Property Investment in Stockport
Property Investment in Stockport
Why choose property investment in Stockport?
UK history demonstrates that Stockport was famous for hat-making and was a traditional textile manufacturing town. While a lot has changed around the country since then, Stockport is said to still be important for Greater Manchester’s economy. It has a population of 290, 600 people, as well as an economy that is valued at £6.2 billion GVA.
There are a number of key industries you are going to find in the town. This includes retail, healthcare, financial services, manufacturing, and technical services. Some of the big employer names that everyone knows includes Music Magpie, Stagecoach, and Adidas. As you can imagine, a lot of people come to Stockport to work. In particular, there are two business parks that are key. This includes Orbital 1 and Aurora.
But, there are also people that live in Stockport and commute. In particular, this is to the city of Manchester. It is only six miles away and there are fantastic transport links that make the commute worthwhile. This also includes other popular locations such as Birmingham and London Euston.
While the town center in Stockport has had some difficult times, there is currently a £1 billion regeneration plan. This means that the area is going to go through some vast changes in the years to come. There are also going to be about 1,000 new homes emerging in Stockport after the success of the Stockport Exchange scheme. This includes the creation of office space, a hotel, and leisure facilities.
House prices in Stockport
You can expect house prices that meet the national average in the town of Stockport. The average price is £261,888 as reported by the HM Land Registry. Of course, it is always possible to find a property that is more affordable than this with some research and perseverance. For instance, this could be as low as £70,000. Likewise, there are going to be properties with a more expensive price tag in desirable districts.
According to the data, Stockport is reported to be the UK’s fastest-growing property market. This means that it might be the right time to invest in buy-to-let properties in the town.
The Rental Market in Stockport
You will want to know about the rental demand is in Stockport is like before you seize buy-to-let opportunities. Indeed, the market is good as there are local residents looking to rent, as well as those coming to the town to work. You also have commuters that are looking for more affordable accommodation and traveling into Manchester.
The estimated monthly rent fees sit at £1,000 in Stockport. You can expect around £654 PCM if you invest in a one-bedroom property, which can range up to £1,663 PCM if you have a four-bedroom home. There are great rental yields in Stockport, which may include 4.5 percent yields for property in SK1 postcode, as well as 3.5 per cent in SK6, 4.6 per cent in SK5 and 3.1 per cent in SK7.
Property investment in Stockport – Hotspots
When you are exploring the property market in Stockport, you are going to find a variety of different investment opportunities. If you are looking for cheaper properties, you are going to find them in the inner-city areas. Then, there is going to be everything from traditional terraces to luxury apartments. There are some upmarket areas that will be popular with commuters.
For example, we look at the North Stockport districts. This includes places like the Heatons, as well as Reddish to the northeast and Brinnington. They all have good transport links, which makes them desirable places to live. In particular, people that are looking for good accommodation and want to commute to Manchester will consider The Heatons.
Families that like to enjoy the outdoors are going to be interested in east Stockport. For example, Marple, Romiley, and Bredbury. Since they are in a good location near the Peak District, they offer green space and a quieter location.
If you look at the south of Stockport, there are some interesting districts to consider for investment. This includes Adswood, Edgeley, Offerton, and Stepping Hill. With some research, you can find good property to invest in. With good access to the center of Stockport, as well as Manchester, this can be a place where people want to rent.
An interesting place to keep your eye on is Woodford. Here, where the Woodford Aerodrome used to be, new homes are being built. There are believed to be around 1,000 properties and there will also be local amenities.
To the West of Stockport, you will find districts such as Heald Green and Cheadle Hulme. With local amenities, as well as their own town centers, these are appealing places to live. They also have railway stations, which can take you to Manchester very easily.