Updated: Apr 29
Ashton-under-Lyne is a traditional market town situated in the Tameside borough and is home to 44,000 people. There are many reasons why Ashton-under-Lyne is a great place to invest in real estate. Firstly, property prices in the area are much lower than in neighboring cities like Manchester or Liverpool, yet we generate similar rents. Below we discuss 5 reasons why Ashton-under-Lyne is a great place to invest in real estate. We also detail a case study from a successful project we completed in the area.
Low House Prices:
HM Land registry data reports that the average house price across the country is £273,762, whereas, according to Zoopla, the average house price in Ashton-under-Lyne is just £176,159, much lower than the national average.
As of 2022, the average rental price is £450 per calendar month for a two-bedroomed terraced property in Ashton. Although, that hasn't been the case at Clearwater Property Partners. We have had great success letting property in the area and consistently secure rents of £650 and above per unit, much higher than the local average.
Great Transport Links:
Located in the metropolitan borough of Tameside, the area is often dubbed "The Gateway to the North" as it sits at a crossroads between two major routes from London to Scotland and another from Liverpool to Hull. The area is well-connected to other parts of the country via major railways. The construction of the MetroLink in 2013 also provides a fantastic transport service to Manchester and neighbouring towns like Droylsden.
Ashton-under-Lyne has a strong economy with a thriving local business community and plenty of job opportunities. The bustling town features a ten-screen Cineworld cinema, a ten-pin bowling space, a public swimming pool, and gym facilities. IKEA Manchester is based in Ashton-under-Lyne and is very popular, prompting further retail investment in the town centre. Alongside a lively centre, the town also has beautiful scenic views, riverbanks, bridle paths, and cycleways.
£20m Government Funding:
Properties in Ashton-under-Lyne are made up mostly of Victorian terraced homes built during Greater Manchester's industrial era. Following World War II, the town received substantial funding to develop two and three-bedroom semi-detached properties. In the 1970s, there was an influx of three and four-bedroomed semi-detached and detached property developments. At present, Tameside council recently pledged £20m to the town as a part of their Leveling-Up initiative, scheduled to be spent in the years up to 2024 - 2025.
The property investment featured in this case study was a commercial property, previously a solicitor's office until we converted it into 2 x studios, 2 x 2 bed, and 1 x 1-bed flats. Commercial property is often cheaper than buying a residential building and allows developers to design and tailor units to meet specific needs.
In total, this renovation took just 20 weeks for us to complete.
The total cost was £242k, and since having the property re-evaluated, it is now worth £350k with a nice £12k net cash flow per annum for our happy investor.
The client gave us free rein with the furnishing and dressing, and we were thrilled with the end look. Dressing to a high standard has always proved successful for us, and happily, the rental income reflects the work that went into the finish, achieving 28% over market rates.
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