Are tenants moving out of the City Centre for green space?
Welcome to week 5 of the Blog Posts.
Stockport is increasingly becoming a popular place for tenants looking for their next home. The Sunday Times recently hailed Stockport as a place to invest in 2023/23. And it is easy to see why.
As mentioned in previous blog posts, Stockport is undergoing an immense amount of change currently, with high-rise new-build apartments going up, mill conversions, improved transport links all in action, along with a wealth of new and exciting bars, restaurants and independent shops opening in the area. One key area for me, however, is the number of green spaces there are for tenants to enjoy.
In a survey carried out by Wise Living, 45% of tenants put outside space as their top priority. This is clearly seen amongst the tenants we have moving into Stockport. They require a garden space to enjoy, whether that be a large garden or even a yard to the rear of their terraced property they can enjoy in the Summer months. Aside from the outside space a property can offer, Stockport is home to some great parks, all within close proximity. In Edgeley, you have Alexandra Park on your doorstep. In Reddish, you have the vast Reddish Vale Country Park, and Offerton offers Woodbank Park.
With the development of Stockport Interchange, there will be a two-acre public park above the new Bus Station. Complete with cafes and shops, this is set to be an area Stockport Centre has long been waiting for.
From my time working in the City Centre, apartments with balconies were always more popular than those without. This idea is echoed amongst the suburbs of Manchester, including Stockport. Tenants have outside space as a top priority.
When looking to buy your next property, I would emphasise the importance of one with some outside space and local green space nearby. For assistance on properties we have coming up that hit these criteria, please reach out to me or 07384 810881 or email@example.com to discuss suitable investments.
Buy-to-let pick of the week
My buy-to-let pick of the week is a property we are marketing on Finsbury Road in Reddish. Click here to see the Rightmove advert.
Guide price of £210,000. This is a refurbished three-bedroom semi-detached property with off-road parking and a paved garden to the rear. You are a short walk away from Reddish Vale Country Park and North Reddish train station, offering easy access to the City Centre. Expected rental returns on the property would be £950-£1000, resulting in a 5.5% yield.
Give us a call on 0161 474 8668 if you are interested in viewing this property, and give myself a call on 07384 810881 to discuss the rental prospects of this in further detail, along with advice and assistance on the BTL market.
Liam Foster – Lettings & Investment Manager – Stockport