Welcome to the first of the Blog Posts aimed towards landlords looking to invest in 2023.

The aim of this blog is to offer honest advice on the property market in Stockport as we move into the New Year. I will be sharing my thoughts on the property market, alongside offering up buy to let deals we have coming to market with Julian Wadden, or deals I see elsewhere in the market.

With house prices dipping in the latter stages of 2022, there was some uncertainty as we moved into the New Year as to where the market would go. The good news however is that rental prices were on the up (and still are). So if you are a first time landlord looking to invest this year, a current landlord looking to expand your portfolio, or simply looking for advice and my opinion on the Stockport property market, I can assist.

We will begin with where best to invest in property this year. Throughout 2022 in Stockport each individual area has had great success in achieving high rents with exceptional demand. Some key areas for myself however where I saw high growths in rent, alongside an abundance of interest, are: Edgeley, Reddish, Portwood & Shaw Heath. With these areas being close by to Transport Links and offering an opportunity for couples to rent together and start a family, two bed terraces in these areas were a sure bet on maximising rental returns with good quality tenants.

Each post I will share a property I think makes for a good buy to let purchase in the area. We will start with a two bed terrace I have seen listed for some time now on Everton road in Reddish. Click here to look at the Rightmove advert. The property is marketed by Bridgfords and was reduced down to £140,000 a few days ago. Leading me to believe there could be a deal to be had with this one. The property is certainly in need of some extensive works however, be advised. But if the property can be picked up at a reasonable price, there is still enough in this deal to make the numbers work. We have rented out similar properties in the area (once done up to standard) for £800-£850. Give Bridgfords a call direct if you would like more information or wish to view, or myself a call for my further thoughts on this and others in the area.

In terms of where I see the market heading this year, I believe there will certainly be a drop off in sales prices. This was needed in my opinion with the heights they have reached over the previous two years. The hike in interest rates has hindered the number of first time buyers looking to purchase. Couple these two things together, and I believe as the year goes on there will be more opportunities for landlord to pick up suitable investment properties at a reasonable price. Whilst still achieving the high rental returns as I do not see this market being affected, due to the ongoing lack of rental properties coming to the market.

For a conversation on how I can assist you achieve your investment goals this year, please reach out to myself directly on 0161 474 8668 or 07384 810881. My email is liamfoster@julianwadden.co.uk

 

Many thanks,

Liam Foster – Lettings & Investment Manager – Stockport