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Letting agents in Nottingham release Investor Spotlight on Sneinton

By | 2019-03-12T15:32:45+00:00 December 8th, 2016|Market Insights|0 Comments

Letting agents in Nottingham, Slater & Brandley, have created a series of Investor Spotlight articles specifically aimed to provide professional landlords with ‘off-market’ information on rental yields, capital growth, tenant demographics and property investment best practice. These articles are based on 20+ years of first hand Nottingham property experience.

Could Sneinton Be Your Next Goldmine Area?

Situated less than 2 miles from Nottingham City Centre, Sneinton remains an area of keen interest for many property investors. Still technically a village, although often easily mistaken for a small town,  Sneinton is located to the east of the City Centre and houses around 13,000 people (about 5% of the total Nottingham population). Terraced housing dominates the area with just shy of 50% of properties falling into this category and semi-detached houses and flats following this at around 21% and 20% respectively.  The boundaries of Sneinton include Bakersfield, Carlton and Colwick.

The area has become well known for it’s multicultural outlook and provides a fantastic range of shops, food outlets and other conveniences based mainly around the Sneinton Dale and Sneinton Boulevard roads. A popular annual festival arranged by local volunteers adds to the close knit community feel and this has helped to keep crime statistics relatively low when compared to many other Nottingham Suburbs.

Letting agents in Nottingham

Half of all properties in Sneinton are terraced (mainly Victorian) and this has proven to be very popular with landlord investors and tenants alike.

But what makes Sneinton such a popular area for investors?

Most recent census results show that almost 30% of all houses within Sneinton are rental properties and this figure is almost double the Nottingham average. This provides a clear sign of a strong rental market and evidence that buy-to-let property certainly has its place here.  It is a well known fact that in the last UK property boom (1996 – 2007) Sneinton had some of the highest price rises in the country with average values growing an astonishing 300% in the period from an average £29,000 to £89,000!

Property prices today offer a nice surprise too, with sales over the past year  averaging just £92,907 and making Sneinton much cheaper than nearby Bakersfield (£142,273), Lady Bay (£285,357) and Carlton (£142,993).

Terraced properties on average sold for £87,476. Semi-detached properties had an average sold price of £108,232 and detached properties averaged at £181,875 (Source: Rightmove).  There aren’t many areas this close to the City Centre that you can pick up property in the £80,000s! Capital growth over the past year stood at around 5% but this is more than made up for by the monthly average gross rental yield (cash-flow) which we have calculated to sit at around 6-7% based on our in-house data of 100+ lets within the area.

Property management Nottingham

Once a hugely popular trading ground for Nottingham, Sneinton Market has recently been tipped for redevelopment and letting agents in Nottingham believe this will further add to Tenant demand.

Tenant demographics are improving too and more working people are looking at Sneinton – with it’s quick and easy links to Nottingham City Centre – as a place to live for the fraction of the cost of a City Centre flat and yet with all the same amenities and convenience. Provided you are selecting the right applicants and then vetting them properly you shouldn’t generally come across any problems here.

In summary, I don’t think it would be unfair to say that Sneinton can offer good prospects for those looking at a relatively cheap entry to the market. As in any case, providing a good quality product can be key to getting the right results and we have seen many examples of this first hand having been active in Sneinton for a number of years now. The terraced properties here often prove to be popular and sustainable investments and may well be worth looking at the next time you purchase a rental property.

Are you thinking of investing in Nottingham? Do you want some advice on a potential purchase? Do your current letting agents in Nottingham really understand your investment goals?

If you think you could be missing a trick, give me a call to talk in more detail on 0115 981 9651 or pop into our office on Loughborough Road for a chat.

Will Brandley

Will Brandley MARLA
Partner

www.slaterandbrandley.co.uk

 

Disclaimer: Letting agents in Nottingham, Slater & Brandley. The Information above is not intended to be and does not constitute financial advice or any other advice, is general in nature and not specific to you. Before using this information to make an investment decision, you should seek the advice of a qualified and regulated professional and undertake your own due diligence. None of the information above is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any individual, Company, or fund. The Company is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

 

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