Metis, Sheffield City Centre S3 with 7.3% Yield Potential
At the right price, you canâ€™t really go far wrong when it comes to the city centre.
I feel Â£140,000 is too expensive for this property, but you find that some agents will advertise a property higher than its value in anticipation for lower offers.
A rent of Â£775pcm should be comfortably achieved, which means that if purchased at asking price the rental yield would be approximately 6.6%, which is average. This is why I would be trying to get this property reduced. At Â£130,000 I feel this would be a smashing buy, this would mean a yield of nearly 7.1%.Â
The rents in Metis and any other surrounding developments for that matter are increasing every year. I would not be surprised if this property achieved Â£800pcm in the summer of 2016, which would push the yield up to 7.3%.
Most properties in Metis are bought to let, not many are owner occupied and most of the ones that are have got one eye on letting the apartment once they move out.