More than six-million people move home every year according to national census figures. These numbers reveal we are changing homes at a faster rate than ever before with people in the southern half of the country the most frequent movers. Conversely, those living in the North East, North West and Wales move home less frequently than anyone else in the UK.
The average lifespan of a British person is now 81.5 years; during this lifespan people will move home about six times. With 14 years, the South West leads the way for the shortest amount of time people live at one property while the longest amount of time people stay at their properties is in Wales where the average is 23 years.
Located just off Stockport Road in Cheadle Heath, this property is perfectly positioned and priced to be a fantastic Buy to Let Investment. It is a well finished, three bedroom, end terraced, and has been brought to the market with a Guide Price of £127,500. I estimate a monthly rental return of £700 which, based on its current asking price, creates a yield of 6.49%. Be quick, this one won’t be around for long!
Following on from the Councils recent announcement that the Stockport Produce Hall will soon be developed, the selection process for its new occupants has started. The selection process runs from now to September 15th, with a decision forecast for this Autumn. If you are interested or know somebody who could be interested then spread the work and express your interest.
I was lucky enough, last week, to have a look around the ongoing development of the Cale Green & Heaviley Conservative Club, and it is going to be superb! Located on Dundonald Street, the club is being converted in to four large apartments. It will retain several of its original features and is set to be ready before the end of the year. There will also be a three bedroom detached house built within the grounds.
New 10 screen cinema, The Light, has started its internal fit out as the construction work to the remainder of the development draws to a close. This means one thing, the development is still on track, and will open this November. Its great news for Stockport and its economy, with thousands of new visitors expected each year!
Popular Stockport based eateries, Where The Light Gets In and The Allotment Vegan Restaurant, have both been nominated for multiple awards at this years Manchester Food and Drink awards. It would be great to see one, if not both of them, scoop an award or two. So lets all get behind them and get them the recognition they deserve!
I hope you are all well and having great sucess with buy-to-let investments! If not… then I have another great opportunity for you. This property comes with tenants in situ i.e. ready made tenants! Now, some people may be put off with this, and I guess this is understandable as it raises questions such as… who are the tenants? Have they always paid their rent on time? Are they the type of people you would like to rent to? How long have they lived in the property? Have they looked after the property? But don’t worry… all of these questions can be checked and answered during the conveyancing period. If you are not happy then we can always speak to the current tenants and get them re-referenced or it may be that these tenants are not intending to stay, they may be looking to buy and be looking for their first home.
I would really not let this small fact put you off. At the end of the day the tenants could be a great acquisition! Its not necessarily a bad thing or a worrying thing, you have tenants living in the property so you will start getting a rental income as soon as the conveyancing is complete and you have completed. For me its a win, win! New home and tenants already happily living in their rental home.
So, lets have a look at the property… this is a beautiful and very well presented period two bedroom terraced house in Heavily, on Chatswood Road. The current owners have finished the property to an immaculate standard and they have also converted the basement into an office/lounge, making great use of the space for any future tenants!
The property comprises a lovely lounge with gas fireplace, a large modern fitted kitchen and a rear pebbled garden. On the first floor is a large master bedroom and a second, smaller bedroom with contemporary bathroom suite.
As mentioned the property is currently tenanted until January 2018 and is currently achieving a rental value of £595pcm. This is a below market rate and the property should be able to achieve £650-£675pcm in the current Lettings Market. By January 2018 this could be even higher! Therfore, the current yield with the current tenant in situ is 5.49% which is an average yield. With a higher rental income the property could achieve between 6% and 6.23%.
If you would like to view this property but it is your first forray into Lettings and being a Landlord please do let me know if you would like me to accompany you on a viewing!