It transpires that amongst Tamesider’s biggest interests when it comes to property, be it positive or negative, many of you have enjoyed reading about the flips and flops of some properties in each of the towns. Not only does it show the difference of the property market in the borough over the years, but it also gives an insight into the potential you have as a homeowner, landlord or investor into how to take a property and turn it into a profit.
Therefore this week on the Tameside Property Blog, I’m turning my attention to the properties in Hyde and looking at their success (or horror!) stories when it comes to flipping.
The first Hyde property that came to my attention can be found on Underwood Road. An initial sale on 23rd August 2004 saw the property sell for £19,281.
The lounge in the property comes with a charming stone feature, whilst there’s also a conservatory to the rear of the property. In circumstances such as this property, there may be need considered for a decorative update throughout.
Nonetheless, the property went on to be sold in December 2012 for £65,000 amidst house prices recovering from the credit crunch. Fast forward to September last year however and the property sold for £100,000, a huge growth in value since that initial 2004 sale!
For the first property flop rather than flip, I came across an apartment in Brookey which came onto the market in 2006 as a new build.
This second floor, two bedroom apartment, one of which is en-suite, features open plan living, an allocated parking space, double glazing and central heating throughout, as well as being situated within walking distance of Hyde town centre.
The original buyer who bought the property in January 2006 put down £137,000 in order to call it home. 12 years later however, the property was sold on at only £88,000, leaving the original buyer down -35% out of pocket.
Another Hyde property sob story can be found on Chapel Street. A three bedroom mid terrace property which has been on the market four times since 1996.
The property was sold (most likely at the relief of the homeowner at the time) for £140,000 at the end of 2007. Based on the relatively quick turnaround of the next sale (February 2008), I can only imagine the homeowner wanted to cut their losses from the credit crunch, selling the property for £125,000, a -10% loss on the original purchase.
Then in October last year, the property traded hands again for even less; £110,000. It’ll be interesting to see how this property fares should it fall back onto the property market in the coming months or years.
The final property in Hyde that caught my eye this week can be found on Grosvenor Road in the form of a four bedroom semi-detached bungalow.
The property sold on the market in 2015 for £114,950. The real wonder here however is the price it then sold for in mid September 2018.
The images (available via Rightmove) depict just how lovely a living space this property offers, with a gorgeous and spacious rear garden to boot. Clearly a lot of work has gone into the property recently, which saw the sale price in 2018 sky rocket to £220,000. Yes, you read that correctly.
As always, there are a wide range of factors to consider that have the potential to drive Hyde property prices up and down. Knowing the current timing of a property cycle is crucial to having the ability to make a profit or loss on a property, particularly as uncertain times in the political world (I’m going to avoid mentioning the ‘B’ word for once!) could still play havoc with property prices.
If you want to know more about getting the most out of your property and powering your profits, I’m always happy to have a chat either over the phone or drop your contact details below. You can call me on 07709 505442.