Tuesday, 24 May 2016

Wrexham gives higher B2L yields over Chester

Wrexham gives higher B2L yields over Chester

Wrexham Yields Versus Chester

A landlord with a small property portfolio asked me for a coffee last week. He lives between Wrexham and Chester, in Holt, and has properties in both towns. He wanted to ask our opinion on where he should his next Buy to Let property.

May ’16 - Looking at Chester, the average property price can be an impressive £238,141 and the average rent is equally high at £701 per month. In Wrexham, an average property is £167,998 and the average rent is only £556 per month. The annual yield in Chester could be only 2.9% per year, compared to Wrexham where he could achieve an annual yield of nearer 3.3%.

It made me consider another local town, Mold in Flintshire, I was surprised to find property values are higher than in Wrexham, with an average property price of £171,349. They have an average rent of £615 per month, which could achieve a yield of 3.5%.  It goes to show our town of Wrexham can be a good area for an investment property, we have some of the lowest average property prices in the region and rents are strong, but a decision to buy is not one that should be taken lightly. These are only averages, so the yields for some small to medium sized properties in popular areas of Wrexham can achieve yields of 5.5% to 7.5% per year. If you want to know our thoughts on property in Wrexham, give me a call.

The facts and figures behind the Buy-To-Let Stamp Duty fiasco

Wrexham Property Sale Completions

What a difference a year makes…let’s roll the clock back 12 months and the Wrexham Property Market saw 352 sales during the first 3 months of 2015. Fast forward to the same period in 2016 and there have only been 255 completed sales recorded – sales down a massive 27% year on year.

Why have property sales in Wrexham seen such a huge fall?

We will be looking at the finer details in a future blog when some harder hitting stats are made public, needless to say Mr Osborne’s Christmas present to Landlords and second home owners was an unwanted surprise. Seasoned investors and those prepared, with finance ready have generally gone ahead with their Buy-To-Let purchases pre-the 1st April deadline.
The significantly lower sales figures can quite literally be seen. Rightmove are marketing 1750 properties in the borough which is an increase on last year and two town centre Buy-To-Let investment opportunities were experiencing an unusually low amounts of interest until very recently.

The best buy-to-let opportunities in Wrexham

Machine Square on Erddig Road in Wrexham has a couple of its 12 apartments still available, with the sales agent reporting a good demand & sales post April 1st. These modern, purpose built flats offer affordable town center living. From an investment viewpoint yields could reach 7.3% with asking rents expected to start at 550pcm & asking prices from just under 90K.

There is another medium sized new build development just off Bridge Street [close to Voodoo Moon], this is a fabulous location and would make a great Buy-To-Let opportunity, the sales agents are Belvoir Wrexham however, there is very little little information about spec and unit price – we will keep you posted.

For more information about this article and local Wrexham property investment advice call Wrexham property expert, Craig Swire on 01978 799 588 – Author of the WrexhamPropertyMarketNewsletter.Blogspot.com 

Tel: 01978 799 588           Mobile: 0787 237 6768              E-Mail: info@HelpMeRent.co.uk


Wrexham Property Market Newsletter Blog - Testing

Wrexham Property Market Newsletter Blog - This Blog has been created to give Wrexham homeowners, Wrexham property investors and anyone interested in the Wrexham property market a clear understanding about whats going on in and around the town. If you have any questions about the information contained within the blogs or would like a chat about anything to do with the Wrexham Property Market feel free to get in touch.