(covering SK1, SK2 and SK3)

Category: property market news

Residential conversion planned for Stockports Wellesley House

It has been reported in Place, North West that Wellesley House is set to be converted in to residential accommodation.

Wellesley House, a prominent 46,000 sq ft office block in Stockport town centre, could be converted into 77 apartments under plans put forward by developer Mandale Homes.

The seven-storey office block fronts the A6 and sits around 500m from the Merseyway shopping centre, and is also near Junction 1 of the M60.

Former tenants include a Job Centre on the ground floor, and the Department for Work & Pensions, but the building is now largely empty. Space on the seventh floor was previously marketed by consultancy Hallams.

Mandale Homes is proposing to convert the building into a mix of 51 one-bed flats and 26 two-beds. Existing access from both Laurel Street and the A6 will be retained, as will the building’s existing 83 car parking spaces, and cycle parking will be added. The professional team includes TPS as transport consultant. The developer, Mandale, is based in Stockton-on-Tees.

Office-to-residential projects have become increasing prevalent in Greater Manchester in the last 12 months, particularly around Old Trafford where a number of lower-grade office buildings are being converted into apartments or student accommodation.

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JUST 35% OF THOSE AGED 25–34 OWN THEIR OWN HOME

  • Just 35% of 25 to 34 year olds were homeowners in 2017, down from 55% twenty years ago. Only 60% of young adults with a 10% deposit and a loan based on an income multiplier of 4.5, can afford the cheapest properties in their local area according to a new report produced by the Institute of Fiscal Studies.
  • Rising property prices, primarily prior to the financial crisis, compared to incomes have been the major factor in this change. Adjusting for inflation, average house prices in England have risen by 173% over the last twenty years, compared to real incomes of those aged 25 to 34 which have risen by just 19%.
  • Regional disparity in house prices is far more acute than among incomes. Across London and the South East over 90% of young adults would need to save at least six months’ income for a 10% deposit on an average priced home in their area. This compares to under 60% across the North East, North West and Yorkshire and the Humber.
  • The introduction of incentives such as Help to Buy, have undoubtedly proved beneficial for many first-time buyers. Nearly 170,000 have benefitted from a Help to Buy equity loan since its introduction in 2013. Similarly, over 69,000 first-time buyer households have saved on average £2,300 each thanks to the first-time buyer stamp duty tax relief announced in the 2017 Budget.
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CHOCOLATE BOX PROPERTY

  • There is little else more quintessentially British than the chocolate box cottage. Bringing up idyllic images of rambling roses framing the doorway, thatched roofs, exposed beams and open fires, an escape to a rural retreat is the aspiration of many.
  • We have taken the opportunity during this National Chocolate Week to delve further into this market and the buyers who have made this dream their reality this year.
  • So far in 2018, there have been 2,100 country cottages sold in rural locations across England and Wales. The South of the country dominates, with 46% of sales but a fifth were in the Midlands and 15% in the East. The remaining 19% were spread across the North, Yorkshire and the Humber and Wales.
  • Unsurprisingly, buyers are prepared to pay a premium for a rural idyll. Chocolate box cottages sold this year for an average of £364 per square foot. This is 33% higher than the average price paid for all homes across rural locations.
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A wonderful opportunity to purchase a buy-to-let property with a 7% yield…

Hello Readers,

I have been scouring the market and found this property for you today.  It is in a very central location and it is actually just around the corner from our office on the A6, so its a very good location and one that I can vouch for!

The property is in a recently redeveloped building called ‘Archer House’ which was originally the Inland Revenue building for Stockport.  The building was offices which were converted in January to April 2017 and completed at the start of May 2017.  The apartments are beautiful and modern, with built in appliances such as washing machine and large fridge freezer.  The floors are a laminate grey colour and the walls are white, which gives the apartments a modern feel and in my experience renting properties in this development, they rent very well!  All of the properties come with an allocated parking space, which is highly sought after in the town centre.

The apartment in question for my blog today is actually a studio apartment on the top floor of the development and the views are really quite something!  You can see out over the Pennines and honestly its a lovely view!  This apartment is on the market for £85,000 and even unfurnished (as it currently is) I believe it should rent for £495pcm which would give you a lovely yield of 7%.  The good thing is about this that on completion it would take approx. 1 month to market and have a tenant moved in, as apartments in the town centre of this calibre, with parking are so sought after.

So, what are you waiting for?  Give Urban Bubble a call and get a viewing booked (link to the property on rightmove below) and then call me on 0161 474 8668 and I will meet you there and tell you all you need to know about Lettings in Stockport.

I shall look forward to working with you!

Gemma Lowe, Lettings Manager

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What do homebuyers in Stockport really look for?

If you have ever sold your home, you will be all too familiar with the pressure to make the property look tip-top in time for a viewing. Your home must appeal to the most likely type of person to buy it, so it’s vital to understand a bit about the demand profile in your area. The chart above shows the demographic profile of our part of the world.

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Demand for renting hits a near 12 month high

While most private renters in the UK aspire to buy property, the reality is that many people simply cannot afford to get a foot on the housing ladder due to high house prices, with many people, particularly millennials, set to rent for the rest of their lives.

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humble brag alert – a stunning apartment let in 6 hours and i want to share the journey of this property with you…

Hello Readers,

First of all, apologies, the post you are about to read is most certainly a brag, but I would like to add it is a humble one!  Lettings with Julian Wadden in Stockport is going crazy, we are super busy!  We are letting everything that we get instructed on and in record time scales.  So, let me tell you about this particular property…

I first spoke with the owner about 8/9 months ago when he was investing in the area and since then I have kept in touch with him with weekly sometimes monthly contact to assist him with ideas and to impart my local market knowledge.  I would like to add at this point this is not me harassing the poor gentleman concerned on a weekly/monthly basis in true, pestering estate agent style, no, no; this was much more of a partnership with me being on hand to give advice when required and most importantly when asked!  I loved that this investor was happy to listen to my ideas and to allow me to give him my honest opinion regularly to develop this property into 8 stunning apartments.   What colour flooring would tenants like Gemma?  Grey… so the apartments all have beautiful grey flooring.  Gemma, do you recommend carpets or wooden floors and what is practical, so a discussion ensues giving all the positives and negatives of each.  What is important to tenants Gemma?  Washing Machines and Fridge/Freezers!  So all of the apartments have washing machines/dryers and fridge/freezers and additionally microwaves.  I am passionate about my job and assisting Landlords/Investors and Tenants alike and so I was absolutely delighted that this Investor was so hands on and so happy to hear my thoughts.  I have loved every minute of working with him.

So, imagine how excited I was when I was invited to appraise the apartments and see all the incredible work that had been put into to transforming the building.  I wanted to do the best job I could, take the best photographs and find the best tenants.  Therefore, on Saturday I did an off the market viewing at the property and on Monday morning, once instructed I made the first 2 finished properties available.  We let the first one on Monday afternoon, so in less than 6 hours of the property being on the market.  We let the property to a professional, single female working locally in a very good job, paying the asking price and moving in at the soonest opportunity.  Everyone is overjoyed – the Tenant, Landlord and even myself.

I truly love my job and finding homes for local people, but also finding Landlords exemplary tenants at the best prices and in the best timescales.

If you want to get involved and receive this level of service, please do not hesitate to contact me, as I would love to work with you too!

Gemma Lowe, Lettings Manager, Stockport Exchange (0161 474 8668 or stockportlettings@julianwadden.co.uk)

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WORKING FROM HOME

Working from home is increasingly popular, with almost a third of UK employees who use computers for their job, working remotely either every day or at least once a week. Those over 45 are most likely to work from home every day or almost every day.

Remote working has the potential to alter the interior of our homes. Will there be a premium for new homes with built-in office space? Home-owners already weigh-up the costs and benefits of converting bedrooms and extending upwards or outwards to create work space.

Homes in areas with superfast broadband are already in high demand. A recent poll found that 55% of UK house buyers would reject their ideal house if speeds were below 100 Mbps, with many willing to pay a premium.

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BACK TO SCHOOL

  • The new school year is underway for over 10 million children across England and Wales and school catchments rate highly for many choosing a home. How much more are home buyers prepared to pay to live close to an Ofsted rated outstanding school?
  • An analysis of property sales across England and Wales (excluding London) over the last year reveals a 10% price premium associated to homes close to an outstanding primary school and 17% price premium associated to an outstanding secondary school.
  • Properties located within one mile of an outstanding primary school sold for, on average, £22,686 more than properties within one mile of other schools, the price premium for secondary schools was £37,558.
  • Detached houses attract the largest price premium, with buyers here having to find an extra £90,000+ to live within one mile of an outstanding school.
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Why do existing home owners move house?

  • There are 14.4 million households across England who own their own home, either outright or with a mortgage. This is 63% of all households.
  • Of these, the latest results from the Survey of English Housing estimate that 576,000 (4%) are planning to move within the next six months.
  • Moving up the ladder to a larger home is the primary motivation for existing owners, although not for those who own their home outright. Almost a third of those who own outright are looking to downsize.
  • As the new school year gets underway shortly, moving home to be in particular school catchment areas is a motivation for almost 10% of owners with a mortgage.
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