Ready to go investment with a 7% yield potential

Brand new to the market is this very nicely presented two bed back to back on Bridge Street.  If you're an investor who doesn't want to do any work to a property then this could be for you.

Bridge Street is a good location for commuting into Leeds or Wakefield as its on a bus route or easily accessible to the motorway if commuting by car, however it is a very busy road so parking can be a bit of an issue.

At £97,500 I think it's a great buy looking at the standard of finish internally, I'm confident it would be popular on the rental market and is likely to achieve £575pcm which would give you a nice healthy 7% return.

It's on the market with Onwards & Upwards, here's the link: http://www.rightmove.co.uk/property-for-sale/property-44326080.html 

I'm always hapy to talk property, if you want to discuss this or any other deal you are considering then give me a call on 0113 436 4360 or drop me a line at claire@openhousemorley.co.uk

6.6% yield buy-to-let deal for chapel conversion

Reduced to £99,995 yesterday is this tidy looking 2 bed flat in a chapel conversion on Bruntcliffe Road.  There's parking and it's really handy for motorway network, close to Asda and not far into Morley centre so should prove popular on the rental market.

Internally it looks to be in excellent condition, modern kitchen and bathroom and 2 bedrooms.  It's an open plan kitchen / living area which isn't to everyone taste but seems to work well for the rental market.

There is likely to be service charges and ground rent so potential buyers would need to check that out to ensure numbers still work.

In this location, I would envisage it renting for £550pcm giving a 6.6% yield which is pretty healthy.

It's on the market with Yourmove, the link is here http://www.rightmove.co.uk/property-for-sale/property-42495840.html 

If you'd like impartial advice on this or any other buy-to-let deal you are considering, feel free to drop me a line on claire@openhousemorley.co.uk or call me on 0113 436 4360.


Read more Morley property news:

Find out how Morley property investments compare for capital growth

Where's the most expensive street in Morley?

Morley vs Batley property values – which town has performed the best?

When purchasing a buy to let property, there are two ways landlords make money through property letting - capital growth and rental income growth.

A landlord from Upper Batley, who has a number of properties in both Morley and Batley, asked me a few weeks ago about the difference between Morley and Batley housing markets. He was focused on capital growth but also wanted to ensure his yield was relatively fair.  I was quite surprised with my findings and wanted to share them with you.

The average property price in Morley is currently £161,798. In the last 12 months property values in Morley, according to my calculations, have risen by 0.86%. Whilst in Batley, average property prices are £133,324, having risen by 2.28% in the last 12 months. Therefore, is Batley the better bet?

Well, not necessarily.

Over the last 5 years, property values in Batley have risen by 2.97% and in Morley by just over 17.8%, meaning over the last 5 years, property values have increased at an incredible 501% quicker rate in Morley compared to Batley.

But then there is question of yield, Morley does tend to provide a slightly better yield than Batley but property is more expensive in general so you would need to invest quite a lot more capital in the first place in order to achieve those yields.

Each Morley (and Batley) landlord will have different needs and requirements in his or her property investment. If you want an unbiased opinion on what (and what doesn't) make a good property investment. Knowing what has happened to values in different towns, enables us to spot any trends or opportunities for buy to let landlords.

If you would like to discuss my thoughts on the rental markets, feel free to give me a call on 0113 436 4360 or send me an email to claire@openhousemorley.co.uk

7% yield potential on good looking flat

New to the market is this well presented two bedroom flat at Providnce Works in a handy location for commuters situated on Howden Clough Road, accessing the M62 / M621 in minutes.

The flat looks very well presented and with two en suite bedrooms is likely to prove popular with young professional sharers and should achieve a rental income of around £575pcm to potentially £600pcm giving a healthy 7% yield.  Of course as a leasehold flat there are likely to be ground rent and other service charges to take into consideration when calculating return on investment.

The property is on the market with Whiegates Dewsbury - here's a link to the property details to see more http://www.rightmove.co.uk/property-for-sale/property-43898568.html 

If you want to discuss the merits of any property inb=vestment you are considering, feel free to give me a call.

7.5% yield on ready to let two bedroom terrace on Middleton Road

Here's a nice little investment as a buy to let, new to the market this week.  On Middleton Road so accessible for public transport and a short walk into Morley, it is a two bedroom back to back terrace in a great location for a rental property.

Looking at the listing, it has the second bedroom in a converted attic so should be quite spacious and all looks to be presented well.  The kitchen and bathroom both look fairly modern and in good condition and the rest of the property is neutrally decorated.  It's on the market for £80,000 and should rent for around £500 pcm without any work required to the property, so would give a healthy 7.5% return and in a popular area should rent quickly, minimising void periods.

It's on the market with Your Move - here's the link to the right move listing:  Middleton Road

Feel free to get in touch for an impartial view on this or any other investment you are considering, i'm always happy to talk property!

Morley has some of the most affordable properties in the region

A landlord met with me earlier this week to discuss the affordability of property in Morley, with the current national market property market being in recovery with increasing house prices. The best advice I can give to those looking to invest in property is our secret trick of the trade. You can judge the affordability of a town by simply finding the ratio of the average property price to the average salary. The lower the ratio, the more affordable property is.

When we put this to the test, we found that Morley currently has an average property value of around £165,423 with the average salary being £20,545. This is a respectable ratio of 1 to 8.05. Meanwhile in Pudsey the ratio of property values to salary is 1 to 8.16, which suggests the property in the town is 1% less affordable than in Morley.

We also had a look at Beeston and Middleton and found the average salary is £14,316 and the average property value is £135,648. This means that property in Beeston and Middleton is a rather significant 17% less affordable than Morley, with a ratio of 1 to 9.47.

This could mean that now is a brilliant time to invest in Morley’s property market, while the average value of property is low compared to the average salary. If you would like to talk to me about your potential investment, please give me a call.

Which semi-detached house in Morley should I buy?

Which semi detached house should I buy in Morley?

Which semi detached house should I buy in Morley? One of our landlords asked if they should buy a 3 or 2 bed semi detached property to rent out to tenants. The first question I asked them was what was are they looking for from the investment - capital growth in the property or a great yield?

Answering this question will help you figure out which properties you should buy...The average asking price of a 3 bed semi in Morley is £164,215  today compared to £129,434 for a 2 bed semi. The 3 bed semi achieves an average rental price of £675 per month compared to £580 per month for a two bed semi.

That’s a yield of 5.3% for the 2 bed against 4.9% for the 3 bed. So surely, the 2 bed semi is the better bet? Well it does offer a better rate of return, but the 3 bed semi is slightly easier to rent out (less void periods) and will be easier to sell in the future.

If you would like more information, please give me a call – I’m always happy to talk property!