(covering reddish, dane bank, denton, debdale and gorton)

Month: August 2016

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properties sold by price bands

In the last 12 months, the greatest number of flat sales has occurred in the £0-£100k price band in SK5 (60.3% of all flat sales). The most common price band for houses was £100k-£200k which accounted for 69.9% of all sales of houses. In that period, the proportion of houses selling in the price band £0-£100k was 26.9% (60.3% for flats).

 

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does living near reddish vale technology college affect nearby house prices?

This is the time of year that pupils here in Reddish nervously wait for their GCSE and A-Level results. This made us think about the effect of schools on property prices in our area. As you all know, there are many factors that contribute to the value of your home besides its size and location. Things like crime rates, transport links, shops and general amenities all have a noticeable effect on the value of your home. However, proximity to a good local school is one of the biggest ancillary factors, especially for parents. When it comes to buying, education, rather than location, is more often than not the deal-maker for this particular demographic.

Did you know that for some house hunters, the search for a property actually begins on the Ofsted website, rather than with the local agents? It’s no coincidence that property portals have invested heavily in displaying the proximity and performance of schools on each property listing. Some local councils also publish information on schools listed as outstanding, giving the names of streets that fall within the catchment area.

It’s hard to say exactly when school league tables began to have such a bearing on property prices, but there is growing evidence of a strong link between a good school report and the demand for housing close to it. In fact many property hunters are willing to overlook the shortcomings of the property itself and spend beyond their original budget to be in the catchment area of a good school.

The link between prices and school performance is strongest for primary schools because of their smaller catchment areas, which get smaller the better the school performs. However, secondary schools also have a big effect.

We decided to take a look at the properties surrounding the best performing schools across the whole country. We found that on average, properties which were within 1km of a good secondary school sold for 8.4% more than the rest of the housing stock in 2015.

Perhaps more interestingly, these same properties had increased in value by 5.2% more than the rest over the last decade. Now of course there are other factors at play here, but the impact of the schools will certainly be a major factor.

Reddish school

But how big is this impact in SK5? Well, one of the best performing schools in the area for 2014-15 Key Stage 4 results was Reddish Vale Technology College. In the 12 months up to the start of May 2016, the average price of a properties within a 1km catchment of the school had risen by 16.8%. In comparison, average prices within 5km only rose by 8.0%, which is 8.8% less. Interesting, don’t you think?

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Asquith Street, Reddish with a potential yield of over 6.5%

This property was recently reduced and caught my eye as a decent buy to let so I decided to feature it in today’s blog.

The property seems to be in good condition and should need little or no work to be ready for any potential tenant, location is also good being in the centre of reddish. We have let properties on this street for years and never had any issues finding tenants or getting reasonable rents.

With a purchase price of £105,000 and rental income of £575 per calendar month this would give you a return of just over 6.5%%. The property is on the market with Reeds Rains, click on the below link for more information.

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