Social HMO Prices in Salford Manchester- 100% Increase Plus
In 2015 we purchased a property on Langton street in Salford and refurbished it into a 4 bed HMO generating in excess of 10k of rents. Banks did not want to lend due to the long lease. Actually it was 5 years…was renewed another 5 years and extended once again. We had trouble selling this property. Investors were concerned the tenants would vandalize the property, yet there was a housing officer monitoring their every move. Other investors thought Salford was on par to Beirut and would never see price appreciation.
We had one smart property investor from Saudi Arabia who ended up buying 10 of these properties in and around Manchester.
He held them for 3 years. Collected over 30k in rents and sold them to another investor colleague from Saudi Arabia.
He made more money than us.
What is the take away, No one wanted to buy in Salford in 2015. Many are skeptical and say there is no price appreciation in the NE of England. However we are seeing prices shift dramatically. Only if we held these properties in Salford. So much for all the London property investors who thought of only capital appreciation and not just cash flow. Wouldn’t it be nice to have both?
We sell in order to keep. We are looking for private investors to lend us as well as buyers of our properties.
House Prices in Langton Street, Salford, Greater Manchester, M6
Properties in Langton Street had an overall average price of £135,000 over the last year.
Overall, sold prices in Langton Street over the last year were 9% up on the 2018 peak of £123,667.
https://www.rightmove.co.uk/house-prices/m6/langton-street.html
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