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Buy to let area guide:
Somercotes & Leabrooks

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 Somercotes and Leabrooks.

Information about Somercotes & Leabrooks

These neighbouring villages, situated approximately 15 miles northeast of Derby, have a combined estimated population of 6255 (Census 2011).

 

Conveniently located close to Junction 28 of the M1, Alfreton Train Station and also benefiting from regular bus routes, the villages have strong transport links to nearby Alfreton, Ripley and also the cities of Derby and Nottingham.

 

A former mining area, the main forms of employment are now found in the manufacturing and retail industries, provided by those companies located on the nearby industrial estates. Despite the close proximity to these nearby industrial estates, the rate of unemployment in Somercotes and Leabrooks is marginally higher than the Amber Valley average (Derbyshire County Council 2014).

 

The villages have a wide range of local amenities including a medical centre, small supermarkets, infant and junior schools, independent businesses, garages and fast food outlets.

Housing Market Trends

 

The majority of people living in Somercotes own their property (60%), however, this is lower than the Amber Valley average of 74%. The number of people in Somercotes who live in private rented accommodation (14.5%) is higher than the Amber Valley average of 11.5%. (Census 2011)

 

The average property price in Somercotes is £135,223 and Leabrooks is £141,949, these figures are similar to nearby Riddings (£135,847), but notably lower than Swanwick (£169,591) and Alfreton (£150,905).

 
Overall, sold property prices in both villages have increased in the last year, sold prices in Somercotes rose by 12% and Leabrooks saw a 16% increase. (Rightmove Sold House Prices) 

Average Rental Prices in Somercotes and Leabrooks


With such a diverse housing stock in the area, identifying which property type performs best 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

Terraced

£467.90

Semi Detached

£510.36

Detached

£611.25

Bungalow

£687.50

Flat/Apartment

£371.40

 

 

Number of Bedrooms

Average Rental Price PCM

1

£357.88

2

£445.93

3

£530.00

4

£672.14

Figures taken from Rightmove – Asking rents for Somercotes and Leabrooks properties advertised between August 15 and August 17


 

What and Where to buy in Somercotes & Leabrooks?


Terraced Properties
At the time of writing there are 25 properties marketed for sale in these areas under £90,000. Consider terraced properties located on Wood Street, Cemetery Road, Charles Street and Quarry Road. These properties may need renovation/improvement works but would generally return a higher rental yield.

Modern/New Build Properties – Our landlord clients have had great success in buying new build properties off plan. In recent years properties have been built on Birchwood Lane and Quarry Way and have sold for between £100,000 - £120,000. The rental returns on these types of properties are generally higher than the area average.


Free e-Book

 Following the conclusion of this series we have planned to produce a more in-depth e-Book of our Buy-To-Let Area Guides. This will included step-by-step's, article summary and to how create your own guide for areas we have not covered. 

To recieve this e-Book, free of charge, directly to your inbox upon release please email your full name along with the words "Area Guide Pre Order" to This email address is being protected from spambots. You need JavaScript enabled to view it.



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Jak Gould
Co-Author of  Amber Valley Property News