June 21, 2016
A standard measure of a full working week is about 48 hours. That is what the EU uses in it’s ‘Working Time Directive’ to ensure employees are not being over-stretched. In Reddish, 91.2% of full- or part-time workers work those hours or fewer. That means 8.8% work more than that, a total of 1,200 people. Many of our clients fit into this category, and if you are one of them we are ready to work around your busy schedule.
June 21, 2016
A quarterly analysis of the last four years achieved sales prices from the Land Registry show some interesting patterns in Reddish. Achieved sales prices of flats have increased by 4% per quarter since 2012. This compares with 1.4% for terraces, 1.7% for semis and 3.2% for detached properties. In total, it is detached properties which have increased the most with prices now 29% higher than in 2012.
June 20, 2016
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.
June 17, 2016
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.
June 14, 2016
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.
June 14, 2016
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.
May 31, 2016
Reddish homeowners and buy-to-let landlords in SK5 should be pleased to know that prices have risen recently.
Our latest analysis of the Reddish property market shows that month-on-month, SK5 house prices have increased by 6.8%, whilst the year-on-year figures showed that house prices in SK5 have increased by 13.4% in the year, taking the average house price in the Reddish area to £117,100.
It gets even more interesting when we look at the last few months of 2015 and see the patterns that seem to be emerging.
• December 2015 – a rise of 6.8%
• November 2015 – a fall of 0.6%
• October 2015 – a fall of 1.5%
• September 2015 – a rise of 0.5%
The lack of new building developments has been the biggest factor contributing to the SK5 property values being 15.4% higher compared to 2009, and an eye watering 210.2% higher than in 1995.
Until the Government addresses this issue nationally, and allows more properties to be built, things will continue to get worse. The UK population grows at just under 500,000 people a year, whilst the country is only building 152,400 properties a year – no wonder demand is outstripping supply.
We firmly believe the property market in SK5 (and the country as a whole) is changing its attitude towards homeownership, which in turn will have major ramifications for the homeowners and buy-to-let landlords of SK5 alike. Back in the late 20th century, getting on the property ladder was everything. However, since the late 1990’s, we as a country (in particular, the younger generation of would-be homeowners) have slowly started to change their attitude to homeownership. We are moving to a more European model, where people choose to rent in their 20’s and 30’s (meaning they can move freely and not be tied to a property), then inherit money in their 50’s when their property owning parents pass away, allowing them to buy property themselves.
Some of the highest levels of home ownership are in Romania at 96.1%, Hungary at 88.2% and Latvia at 80.9% (hardly European economic powerhouses). In Western Europe, Spain has homeownership levels at 78.8% and Greece has 74.0% (and we know the economic woes of these countries well). At the other end of the scale, whilst we in the UK stand at 64.8% homeownership (and interestingly in Reddish is 57.2%), in Europe’s powerhouses, only 52.5% of Germans and 44.0% of Swiss people are homeowners.
May 30, 2016
Wednesday 4th May saw the opening of a new Dementia Friendly Café in Reddish, at St Agnes church near the Dolphin fish ‘n’ chip shop. The pop up café, which is available for all Dementia sufferers and their carers, will open every Wednesday between the hours of 12pm and 3pm and includes lunch for an entrance fee of £3. It is a great idea and a fantastic addition to our area!
May 30, 2016
In SK5, the largest proportion of residents (13.6%) are of ‘Elementary occupations’ (Elementary). This is 2% higher than the average in the North West. Next most common in SK5, with 12.9% of all residents, are ‘Administrative and secretarial occupations’ (Admin.). This is 1.2% higher than the average in the North West.
May 30, 2016
The number of sales in a given area is a powerful measure of the buoyancy of local housing markets. There were a total of 433 transactions in SK5 in the last calendar year. This is an increase of 44.4% over the year. In comparison, there was an increase of 35.2% in the North West, and an increase of 29.4% across England & Wales.