House prices in Derbyshire increased by 4.1% between 2017 and 2018, according to the government’s Land Registry statistics. Published in October last year, the report revealed that the average property in the area was worth £177,911 (compared to £170,891 the previous year). Overall, the average increase for England as a whole was just 2.4%.
At the last census, the city of Derby had a resident population of 257,000 in 2017, with around 2,000 more females than males. Of that, figures 203,321 residents were aged 16 or over. A total of 91,874 residents lived as part of a couple, while the remainder were single person households or individuals who were registered as single, divorced, widowed etc.
A total of 64,899 people living in Derby owned their own homes (whether outright or with a mortgage), while there were 17,504 private rental tenants.
General property market in Derby
In January 2019, the website Home.co.uk advertised a total of 1,403 homes for sale in Derby. The average property in the town sits on the market for 151 days before being sold.
Of the total number of properties to buy in Derby, the majority had three bedrooms (503 properties). Two-bedroom homes was the next highest category with 412 properties for sale. There were 296 houses with four bedrooms and 82 with five bedrooms or more. Those looking for a one-bedroom property were restricted to a choice of 74 homes.
When it came to property type, 534 properties were detached homes. A total of 403 were described as semi-detached, 231 properties were flats and 199 terraced homes. Semi-detached homes took only 92 days on average to sell.
Private rental market in Derby
In January 2019, there were 1,095 properties for private rental in Derby. Houses made up the biggest category for rent with 521 available. Flats were next at 331 properties to rent and finally, there were 144 private rooms for rental. The average rental price for the town overall was £767 pcm.
There were more two-bedroom properties available to rent than any other number (326) with 208 three-bedroom properties, 155 homes with one bedroom and 120 with four. Of those properties with five bedrooms or more to rent there were only 56 on the market at that time.
Recent investment in the town of Derby
According to the official Derby Marketing Bureau website, Derby has been on the receiving end of £4bn of investment within the past decade. This in itself makes the city the UK’s second fastest growing economy (there has been a 23% growth in GVA within the past five years alone).
The city is set to benefit from HS2 when it is eventually rolled out. The train link will prove a huge boost to commuters in the East Midlands, with the result that house prices will rocket (by more than 20% in the near future according to one major UK real estate company.
Particular property strategies for Derby
HMOs prove popular with students at the university, keen to get away from campus and share with friends. Most popular areas for these in the city are in Kedleston Road, Ashbourne Road, Uttoxeter New Road and the city centre itself.
If it’s standard buy to let property your more interested in, then Oakwood is a favourite location for many such investors, so too is the city centre (which is always a ‘go-to’ area for young professionals).
Speak to Rebecca & Darran Slater who specialises in investment property.
Call 0333 123 1330