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 in decent condition and would be ideal for anyone not wanting the hassle of refurbishing a property.
This property should see a rental income of around £650 per calendar month and basing the purchase price at £120,000 would give you a reasonable yield of 6.5%.
The property is located in North Reddish close by to the only train station in Reddish which is likely to attract tenants. The property is on the market with Edward Mellor and can be found on Rightmove using the below link.
Since the first quarter of 2015, average sales prices of detached properties in Reddish have increased by 4.4%, which represents the best performance of all property types. The next best performers were semis, which saw an increase of 2.0%, followed by terraces (1.8%). The poorest performance came from flats. These of course are averages.
Personal trainer Shaun O’Brien, a local resident, is developing a great reputation in his field and has been recommended to us many times lately. He does personal training within the gym, but also does group classes at various locations including Anchors Away at Houldsworth Mill. His webpage provides all the info you need, including plenty of testimonials from happy clients!
Feeling adventurous or looking for the perfect team bonding day? Well, on September 18th, Reddish Vale farm are hosting the Tough Udder challenge! It is a 5k course and consists of 15 to 20 obstacles including a water slide! The event also includes a childrens obstable course, as well as food and drink! Plus a percentage of the entry cost goes to charity!
The Carousel pub, on Reddish Road in South Reddish, is currently celebrating all things pig and cider, within their Summer festival. The festival is live now and will be for the following few weeks, and includes a special ‘pig’ based menu and a wide selection of ciders. It sounds like the perfect way to make the most of this warm weather we are having!
According to the last census, the most common type of property in Reddish is a three bedroom house, which accounts for 54.8% of the total. This is 2.5% higher than the regional average and 8.3% higher than the national average. The next most common type of property is a two bedroom house (24.5%) followed by a four bedroom or more house (11.5%).
The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last three years there have been 1,282 sales in Reddish. Terraces accounted for the largest number of sales (650), followed by semis (452), then flats (121) and detached properties accounted for the fewest sales (59).
This property recently came to the market and grabbed my interest so I decided to feature it in today’s blog.
Doer-upper is the first thing that comes to mind with this property and it is going to need a considerable amount of work to be in a “lettable” condition, however this shouldn’t be a problem for any seasoned investors. The property is in a good location for transport links to Stockport and the city centre with bus routes and the train station located just 5 minutes’ walk away.
I would estimate works to cost around £10,000 and assuming you could get the property for £90,000 this would put your total spend at £100,000, With a rental income of £575 per calendar month this would give you a return of 6.9%. The property is on the market with Reeds Rains, click on the below link for more information.
As I’m sure you’ve noticed, things have changed a lot for first-time buyers recently. Government schemes and mortgage requirements seem to change every week, so would-be homeowners have got to keep up. However, for those in the know, there are a lot more options in Reddish than there used to be.
The first challenge awaiting would-be home-owners these days is the deposit for the mortgage. The bigger the deposit, the better the chances of getting a great deal. The minimum required deposit is around 5%, so with an average home in Reddish valued at £114,900 locals will require a deposit of at least £5,700. That’s a fair amount of saving up, given that average annual salaries in the region are £25,700.
The Government has stepped-up to help make saving easier. The newly introduced ‘Help To Buy ISA’ will hopefully make saving for a first home quicker and less painful. Save £200 and the Government will contribute £50 each time.
The Government has also made it easier for first-time buyers to purchase new-build properties. With the ‘Help To Buy’ scheme, they still need a deposit of around 5%, but then the Government loan a further 20% interest free for the first five years, meaning they only need a mortgage for 75% of the property price. In London the loan is up to 40%. After year five they have to pay interest at 1.75% of the shared equity loan at the time they purchased the property, rising each year after that by the Retail Prices Index (RPI) plus 1%. Sell up or pay the mortgage back and they’ll be asked to repay the Government’s share of the loan, along with a share of any increase in the home’s value.
Interestingly, of the 146,500 people who took advantage of the ‘Help To Buy’ scheme between the 1st of April 2013 and the 31st of December 2015, none of them were in Reddish. Low figures are usually down to low house building rates.
Another option for buying a first home in Reddish is shared ownership, which allows a would-be homeowner to part-buy part-rent their property. Back in 2011, there were 139 shared ownership properties in Reddish and given the national growth rate there should be around 164 now.
Under this scheme, owners start off with buying anything from 25% to 75% of their home, usually with a mortgage, and paying a monthly rent to a housing association, who will usually give the occupier the chance to increase their ownership share, known as ‘staircasing’.