Stockport Business Hub: A Reason To Invest In Property
Anyone who has spent any time in Stockport will know that big changes are taking place. There is a great deal of development work taking place and the Stockport business hub is at the heart of these changes. There is a drive to make the town a “thoroughly modern destination” for businesses and of course, when business drives the way, people will follow. This is why the emergence of the Stockport business hub is likely to be a reason to invest in property.
Some key facts about Stockport which back up the regeneration that is unfolding across the city include:
· Stockport has outperformed the conurbation, regional and national business start-up rates with respect per 10,000 residents across the last decade
· Business survival rates in the local area also tend to exceed the national and regional levels
· For micro businesses, firms up to nine employees, Stockport is outperforming regional and national rates – with close to 85% of Stockport businesses falling into this category
There are a number of factors why Stockport is achieving success in this area but the fact that the local council appears to be backing local business is a big factor in the success story. There is support on offer for new businesses with the Ready To Grow campaign being an example of this. This scheme is a £40,000 investment scheme that aims to motivate people to try new ideas. There is support of up to £5,000 worth of investment for applicants who are eligible and the scheme has supported social businesses, charities, voluntary groups and entrepreneurs based in and around Stockport.
There is also mentoring support on offer in Stockport
In addition to financial support, the scheme also provides mentors to these groups, so there is helpful advice on offer, which is often just as important for small businesses when starting out. There is also a high level of support in Stockport from the Business Growth Hub. This organisation can boast of assisting 275 potential high growth firms in the year until April of 2017. Findings also indicate that 48 new firms have been set up in Stockport in 2016/17 after support from the hub, and this represents 15% of all growth start-ups which have been backed by the Growth Hub across the Greater Manchester area.
There has also been backing for new businesses from the Stockport Business Finance Scheme, Business Finance Solutions, Start-Up Loans Company and The Big Ideas Generators Project. Office space is being developed in Stockport and this is driving businesses forward and creating employment opportunities. This is great news for existing local residents and it is also positive news for people looking to find employment or who want support in a local community.
According to Zoopla, the average price paid for property in Stockport over the past 12 months (as of November 2017, stands at £237,961. A breakdown of property prices and the most notable expected rental yields across the different Stockport postcodes can be found below:
· SK1 £130,632 with a 9.8% return for a five bedroom property or 7.96% rental yield for a one bedroom property
· SK2 £209,150 with a 6.8% expected rental yield for a five bedroom property
· SK3 £164,807 with a 6.24% expected rental yield for a one bedroom property
· SK4 £277,985 with a 6.42% expected rental yield for a one bedroom property
· SK5 £136,509 with a 7.22% expected rental yield for a one bedroom property
· SK6 £237,176 with a 6.34% expected rental yield for a one bedroom property
· SK7 £320,830 with a 5.43% expected rental yield for a one bedroom property
Property prices were taken from the Zoopla site and rental yields were collected from the Rental Yields website.
With business on the up in Stockport, there is a greater level of demand for property, and this has also transferred to the rental market. With strong returns on offer from affordable property, and with a good level of demand for rental property, investing in Stockport is a smart idea for many landlords and investors.
If you are looking to invest in Stockport property, come and speak to Peter Anthony and we will be happy to assist.