A purpose built apartment which would make a perfect starter property for any budding investors, located in the centre of Stockport.
The reason this apartment is such a good buy is due to its simplicity, its cheap, modern and low maintenance. Combine that with a yield of over 7.5% and you have got a recipe for a fantastic investment. There is also a lot of scope for the value of both rental and sales to increase significantly with the impending development of Stockport exchange and Redrock which will bring a lot of business and employment to the area.
In the last 12 months alone we have seen rental prices for similar 1 bed apartments rise by as much as £75 per calendar month. This property in particular should rent for around £495-£525 per calendar month which would be a yield of over 7.5%. Service charges and ground rent need to be taken in to consideration but accounting for an average charge of around £80 a month you would still be achieving a yield of up to 6.5%. The property is being marketed by ourselves and the details can be found on Rightmove using this link.
The advent of broadband has dramatically altered our expectations about what we can do from the comfort of our own home. The ability to buy groceries, order a new dress, stream HD movies, make video calls and download files all at the same time has changed the way we think about where we live. With that in mind, it is no surprise that broadband speeds play an important role in house-hunters and landlords’ decisions when looking for new homes or buy-to-let properties.
Research by internet service provider KC suggests that three out of four people take broadband speeds into account when choosing a home. Rightmove certainly agree, with results of their recent survey indicating that people now value broadband speeds just as much as a property’s proximity to a good school or transport infrastructure.
Of course, out of everyone it is the younger generation who place the most emphasis on internet speeds, with Rightmove reporting that 18 to 35 year olds are influenced by how fast a connection is. Around half of this age bracket say they would reconsider a property if they found that the connection speed was inadequate for their needs.
As the world becomes ever smaller and more integrated via the web, there is a greater amount of people working from home instead of commuting to an office. ONS reports that the total figure of home-based workers in the UK is currently 4.2 million; nearly 14% of the entire UK workforce. In SK5, 2.8% of the workforce works from home, equivalent to around 370 people. Those who do work from home might not have to worry about the daily grind when commuting to work, but they will want to make sure their internet speed does not cause them a daily headache.
Even for those not working from home, broadband has become an essential part of everyday life. Video messaging services like Skype and FaceTime have changed the way we communicate, while live streaming of music and movies on sites like Spotify and Netflix has made the need for an uninterrupted internet connection that much more important.
A survey conducted for the Halifax showed that over 20% of people surveyed would be willing to pay more for a property with a fast broadband connection than for one without. Broadband provider Hyperoptic also recently found that people were willing to pay up to 11% more for a property with 100Mbps broadband speeds. Given the average property price in SK5 is £116,200, this equates to an additional £12,800. Hyperoptic also found that 60% of the people they spoke to said an internet connection was more important than having a garden, or good neighbours. These results just go to show what an important role superfast broadband plays in people’s lives.
I saw this property come to the market recently and thought it was worth putting it out there for all you potential landlords and investors.
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 £650-£675 per calendar month which would give a yield of up to 6%. There are better yields to be had in the area but this property is all about the capital growth!
The property is on the market with Phillip James, click on the below link for more information.