(covering SK1, SK2 and SK3)

Category: property market news

HOW MUCH?! 2018’S RECORD BREAKING LUXURY ITEMS, IN HOUSES

  • A number of UK average-priced homes could be bought for the price of some of 2018’s record-breaking, luxury items.
  • In October, a 73-year old French Burgundy wine became the world’s most expensive bottle ever sold. The value of just one bottle could purchase nearly two houses in the UK. For car enthusiasts, the costs go higher. The record-breaking sale of a 1963 Ferrari 250 GTO, was equal to the purchase price of 213 UK homes.
  • Yorkshire born David Hockney broke the record for the highest priced work of art sold by a living artist this month, with a price tag equivalent to 286 UK properties. A month earlier a pink diamond smashed the record for the highest price per carat of any diamond ever sold.
  • In property terms, London’s One Hyde Park penthouse remains the most expensive property recorded as ‘sold’ in 2018. It equates to 655 average-priced homes across England and Wales.
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Piccadilly View – Planning approved on this stunning £30m Town Centre development

I am delighted to announce that we have been instructed as selling agents on this stunning new Town Centre development.

Local developer Sal Arya, of Urbanize Homes, have appointed CPUK to build their brand new 13 storey, 164 apartment building on the former Greenhale House site. The project was given the go-ahead last week by Stockport’s planning committee, with builders due onsite in April 2019.  

The plans for the site include 78 one-beds, 84 two-beds, and two three-bedroom penthouse apartments in a 13-storey block along with a commercial unit at ground floor; this is likely to be occupied by a coffee shop. Nine of the apartments are to be affordable, in line with Stockport’s planning policy.

We are taking enquiries immediately. If you are interested and would like further information then please contact me at andrew@julianwadden.co.uk

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FIRST-TIME BUYER VALUATIONS ON THE UP

The number of property valuations for first-time buyers has risen in all areas of the UK except for London, according to the latest data released this week by UK Finance.

The largest increases in first-time buyer valuations were in the north of the country, where over 43% of first-time valuations are for properties priced less than £125,000. The North East leads the way with an increase of 3.8%, followed by the North West with 3.3%.

Across London, valuations in the first half of 2018 were down 3.9% on a year ago. A quarter of valuations were for properties priced over £500,000, compared to the UK average of just 4%.

First-time buyers are currently facing less competition for a property from buy-to-let investors. In the first nine months of 2018 buy-to-let mortgage approvals across the UK have fallen by 13.5% compared to the same period a year ago.

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Great Buy to Let Investment in Stockport’s Famous Market Place

Hello Readers,

I’ve found this wonderful investment property that I’m excited to share with you! The property has just been refurbished throughout to a high and modern standard yet still retains its period features such as a large leaded arched window. Nestled within the cobbled streets of Stockport’s Market place, this chic property comes with the added benefit of a parking space!

Stockport’s Market Place is in the historic heart of this town so if your looking for something a little special with a rental yield of 5.96% then this could be the property for you. This projected yield is based on a monthly rental of £695.00.

This property is currently being marketed with no chain by Edward Mellor and more information can be found  here: 

Click here for an insight into why Stockport is such a great area to invest in.

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Stockport into best buy-to-let investment area Top Ten

Stockport has entered the top 10 of buy-to-let investment areas in England and Wales, in new data published by specialist mortgage lender LendInvest.

It sits in second place, behind only Colchester in Essex, in the new quarterly Buy To Let Index Reporthaving moved up a whopping 18 places from 20th in last July’s figures. In more excellent news for the BTL scene in the north-west, Manchester is one place below its near-neighbour.

The research looked at each postcode area around England and Wales and focused on a combination of four critical metrics: transaction volumes, rental price growth, rental yield and capital value growth.

LendInvest November 2018

©LendInvest

From these four metrics, Stockport has performed particularly well in capital gains with a growth of 6.34% and has been helped by rents rising by 3.18% over the same period. Strong yields of 5.29%, backed by reasonable figures in capital gains and rent growth, has helped Manchester move two places up in the index and the city’s buoyant property scene seems to be rubbing off on nearby areas. Elsewhere in the north of England, both Leeds and Harrogate feature in the top 20 at 12 and 20 respectively.

The Midlands also ranks highly in the new LendInvest data, with Birmingham joined by Wolverhampton and Coventry in the top 10.

Ian  Boden, Sales Director at LendInvest, commented, “The growing opportunity for BTL investors in these regions reflects a knock on effect of investment in these key cities. Locking down a solid prediction of how the landscape will look into the New Year is no easy task. In this instance, we know it is best to let the data do the talking.”

 

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Attention Stockport Landlords – Are you aware of the tax changes on Buy To Let properties?

Landlords, are you are aware of the imminent tax changes that are potentially affecting Buy to Let Landlords?

These changes were introduced in April 2017 and progressively increase the tax liabilities of all 40% tax paying Landlords who have Buy to Let mortgages. Is this you? The first time you may become aware of this extra tax burden could be when you receive your next tax demand in January 2019.

We are recommending a meeting with our internal Buy to Let Expert to talk you through the implications and potential solutions.

Please call on 0161 474 8660 or email us stockportlettings@julianwadden.co.uk to arrange a convenient time for either a telephone or face to face meeting.

 

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TRANSACTION LEVELS RISE IN AREAS WITH ACCESS TO ULTRA-FAST BROADBAND

  • A quick analysis of sales volumes to date in 2018 indicates that in areas where sales have increased compared to the same period last year, on average virtually half of all properties have access to ultra-fast broadband, with an average download speed of 46.4mbps.
  • In contrast, in those areas where sales have fallen, just under one third of properties have access to ultra-fast broadband and the average download speed is slightly lower at just 42.9mbps.
  • While broadband coverage and speed may well not be the most important factors in choosing which home to buy, their impact on daily life is ever increasing. 89% of adults now use the internet each week, up from just 51% in 2006 (ONS), and a rising proportion of the population works from home for at least part of the week.
  • Upgrade to Inform’s new local demographic pages for analysis of connectivity in your area and check our blog to find out more.
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UK AMONG LOWEST ESTATE AGENCY FEES GLOBALLY

  • A drop of more than a third of the average sole agency fee for a traditional estate agent in the UK, to 1.18% (plus VAT), since 2011 makes it among the cheapest prime location for agent fees in the world.
  • Of the places analysed, only China and Hong Kong had lower seller-side fees at 0.5% and 1.0% respectively. Other countries with significantly higher seller fees including Mexico (7.5%),the USA (5.5%) and France (5%).
  • The UK comes out as the cheapest location to buy in terms of estate agent fees when you consider the combined buying and selling commission fees (assuming no buying agent is used).
  • A survey carried out by TheAdvisory of over 2,000 property sellers in England and Wales, which was reported by Prime Resi, also identified that 95% chose a traditional agent over a new online and hybrid agencies (often with ‘no sale no fee’) to sell their home
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Launching our first 360 Degree Video Tour

I am really pleased to share with you my first 360 video tour of a property I have just brought to the market. This is one of several marketing tools that we have at our disposal here at Julian Wadden!

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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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