I had the pleasure of attending an event last week with lots of other estate and letting agents from around the country. It always makes me feel so blessed to live in the north west of England where yields on buy to let are so good. In other parts of the county yields are so much lower and landlords are having to get in to HMO’s or serviced accommodation to get the yields we are accustomed to.
The property I have picked out for you this week isn’t my usual choice, its a mid range property. Although the yields are not as high as they would be on a cheaper property, those properties in the mid to higher end of the market see greater capital growth and hold their value better in times of financial uncertainty. As we have seen, values of property at the bottom end of the market have seen the biggest drops especially flats after the credit crunch where as the mid to higher end of the market have held their values and even increased in recent years.
This property is on the market with Hunters Estate Agents and is on the market for £155,000. It is a 4 bedroom detached home in an amazing cul-de-sac location, right by the canal, with fabulous views. We recently let a house on the same road, it went after the first viewing and we had a lot of disappointed people who had missed out.
From the pictures, it looks like it does need updating so will need some money spending on it, but the other good thing about mid range properties is that there are not as many of them up for rent so demand is higher. Once the works have been completed, you could rent it out for around £850 per calendar month so gross yield would be around 6.5% (not taking in to account purchase costs, stamp duty and refurbishment).
If you are interested in this property, give Hunters a call today to arrange a viewing. As always, our door is always open if you wish to talk through any aspect of buy to let, if you would like us to cast our eye over any houses you are thinking of purchasing.
Click on this link to go to Rightmove to see more details