Well we are deep into the children’s summer holidays although we have hardly the typical summer weather this year.
I have had an increase in local Warrington home owners walking into the office, I believe this is because we have the Summer Beach Fair on Bank Park situated just opposite our office.
I had an interesting chat with a Mike, the reason why he stood out to me is because he has never invested before and he must have named several towns he was looking to invest in. Mike is a local guy and knows Warrington well. For some reason he was talking about towns in the North East of the country that seemed to be investable to him.
I am a firm believe that this is a long term strategy usually something to add to the pension pot. So why start your BTL Empire in a town you do not know and miles away. The beauty about investing in bricks and mortar is you can physically hold it and see it unlike stocks and shares.
The town Mike was looking at is Morley just outside of Leeds, now both Warrington and Morley are of similar size and, taking into account the surrounding villages, have similar average property values.
Now the average property value in Morley is £172,350 and in Warrington it is £159,040, however the rents are slightly different in each town Morley has an average rent of £624 whilst in Warrington the average rent is £574. This gives both towns an almost identical average yield of 4.3% I have done a little research to compare the two seemingly similar towns in more depth.
Investing in property is all about what you buy the property for. You make your money with your buying value, rather than your eventual sale value.
Over the last year, property values in Warrington from June 2016 to June 2017 have risen by 10% on detached houses 12% in Terraced (the most popular rental properties in Warrington). In Morley Detached houses rose by 7% and terrace houses rose by 8%.
This means if you are considering buying now, our town of Warrington is still a great place to invest especially as you can achieve a similar yield on a property without a bigger deposit! And the capital growth is just as competitive.
You can always keep an eye on my blog for any properties I feel will make a good buy to let opportunity, or if you are after a second opinion then email me on email@example.com or call on 01925 235338. If you are in the area, feel free to pop into the office – we are based on 6 Bankside, Crosfield St, WA1 1UP. There is plenty of free parking and the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Warrington Property News.