A landlord I know has owned a few properties in Portadown for the last five years. She came into our office to discuss the rise and fall of property prices in the local area and how this has affected her yield over the years.
In 2014, when she purchased her first property in Portadown, the average value of a terraced house on the street was £63,969 which had a sharp rise to £77,950 by 2016. This rise in value continued, with average values being £79,007 in 2018.
At the height of the property boom, a terraced house in the Portadown area had an average value of £136,250. This soon dropped in 2012 to £50,607, with the average value increasing to around £79,007 in 2018.
When she told me of the rents she had achieved in the town, they seemed stable over the 5 years. In 2014 the average rent was £433 per month and is now between £450 and £600, dependant on the property’s accommodation. Therefore, a landlord could expect a respectable annual yield of around 7.5% in the local area now.
If you would like some advice with your potential investment, just give us a call on 028 3835 5100 or email us at info@orchardlettings.com
