reddish and tameside property blog

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

property prices in sk5 have risen by 168% since 2000

You would be forgiven for thinking that Nobel Prize winner Bob Dylan was talking about the UK property market when he sang, “the times, they are a changin'”. As agents in SK5, we have seen it all in the property market. But one overarching fact is the rise of local property prices, which have seen a significant increase of 168% since 2000.

Figures show that moving up the property ladder, or getting on it in the first place, is not that easy. However, there are certain choices you can take to make the process much smoother, particularly if you listen to advice from a good agent. The young person’s dream of owning their own property is still very much within reach.

Compromise is key; sometimes it is a good idea to take stock and really think about what it is that you want from a property. SK5 is popular with homeowners and tenants, which indicates that location is still the number one factor for people moving home. Yet in our experience, some people are willing to look further afield to find a cheaper, more suitable property.

If you are already on the property ladder, moving up it is not as arduous as many initially think. Increasing house prices can actually benefit homeowners like you, assuming that you have paid off a fair amount of your mortgage. Average property prices in SK5 are now worth £120,800, which means if you bought the property 10 years ago, it would have increased by an impressive £7,800.

Some of you will be tenants who are not yet on the property ladder, but don’t worry as there is still hope. Mortgage lenders have started to loosen their purse strings, with many of them offering up to 95% mortgages. The government also offer several schemes making it easier for first-time buyers to purchase a home, including Right to Buy, shared ownership and the Help To Buy ISA.

average-reddish

Landlords have reasons to be cheerful, with an element of younger people in SK5 choosing to rent rather than buy. There are certainly benefits to renting, including the ability to simply call the landlord if there are any issues around your rental home, allowing you to save on large repair costs. The lifestyle of a renter also provides flexibility, which is very important to some people.

It is harder for young people to save for a deposit in an age where Apple launch a brand new product every six months, or the latest HDTV is readily available. Renting is a choice, and we are developing a mindset more akin to the Europeans with regards to it. In fact, the fascinating figures show the percentage of households privately rented in SK5 have risen from 6.4% in 2001 to 12.0%, according to the last census.

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2 bed semi in reddish with a potential yield of 6.5%

This 2 bed semi got my attention when it recently came to the market and I thought it was worth letting you know about.

This property is a good size two bed with plenty of outside space which would be ideal for tenants with small families. It is located close by to the ever popular Dane Bank area which makes it ideally placed for local schools and transport links. The property should easily command a rental income of up to £650 Per calendar month giving a return of 6.5% assuming a purchase price of £120,000.

The property is on the market with Purple Bricks and can be found using this link.

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3 bed terraced with a potential yield of up to 7.5%

I have featured this property in a previous blog back in June and its now £10,000 cheaper!

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 centre of Reddish which is always popular for buyers/tenants.

This property is on the market for £110,000 and should return a rental income of around £650 per calendar month but could go for as much as £695 if refurbished giving a yield of 7% – 7.5% which is well above the area average of 6%.

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

I have featured this property in a previous property blog and thought I would make you all aware that it has come available again.

This house would make a fantastic first time investment for anyone considering getting in to the property market and would also be a good addition to any landlord’s portfolio. The property looks in good condition and is in a good location. These sort of houses are the bread and butter in Reddish and always rent well. We have let properties on this street in the past and with a rental income of around £575 per calendar month which would give a yield of over 6.5% based as a purchase price of £103,000. The property has recently changed agents and is now on the market with Phillip James, click on the below link for more information.

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how big are our homes?

Each area in the UK varies dramatically according to the average size of properties, as measured by the number of bedrooms. In SK5 the mix as shown in the infographic above.

 

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3 Bed terraced in Reddish with a potential yield of just over 7%

This property has recently come down in price and has fantastic buy to let potential.

Being located close to the only useable train station in Reddish is sure to be a pull for a lot of tenants and having 3 bedrooms will mean it could suite a young professional couple or a small family. Condition wise the property looks reasonable and should need little or no renovations to be fit for rental. Income wise you should be looking to achieve £625-£650 per calendar month which is just over a 7% yield. The property is on the market with Edward Mellor and can be found using this link.

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reddish wedding fair coming this month!

The beautiful St Elisabeth’s Church in South Reddish is hosting the 2016 Reddish Wedding Fair. The event takes place on Sunday 30th October between the hours of 12.00pm and 16.00pm, and includes samples from local suppliers, covering all aspects of the big day. There are also a number of fashion shows throughout the day. There are still a few places available for suppliers to showcase their stuff, so get in touch if you have something to offer!

Click here to secure your place and purchase your ticket.

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long lost siblings reunited

A good news story made the headlines this month when Reddish resident, Brenda, was reunited with her long lost brother, after being adopted at a young age. The opportunity came when Branda got inspired whilst listening to a similar story on a BBC Manchester radio show. She got in touch with the show and with their help and the help of the charity After Adoption, she finally made contact with her brother who currently lives in Maryland, USA.

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market liquidity

The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last two years there have been 944 sales in SK5. Terraces accounted for the largest number of sales (473), followed by semis (332), then flats (109) and detached properties accounted for the fewest sales (30).

 

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house price growth

Since the last quarter of 2013, average sales prices of semis in SK5 have increased by 22.9%, which represents the best performance of all property types. The next highest performers were flats, which saw an increase of 20.9%, followed by terraces (14.4%). The poorest performance came from detached properties, which still managed to increase by 11.1%.

 

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