Ripon Letting Guide
The rental market in Ripon is still on the smaller side, but growing, making this a great time for investors to get onto the market! Landlords can start their Ripon portfolio for as little as £99.5k for a studio or 1 bedroomed apartment, and ascend all the way to £620k for a stunning 5 bedroomed detached home.
Get in touch with our Ripon office today for help letting property in the area or book your free valuation appointment to find out what your rental yield could be:
1 bedroom (£99.5k - £120k)
Mews style and open plan apartments appear from £95k and quickly increase in price to £105k. These properties are generally marketed towards investors, and require some renovation in order to yield the higher rents. At the lower end of the scale yields are between £350 and £500 per calendar month. For larger 1 bedroomed apartments and terraced houses, expect to spend upwards of £120k, with an expected rental yield of up to £700pcm.
2 bedrooms (£110k - £235k)
Prices for two bedroomed properties in Ripon vary greatly, with auctioned properties guide price’s being from £110k and the most expensive listed for sale at £235k and up! At the lower end of the price range you find classical flats with modern interiors and large windows. When these are well maintained and comprise of modern fixtures and fittings they can easily yield £575pcm. As prices steadily increase, locations change, with some set in the old college grounds, and others in walking distance of Ripon’s historic cathedral. The yield on these properties tends to be around £675pcm. As you approach the £200k mark, you find waterside set apartments in listed buildings, and then bungalows with attached gardens, these homes can fetch anywhere between £700 and £750pcm. Finally, for an investment of £225k, you find more luxurious homes which need little to no work before being put out on the market, where the typical yield is £800pcm.
3 bedrooms (£160k - £360k)
This particular bracket starts from as little as £160k and steadily increase to a (typical) maximum of £360k. For approximately £175k you can find charming terraced homes which will yield between £650 and £800pcm. For semi detached homes, investments start at £200k and up. Cosmetic changes may be needed in order to secure higher monthly yields. The majority of 3 bedroomed homes currently on the market in Ripon are semi detached houses which fetch between £800 and £900 each month in rent. Then, there are also a number of detached homes from £275k and up. The gardens with these homes increase as the prices do, and although there isn’t a strict correlation of house price to garden size, it can be said that the more you spend on the house, the more lustrous the attached gardens will be. Such features are of particular importance to families with children, who are more likely to opt for longer rental contracts. When you pass the £320k marker, detached homes become prevalent, with off street parking for 2 cars, typically the maximum yield for a 3 bedroomed home in Ripon is £925pcm, but with the area’s ever increasing popularity this is only set to rise.
4 bedrooms (£250k - £550k)
The price and size of 4 bedroomed properties in Ripon vary greatly. With even the least expensive homes offering good sized living spaces and bedrooms, homes in this bracket are always a great investment into the future. The lowest yield for a 4 bedroomed property is around £950pcm. Above £275k kitchen sizes increase exponentially, and rents increase to over £1000pcm. Then at £300k you find impressive landscaped gardens and second or even third reception rooms. The yield on these sit around the £1000 mark, and currently there is nothing more grand on the market. From an investment point of view there are very few 4 bedroomed properties between the £300k and £400k points, with these being characterful properties that encapsulate Ripon’s history perfectly without ever compromising on quality or comfort. These homes could be turned into bed and breakfasts, or you could lead the charge into expanding the Ripon rental market.
Whatever you choose to do, Hunters Ripon are here to help, guiding you through the process, and provide our local area expertise to you. When you’re ready to move, Hunters gets moving.