Rents remain stable on Wellfield Street, Warrington

Since I have been writing these blogs and articles, I get a lot of questions from landlords around Warrington asking me where I think the next hot property deal will be.

The thing is: Warrington has a lot of opportunity for landlords. Unlike what most of my landlords think, I don’t have a crystal ball!

It all comes down to doing the right research.

I do spend a lot of time researching, looking for patterns in the market and understanding my local town.

A landlord I know has owned a few properties on Wellfield Street for the last twenty years. She came in to our office to discuss the rise and fall of property prices on the street and how this has affected her yield over the years.

In 1996, when she purchased her first property on Wellfield Street, the average value of a terraced house on that road was £35,250 which had a sharp rise to £52,750 by 2002. This rise in value continued, with average values being £74,600 in 2004 and £93,700 in 2006.

  

At the height of the property boom in this area, a terraced house on Wellfield Street had an average value of £162,700. This soon dropped in 2010 to £86,500, with the average value increasing to around £95,357 this year.

When she told me of the rents she had achieved on the street, they seem fairly stable over twenty years. In 2002-2003 the average rent was £350 per month, which is now between £450 and £550, dependant on the property’s accommodation. Therefore, a landlord could expect a respectable annual yield of around 7% on Wellfield Street at the moment.

If you would like some advice with your potential investment, please come and see us in our offices. I can guide you with how I do my research. I will also share some of my tools that I use for research.

You have nothing to lose and everything to gain.

So pop in for a friendly chat and meet my team at 6 Bankside, Crosfield St, Warrington, WA1 1UP.  There’s plenty of free parking available, in the mean time if you have any questions about the Warrington property market, email me on manoj@hamletwarrington.co.uk I look forward to chatting to you.