As I mentioned in one of my blogs the other week, I was having a cup of tea at Brian’s Cafe recently with a landlord. This landlord already has a couple of residential properties as well as a commercial unit that are doing very well for him and is on the look out for a third residential property. When we were talking, he asked me a question that made complete sense in terms of commercial property but was as bit ‘left field’ from a residential property point of view – how much he should be paying per square foot?
Well, that was a challenge and you know how I like a challenge!
So I did my research and found out that:
- The average flat in Bo’ness is currently selling for approximately £136 per square foot costing, on average, £94,099.
- Terraced houses in the town are currently selling for, on average, £112,050 or £117 per square foot.
- An average semi in Bo’ness is obtaining for £142,177 and achieving £143 per square foot.
- Finally, the average detached house in Bo’ness is achieving £185 per square foot and is selling for £254,476 although this selling price is skewed by a relatively small number of high value properties that do not make viable buy to let properties.
Now these are of course averages, but it gives you a good place to start from.
My research reveals that Bo’ness terraced houses tend to generate a better yield than detached and semi-detached houses (probably because they are cheaper to buy than semi-detached houses but rents as fairly similar) and flats (probably because there are not that many flats for rent in Bo’ness). However, detached houses, semi-detached houses and flats tend to appreciate in value more rapidly and may well be easier to sell – remember 26.9% of properties in Bo’ness are terraced houses compared to a national average of 18.6%.
So, terraced houses are the cheapest to buy per sq ft and give the highest rental yield but give the lowest capital growth. That’s interesting.
If you would like to explore how we can help you with your property investments, or should you require any advice about investing in the Bo’ness property market, wish to enquire about our Investment Analysis Reports, Property Sourcing, Residential Lettings or Property Management services, please do not hesitate to contact me for a chat – phone me on 01506 828096, email me on email@example.com or pop into the office at 6 Vicar Street, Falkirk.
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