Welcome to week 3 of the Blog Posts.

I want to focus this week on rent reviews. If you are a landlord with properties, whether that be a singular property or a portfolio, when was the last time you carried out a rent review on your property/properties?

We have seen record high rents throughout last year, and this has continued into 2023 with no signs of slowing down. Driven primarily by a lack of rental properties in the market and an abundance of tenants, rents are being pushed up as tenants battle it out to secure their next home. For example, we have seen your typical two bed terraced property in Reddish increase from £750 to £900 over the course of 12 months. This is echoed in other areas such as Edgeley, Davenport, Offerton etc where good quality properties are pushing up to new heights.

Rents in Greater Manchester have risen by 19.4% over the last two years. In comparison, between 2009 and 2017, they only rose 4.8%.

If you have a sitting tenant in a property, perhaps on a periodic agreement, now may be the time to take a look at the rental amount you are receiving and assess if it is in line with current market values. This is something I can assist you with free of charge. Utilising our market evidence from the last 12 months and market trends, I can provide you with an up to date rent review to ensure your property portfolio is working at its highest potential.

Whether you look after your properties yourself or have a management agent, I will offer my honest advice and opinion on your property. Please reach out to myself on either liamfoster@julianwadden.co.uk or 07384 810881.

My BTL pick of the week is a two bedroom flat located on Reddish Road in South Reddish. Guide price of £115,000.

Click here to see the Rightmove advert. 

At this price, this makes for an excellent, low maintenance investment opportunity. Based on a rental income of £700, you would be looking at a 7.3% yield. With current demand in the area, I would expect to be able to clear this rental amount comfortably. We have rented out similar one bedroom flats to this for £650. The location, addition of the second bedroom, leaves me confident this would make for an great addition to your portfolio at the lower end of the sales market.

Give the marketing agent a call direct if you are interested in viewing this property and give myself a call on 07384 810881 to discuss the rental prospects of this in further detail along with advice and assistance on the BTL market.

Many thanks,

Liam Foster – Lettings & Investment Manager – Stockport