the heatons property blog

how have sales rates changed?

The volume of sales in a given area is a powerful measure of the vitality of local housing markets. In the last three years there have been 2,023 sales in The Heatons. Semis accounted for the largest number of sales (751), followed by terraces (620), then flats (364) and detached properties accounted for the fewest sales (288).

 

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fantastic buy to let opportunity churchill street, heaton norris

This is the very first look at a property new to the market today! Churchill Street in Heaton Norris will make an excellent buy-to-let investment opportunity with the potential to achieve circa £750 per calendar month. That’s a 7% yield!

As I write this it’s not available to view on the property portals so give me a call if you’d like further details.

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a brighter future for first-time buyers in the heatons?

As I’m sure you’ve noticed, things have changed a lot for first-time buyers recently. Government schemes and mortgage requirements seem to change every week, so would-be homeowners have got to keep up. However, for those in the know, there are a lot more options in The Heatons than there used to be.

The first challenge awaiting would-be home-owners these days is the deposit for the mortgage. The bigger the deposit, the better the chances of getting a great deal. The minimum required deposit is around 5%, so with an average home in The Heatons valued at £237,600 locals will require a deposit of at least £11,900. That’s quite a lot of saving up, given that average annual salaries in the region are £25,700.

The Government has stepped-up to help make saving easier. The newly introduced ‘Help To Buy ISA’ will hopefully make saving for a first home quicker and less painful. Save £200 and the Government will contribute £50 each time.

The Government has also made it easier for first-time buyers to purchase new-build properties. With the ‘Help To Buy’ scheme, they still need a deposit of around 5%, but then the Government loan a further 20% interest free for the first five years, meaning they only need a mortgage for 75% of the property price. In London the loan is up to 40%. After year five they have to pay interest at 1.75% of the shared equity loan at the time they purchased the property, rising each year after that by the Retail Prices Index (RPI) plus 1%. Sell up or pay the mortgage back and they’ll be asked to repay the Government’s share of the loan, along with a share of any increase in the home’s value.

Interestingly, of the 146,500 people who took advantage of the ‘Help To Buy’ scheme between the 1st of April 2013 and the 31st of December 2015, only 21 of them were in The Heatons. Low figures are usually down to either low house building rates or local prices being above the £600k ceiling for ‘Help To Buy’.

Another option for buying a first home in The Heatons is shared ownership, which allows a would-be homeowner to part-buy part-rent their property. Back in 2011, there were 55 shared ownership properties in The Heatons and given the national growth rate there should be around 65 now.

Under this scheme, owners start off with buying anything from 25% to 75% of their home, usually with a mortgage, and paying a monthly rent to a housing association, who will usually give the occupier the chance to increase their ownership share, known as ‘staircasing’.

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how many cars in the heatons?

In The Heatons, the majority of households own one car (44.0% of all households). This is 1.5% higher then the average in the North West. The next most common category of car ownership in The Heatons is two cars (27.1% of all households), which is 3.6% higher than the average in the North West.

 

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terrace property in heaton norris with a potential rental yield of 6%

New to the market with Julian Wadden is this two bedroom terrace property on Samuel Street in Heaton Norris. As this property is unlikely to be on the market for any length of time, if you’re interested I’d recommend an early viewing.

It’s a nice example of a house in this area, quite modern, fairly decent size with on road parking and an enclosed rear garden, all good plus points for a potential tenant. The asking price is £129.950, which represents good value for money considering the rental income which is likely to be achieved. I know of a similar property which has let for £650 per calendar month very recently.

Have a look at the details for this property on the link below;

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a fantastic opportunity to purchase an apartment for investment in heaton moor

This two bedroom apartment looks like it needs some modernising internally but if you can see passed that this property is ideal for those looking to invest in a property for buy-to-let. At the price it is being marketed for there is also room to make a tidy profit should you wish to refurbish and place back on the market for sale, there are comparable apartments which have sold for circa £180-£190k which are admittedly refurbished to a modern finish throughout. If you’d like to discuss these comparables please don’t hesitate to give me a call.

As mentioned in previous blogs The Heatons is a popular spot for renters, a little further away from the centre of Stockport and on the doorstep of some fashionable bars and great transport links such as the new metrolink station and Heaton Chapel train station.

This apartment has been placed on the market by Gascoigne Halman at asking price of £150,000, which seems reasonable. Considering you’d be looking at an asking rent of about £800 per calendar month, this would return a yield of almost 6.5%. We are aware of another apartment within the same block which let for £850 per calendar month which was immaculate throughout and featured a brand new kitchen and bathroom. The link to the property is below..

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how do the heatons residents get to work?

An analysis of commuting preferences in The Heatons shows that the majority of people use a car to get to work (67%). This is followed by bus (10.4%), and then on foot (7.1%). It will be interesting to monitor how this pattern changes over time given the trend in The Heatons and everywhere else to more flexible working, i.e. working from home.

 

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52.3% of the heatons voters voted to remain in the eu – what now for the 13,323 heatons landlords and homeowners?

As I type this article at 5.50am, David Dimbleby has just announced the UK will be leaving the EU as the final votes are counted. As most of the polls suggested a remain vote, it came as a surprise to most, including the city. The pound has dropped by 6% this morning after the city whiz kids got their predictions wrong and MP’s from the remain camp are using phrases like “challenging times ahead”.

.. and now the vote has been made, what next for the 10,881 Heatons homeowners?

The Heatons Property Values

Since the last In/Out EU Referendum in June 1975, property values in The Heatons have risen by 1567.1% (That isn’t a typo)

The Chancellor in the campaign suggested property prices would drop and whilst property prices did drop nationally by 18.7% between the peak of 2007 and bottom of the market in 2009, when one compares property values today in the country, compared to that all-time high of 2007, (the period before the financial crisis of the Credit Crunch of 2008/9) .. they are still up 10.14% higher.

Stockport pie chart

Another Credit Crunch?

And so, notwithstanding the credit crunch, the worst global economic outlook since the 1930s and the recession it brought us, a matter of a few years later, the Government were panicking in 2012/3/4 that the housing market was a runaway train.

Now the same credit crunch doom-mongers and sooth-sayers that predicted soup kitchens in 2008/9 are predicting Brexit meltdown. Bad news sells newspapers. Stock markets may rise, stock markets may fall, yet the British public continued to buy property in 2009/10 and beyond. Aspiring first time buyers and buy-to-let landlords dusted themselves down, took a deep breath and carried on buying… because us Brit’s love our bricks and mortar .. we need a roof over our head.

As mentioned previously, if the value of the pound drops, in the past UK interest rates have risen to reverse that drop. However, whilst a cheaper pound will make your pint of Sangria a little more expensive on your Spanish holiday this year and make your brand new BMW pricier .. it will make British export cheaper! Which is great for the economy.

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green lane allotment society

Come and join the veggie lovers on Sunday 24th July 1.30pm till 4.00pm on the Green Lane site, Heaton Moor.

Stalls to include – Plants, Fresh Produce, Home Bake and Preserves, Francis House stall, Tombola, Grand Raffle, Refreshments, BBQ, Pimm’s and Children’s activities.

Admission £1 – Children Free

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