stamp duty: £9,250
mortgage fees: £1,500
conveyancing fees: £1,000
1 reception room
Prices in M5 have increased 35% over the last 5 years (-1% over the last 12 months) and are £163,000 which varies by property type (£142,000 for a 1-bed flat to £220,000 for a 5-bed terraced property). On average, there have been 45 properties sold per month in the area in the last 12 months.
In comparison, prices in the wider Manchester M postcode area are £165,000 (+1% over the last 12 months) and range between £137,000 for a 1-bed flat to £496,000 for a 5-bed detached property.
Rents in M5 are now at £775 per month (+4% over the last 12 months). On average, there have been 47 properties listed for rent per month in the area in the last 12 months.
Given prices in the area, gross yield is currently 5.2% which is higher than the national average of 4.7% but lower than the wider Manchester M postcode area of 5.7%.
This property is currently achieving a gross yield of 4.5% which is 16% lower than the area.
Source: REalyse - 26/04/2019 Note: prices and rent are median and averaged over the last 12 months, unless stated. Data from property listings is taken from c. 20 different sites and agents.
£11,040 p.a. / £920 pcm
TENANCY AGREEMENT STARTED
15 months ago
TENANCY AGREEMENT ENDS
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Salford is a town located in North West England that is part of the county of Greater Manchester and west to the city of Manchester. This property is on the outskirts of the Salford area and just a short 1.8 miles away from the centre of Manchester.
This area is perfectly situated for great transport links to destinations in and around the Greater Manchester area. Salford Central is the closest station and only 0.8 miles away up the road from this property. This train station is served by trains departing from Manchester’s main station Manchester Victoria, which is less than 2 miles away. Services form Manchester Victoria station can take passengers throughout Northern England to destinations such as Blackburn, Rochdale, Leeds, Newcastle, Wigan and Liverpool to name a few. Getting around the city via public transport could not be easier, with the assistance of Manchester’s famous Metrolink Tram, that has over 90 stops throughout the Greater Manchester area.
This area being placed so close to the city centre means it is perfect for all the shopping and entertainment needs that one may have. Just a quick hop over the River Irwell and you will find yourself in the heart of Manchester’s Central Retail District. This area is filled with several restaurants and bars, as well as its extensive options of stores. In addition, there are also many cultural attractions around this area, including Manchester’s Opera house, Albert square and multiple museums.
There are many job opportunities within the Greater Manchester area and has very high levels of commuters that travel in to town for work every single day. The Greater Manchester area is home to many big corporation’s headquarters, as it is seen as the growing hub for business in the North West region and is known as the main regional centre for public services. Companies such as Google, BBC, The Co-Operative Group, Kellogg’s and Thomas Cook run large parts of their operations all from the heart of this buzzing city.
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Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
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