Walkley Bank Road, Sheffield S6 with 4.67% yield
Listed a few days ago is this three bedroom semi-detached house on Walkley Bank Road, S6 forÂ£187,500
Walkley is one of the more popular areas to live in Sheffield, so will attract higher prices from both a letting and sales perspective.
This particular property looks to be owner occupied at present, but other properties of a similar size and condition in this area are being rented for approximately Â£650 to Â£700 pcm. There is often a lot of interest for these sort of properties, so as soon as they go on the rental market, they often let within a few days at the right price.
This property is of a high standard and does have a garage, so I would expect it to rent for Â£700 pcm. This means that if purchased at asking price the rental yield would be 4.48%, if purchased at a lower price of Â£180,000, the yield would still only be 4.67%.
I would look beyond yields for this property and would focus on the quality of tenants you are likely to attract for this property. With high quality properties in high quality areas, you will get high quality tenants. By this I mean there will be little hassle, often longer term tenants, low voids, payment of rent on time and they will keep the property clean and well maintained. Properties in other areas, for instance, Page Hall, often attract tenants that receive housing benefit, there are often issues with tenants paying their rent whom receive housing benefit directly.
If you own property in Walkley, you will be glad to know that values appear to be on the rise so itâ€™s a positive time if youâ€™re looking to sell your Walkley property.
The majority of residents in this area will be professionals, but with Walkley been close to the city centre, some students will rent in Walkley.Â
Walkley used to be an area very highly populated by students but I am finding more and more that they are moving towards the city centre into apartment blocks and new build developments.