Welcome to week 8 of the Blog Posts.
Something I want to touch on this week, is the locality of where to be purchasing your investment properties.
Tenants looking for their next home, will have a multitude of factors to consider when starting their search. A key part of this, is location. Most tenants will look to be within close proximity to their workplaces, or at least a convenient means to get there. This is why the focus needs to be on having your properties close by to local train stations and bus routes.
Luckily, Stockport Train Station (and its surrounding stations leading into here) have excellent transport links into the City Centre. Something that is key for tapping into the market of tenants that work in the City Centre (a big market!) but don’t want the hustle and bustle of the City Centre.
This is great for landlords as you can focus your property search looking at areas such as Edgeley, a mere 5 minute walk from the station. Or Reddish, with North Reddish station providing a 10 minute train journey into the City. Luckily there is an abundance of two bed terrace properties in these areas, which make the perfect BTL property for a guaranteed stong rental return.
An added benefit with Stockport is that we have the M60 ring road running directly through it. So there is easy access throughout South Manchester, to the Airport and heading down south. I am sure most landlords have certain areas in mind when looking to invest in a property, but it could be worthwhile re-assessing this as the public transport links begin to develop across Stockport. Particularly if we finally ever get the Metrolink in place that has been in the pipeline for some time now!
Buy to let pick of the week
Edward Mellor have listed a two bedroom, mid-terraced property on Bulkeley Street in Edgeley, guide price of £180,000. Click here to see the Rightmove advert.
The property is spacious, offers two bathroom suites and looks to be in need of some light cosmetic works to bring up to standard. With strong rental demand in Edgeley currently, you would be looking at achieving a rental return of £900-£950. This gives a yield in excess of 6% if purchased at £180,000. With Stockport train station a mere 5 minute walk away, Edgeley is very popular amongst renters currently, with transport links into the city centre in less than 10 minutes.
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.
Liam Foster – Lettings & Investment Manager – Stockport