would see a yield of over 6.5%. The property is on the market with purple bricks, click on the below link for more information.
I found this modern purpose built apartment for under £100,000 and thought it would make a great buy to let investment.
This sort of apartment is perfect for any investors that want an easy life. With it being a new build maintenance should be to a minimum and finding tenants shouldn’t take long as new builds always rent quickly and this property is only a short walk to North Reddish train station. We have let an identical property in this block for £550 per calendar month but the market has improved in the last 12 months and I would therefore expect it to achieve £575 giving a yield of over 7%. Service charges and ground rent need to be taken in to consideration but assuming the charges are around £50 a month you would still be seeing a yield of over 6%. The property is on the market with Bridgfords and the details can be found on Rightmove using this link.
At the time of writing, a £10 bet on the good people of the UK voting to leave the EU would yield a profit of £22.50, whereas the same bet on staying-in would return just £3.30. For those of you who don’t regularly have a flutter, that means the likelihood of Brexit is very slim. But then again that’s what the pollsters and bookies said about a Tory majority at the last election.
So if we believe the bookies, it seems the most likely impact of this referendum on the Reddish property market will be fairly negligible. There could be some mild economic uncertainty followed by a return to business as usual following a vote to stay in. In fact, even this mild uncertainty will come to be seen as nothing compared with the rush to snap up buy-to-let properties before the April 2016 stamp duty hike and subsequent flood of properties onto the rental market.
But what would an ‘out’ vote mean for the 7,400 homeowners of Reddish or even the landlords of the 1,708 private rented properties? Well we think it all comes down to how reliant each local market is on buyers who work in the financial services industry. Some commentators claim that in the event of Brexit, the large global banks could pull out of the UK and relocate to somewhere within the EU, most likely Frankfurt. That would result in an exodus of relatively high income workers from the market, and it is these people who have been instrumental in putting upward pressure on house prices since the 1980’s.
As we all know, people working in financial services are mainly concentrated in South East England, within commuting distance to the City of London and Canary Wharf. However, there are also provincial outposts in the north of England, particularly in Leeds.
In Reddish, there are 550 people working in financial services, equal to 4.2% of all jobs. In the context of the national picture, that puts it in the top half of all areas in terms of the concentration of financial services jobs. So the bottom line is that in relative terms, Reddish is mildly reliant on the financial services industry. Consequently, Reddish’s property market would be only slightly exposed in the event of Brexit.
However, there is a broader economic consequence of Brexit which would pose a menace to the SK5 and UK housing markets – interest rate rises. Theoretically, this could see the cost of mortgages grow swiftly, pricing many out of the market and generally making life difficult for buyers. However most buyers take fixed rate mortgages and two-thirds of landlords buy without a mortgage, so this would dampen the effects in the short-term. It’s also conceivable that inflation would ramp up substantially if the price of imports went up, and if the Bank of England responded by increasing interest rates we might get into the situation we were in in the late 1980’s when mortgages were sky high, but inflation was eroding the debt.