I was talking to a landlord from Quarndon the other day about the Derby property market, following my recent articles in the Derby Telegraph. With all the news about house prices rising, he wanted to know what had happened to average property prices since the New Year. Well there is no such thing as an ‘average property’, but according to my calculations, the ‘average value of a property’ in Derby is now £170,600, which is a rise of nearly £6,000 from the figure I quoted 3 or 4 months ago of £164,650. Now by my calculations, the average rent being asked in Derby is around £510pcm, which means the yields/annual return are an impressive 3.6% per year.
In the last 12 months, the average value of a property in Derby has risen by 5.7%, meaning landlords achieved a total return of 9.3%.
When comparing this to what you get in return from banks, buy to let could be good investment for you. Don't get me wrong, there are pitfalls. My message to all the people of Derby, be you an existing landlord or you are thinking of dipping your toe in the water for the first time is quite simple. Take some independent advice before buying anything, unless you're 100% sure of what you're doing. I say this because I know what happens when people don't.
Even if it's not from ourselves, there are still a few 'lettings only' agents in Derby who are well placed to advise on whether the property you're considering will rent, and at what potential price.
In the last 12 months, the average value of a property in Derby has risen by 5.7%, meaning landlords achieved a total return of 9.3%.
When comparing this to what you get in return from banks, buy to let could be good investment for you. Don't get me wrong, there are pitfalls. My message to all the people of Derby, be you an existing landlord or you are thinking of dipping your toe in the water for the first time is quite simple. Take some independent advice before buying anything, unless you're 100% sure of what you're doing. I say this because I know what happens when people don't.
Even if it's not from ourselves, there are still a few 'lettings only' agents in Derby who are well placed to advise on whether the property you're considering will rent, and at what potential price.
We're certainly more than happy for you to pop in and see us at our office's on St. James’s Street for a chat.
Call me at our office on: 01332 366171
Visit the website: www.pplets.co.uk
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