The recent pandemic has caused chaos across multiple industries – you’d expect people to be still wary. Still, lately we’ve been busier than ever!
Recent Surge in Rentals
We can’t speak for other agencies, but our Lettings Team has been inundated with requests. As Stone Cross House completed, we have had over 80 requests for information and viewings in Bolton. Stone Cross House is something slightly different for tenants in Bolton; the luxury apartments aren’t comparable to other apartments in the area due to their high specification. We’ve also seen a considerable surge in rental requests in Preston and Wigan as well as filling out Johnsons Square in Manchester almost immediately upon completion.
We’ve seen other businesses also report record enquiry numbers – it seems like the pandemic has caused people to assess their living situations seriously! A big part of this could be down to the increased time people have to make big decisions or to put in the research into areas they would like to live in. This is a positive note for all agents in the North West, not least developers such as ourselves as it means we can move to meet increased demand by building new developments.
A big surge in Buy-to-Let for The Heaton Group
During the pandemic, we did see a slight decrease in sales, as other developers did. However, instead of sitting back, we continued more durable than ever. Our planning and developments team identified new sites and our contractors continued while employing social distancing measures. Our developments continued unaffected, and we acquired more locations throughout the lockdown period. This has resulted in our ability to release our newest development: The Bank, Stretford to investors. We have already begun the demolition process and have seen a massive amount of interest already with almost 50% sold in 4 days.
We’ve also seen an increase in purchases for Bishopgate Gardens and Stone Cross House, with Stone Cross House only having five units remaining for purchase. This surge in buy-to-let properties has been a real positive for us as a business. It means we can continue to acquire new sites and develop to meet the increased rental demand. Property in the North West was always due to grow and now is an exciting time.
Is now the best time to invest?
Property prices are set to rise very shortly. With an interest rate of 0.1% the Bank of England is actively encouraging borrowing and as such with the surge they predict over the coming months, all property will become more expensive, whether buy to let or for owner-occupiers. That’s why striking now, while the property market is returning back to relative normality is the ideal time to get involved.
The Heaton Group developments are already exceptional value; in most cases, we provide a 7 – 8% yield for investors and working with the Heaton Group directly, you immediately have the leanest route to market. We also now offer some people with “Help to Buy” on a number of our developments so first time buyers can get involved easier, rather than struggling to get on the property ladder.
If you’ve been considering a property investment, the North West has considerable opportunity, and The Heaton Group will have a wide array of developments to suit all requirements.
To speak to us regarding your next investment, please email us on email@example.com or call 01942 251945