So what are we seeing over the last year when we look at our local property market? What area is performing best, what are the yields like? I had a look at; Alfreton, Ripley, Ilkeston and Heanor to compare sales prices over the year (May 2014 – May 2015) and see how it fits in with the current rental market.
Sales prices are up steadily over all 4 towns in keeping with Derbyshire as a whole. Alfreton prices are at £131,966 (693 sales) up 3.8%, Ripley £140,006 (357) up 3.79%, Ilkeston £139,778 (659) up 3.55% and Heanor £131,365 (254) up 3.73%. So a steady gain on investment in all towns with a lot of sales taking place in Alfreton & Ilkeston over the year.
So looking at current rental average figures and availability.
Alfreton has 68 properties on the market at an average of £476.45 meaning the yield would be 4.3%
Ripley has 11 properties on the market at an average of £484.36 meaning the yield would be 4.15%
Ilkeston has 63 properties on the market at an average of £463.25 meaning the yield would be 3.9%
Heanor has 10 properties on the market at an average of £461.90 meaning the yield would be 4.2%
So we are seeing similar figures in the towns. The clear difference is the availability in Heanor & Ripley. Demand for rental property is still high so new properties coming to the market will be getting high interest due to the lack of options. You can look at this any decipher that void periods should be limited in these areas due to this.
In all these towns properties will appear at higher rental yields which I will look out for and post accordingly.
If you require any assistance on investment in these areas feel free to call or e-mail for a discussion on the best option.
