Sell My House Quickly in Chester
Sell My House Quickly found another interesting article about properties in Chester.
The beautiful Roman city has a reputation for being exclusive and expensive. But if you know where to look there are still affordable property investments in Chester. Here’s our guide to the best areas to invest in buy-to-let.
Why Invest in Chester?
The City has Roman origins dating back to at least AD70. It’s is notable for being the most complete walled city in Britain. The Romans called Chester, Deva.
Modern Chester has a population around 118,000 and forecasts indicate it will grow by 10% by 2035 boosting the demand for property. The wider area including Chester, Deeside and Wrexham in North Wales has a population around 270,000.
Its history makes it one of the UK’s main tourist cities. Marketing Cheshire says the area attracts 35 million tourist visits a year and earns £2 billion for the local economy.
Chester has a robust economy, which is also good news for the property market. Last year it was reported that Cheshire West and Chester’s economy was the fastest-growing in England and Wales.
Key industries in Chester include public services, financial services and high tech. industries such as biotechnology. Chester Business Park is a major employment location with 6,000 people working there. Companies located in Chester include Bank of America Merrill Lynch, M&S Bank, MBNA, Virgin Money and Bristol-Myers Squibb. The Countess of Chester hospital is also a major employer with over 4,000 people working for the NHS trust.
Home.co.uk’s Chester Market Rent Summary says that the average rent in Chester is currently £881 per month. Landlords in Chester can earn an average £643 PCM for a one-bed property, £771 PCM for a two-bed property and £896 PCM for a three-bed property. A four-bed property in Chester will earn an average £933 PCM in rent and a five-bed £1,298 PCM.
According to Liveyield, Chester offers buy-to-let investors strong yield potential. They say that Chester letting yields are 6.8% in the Chester CH1 postcode and in CH2 5.7%, in CH3 4.6% and in CH4 6.5%.
For landlords who want to invest in Chester holiday rentals, a search with holiday accommodation rental site Cottages.com shows that a Chester area holiday property let can earn anything from £388 per week to £1,865 per week during the summer depending on size.
As property prices and rents can be high in Chester it may also be worth looking at opportunities for providing good value shared accommodation in the city. If you’re thinking of investing in the shared accommodation or the HMO market then you need to know that Cheshire West and Chester Council has an Article 4 Direction in certain areas. These are Garden Quarter (which is particularly popular with students), Newry Park and King Street so you will need planning permission to set up a new HMO.
We found this article on Property Investment UK. Kindly click the link to read the full story.
At Sell My House Quickly Chester, we pay fair prices for any property fast and quick so please feel free to Contact us here for more details.