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Buy To Let Area Guide: Ripley

Our area guides have been created to help buy to let investors who are considering purchasing residential properties in the Amber Valley area. In this article we will focus on Ripley.

Information about Ripley

Situated 11 miles north of Derby, Ripley has an estimated population of 20,807 (Census 2011). The town is located close to the A38 and Junction 28 of the M1 and 3 Miles from Langley Mill train station, making it a popular choice for those commuting to work in nearby cities and towns.

Ripley is a traditional market town with a variety of shops and services situated over 3 shopping streets. Other local amenities/services include a hospital, supermarket, hotel and leisure centre 

The educational needs of children from 3yrs to 18yrs of age are covered by a selection of nursery/infant schools, primary schools and The Ripley Academy secondary school. 

Market Trends

Over the last year, the average sold property price in Ripley was £159,649, notably higher than nearby Heanor (£131,238) and Alfreton (£151,289).

Overall sold prices in Ripley over the last year were 11% up on the previous year, compared with Alfreton which recorded a 10% increase and Heanor which experienced a 3% decrease. (Figures taken from Rightmove – Sold House Prices)

Average Rental Prices in Ripley

Ripley has a varied housing stock ranging from apartments to large detached houses. Identifying which property type would offer the best return on investment can be difficult. The tables below highlight the average rental prices specific to property type and number of bedrooms.

House Type

Average Rental Price PCM

House Type

Average Rental Price PCM

Flat/Apartment

£404.94

Terraced

£479.83

Semi-Detached

£537.02

Detached

£701.82

Bungalow

£627.05

Number of Bedrooms

Average Rental Price PCM

Number of Bedrooms

Average Rental Price PCM

1

£383.61

2

£460.60

3

£583.14

4

£753.33

5+

£1013.33


(Figures taken from Rightmove – ‘Asking rents for Ripley properties advertised between Feb 15 and Feb 17’)

 What and Where to buy in Ripley?

Property type: Apartment/Flats – In the last year flats in Ripley have sold for as little as £50,000 (Rightmove – Sold House Prices), the low purchase price can seem attractive, but always factor in ground rent and service charges when calculating the potential yield. 

Where to find value: Terraced properties located close to the town centre – The average property price in Ripley is notably higher than neighbouring towns, however, value can still be found on certain streets. In the last year properties on Greaves Street, Peasehill Road, Beighton Street and Heath Road have sold for between £62,000 and £80,000 (Rightmove – Sold House Prices). According to Zoopla estimates the average price paid for a terraced property in Ripley in the last 5 years was £103,612, terraced properties on the streets mentioned and others located close to the town centre can be purchased for below the average (Zoopla – Area Guide for Ripley).

Whilst far from conclusive, I hope you have found this information useful.

Have you found a potential property to buy?

Present the details to us and we would be delighted to provide a rental appraisal.

 

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Jak Gould
Co-Author of Amber Valley Property News