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Buy to Let Area Guide: Riddings

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

Information about Riddings

Conveniently located between Alfreton, Ripley and Heanor is the village of Riddings, it has an estimated population of 5821 (Census 2011).

Riddings has a rich heritage, the village name derives from Ryddynges, a clearing or riding in a wood. This was the ancient forest known as Alfreton Grove within the manor of Alfreton. The settlement goes back at least to the 12th century (www.ourriddings.co.uk)

Historically employment in the area would have been in the industries of coal and ironstone mining, the heavy industries have now gone but employment is now provided on nearby industrial estates and business centers. 

 
Market Trends

The average property price in Riddings is £137,208, similar to nearby Codnor (£140,791) and Somercotes (£132,581), but notably lower than Swanwick (£175,115).

Overall sold prices in Riddings were 14% up on the previous year and similar to the pre-recession prices of 2007 when the average property price was £134,741. (Figures taken from Rightmove – Sold House Prices)

 

Average Rental Prices in Riddings

Riddings has a varied housing stock, including older properties rich in heritage located off of Church Street and more recently modern developments located off of Newlands Road.

Identifying which property type would offer the best return on investment can be difficult, however, the tables below provide an indication of the average rental prices specific to property type and the number of bedrooms for properties in Riddings:


House Type

Average Rental Price PCM

Terraced

£461.69

Semi Detached

£543.04

Detached

£812.22

Bungalow

£537.86

Flat/Apartment

£423.78

 

Number of Bedrooms

Average Rental Price PCM

1

£388.13

2

£449.47

3

£541.95

4

£770.17

Figures taken from Rightmove – Asking rents for Riddings properties advertised between June 15 and June 17

 

What and Where to buy in Riddings?


 

Where to find value: George Street, Stewart Street, High Street, Greenhill Lane – The terraced properties located around these streets are popular on the rental market, they suit smaller families and singles. The average price paid for a terraced property in the past 12 months in Riddings was £103,457 at the time of writing there were 9 terraced properties on the market between £67,500 and £95,000. (Zoopla – House prices in Riddings)

Consider different property types: There is a high rental demand in the area for good sized family properties. Landlords may want to consider larger properties with more than 2 bedrooms, although the initial investment will be higher, landlords can expect to achieve a good rental return on 3 and 4 bedroom properties. Consider modern properties on Middleton Way, Broughton Close, Cantley Road and Raven Close.

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

Have you found a potential property to buy?

Present the property 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