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Chesterfield Buy-to-Let Guide

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    Everything You Need to Know About Chesterfield Buy-to-Let

    Chesterfield is a town in Derbyshire, 24 miles away from Derby and 11 miles away from Sheffield. This market town sits on the confluence of the River Hipper and River Rother. The town is a retail hub for the Derbyshire area and has one of the largest open-air markets in the country. But is this enough to tempt buy-to-let investors into the area?

    Today, we’ll cover Chesterfield’s buy-to-let scene, focusing on everything from Chesterfield property prices to local rental figures. In addition, we’ll see if Chesterfield’s buy-to-let potential measures up against some of the country’s top buy-to-let hotspots.

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      Chesterfield Aerial View

      Buy-to-Let Property Prices in Chesterfield

      According to the HM Land Registry UK House Price Index, the average Chesterfield property price is £198,281. In comparison, the UK property price average was £292,882. This makes Chesterfield around 38% cheaper than the national average.

      In addition, the average property price in Derbyshire – according to the same statistics – is £235,422. Therefore, Chesterfield arguably offers some of the best-value properties in the county.

      According to Rightmove, the most popular properties in Chesterfield are semi-detached houses.

      If we look at the Land Registry HPI property type breakdown, we can see that detached properties in Chesterfield cost £307,004 on average, semi-detached homes cost £186,358, terraced properties cost £145,512, and flats cost £111,606.

      Chesterfield saw slow property growth of 1.90% over the last year (August 2022 – August 2023). However, this is still ahead of the UK price growth of 0.80%.

      Learn more: If you want to find out about buying a property through a limited company or how to make money with property, take a look at some of our latest guides and insights.

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      Chesterfield Church

      Buy-to-Let Rental Market in Chesterfield

      The average rent in Chesterfield is £876 PCM, according to the Home.co.uk Chesterfield Market Rent Summary. The Homelet Rental Index puts the average rent in the UK at £1,283 PCM.

      Those figures show Chesterfield rent is 37% cheaper than the national average.

      The average room in Chesterfield costs £675 PCM. A flat commands an average rental cost of £716 PCM. Meanwhile, a house costs £958 PCM.

      These figures give Chesterfield an average rental yield of 5.3%, slightly ahead of the national average of 5.2%.

      Chesterfield is home to the Chesterfield campus of the University of Derby, so there is some potential for student letting investments, but the student population is quite limited compared to other student towns.

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      Buy-to-Let Investment in Chesterfield: Area Breakdown

      S40

      The S40 postcode includes:

      • Chesterfield town centre
      • Brampton
      • Birdholme
      • Boythorpe

      The S40 area is suitable for a wide demographic of tenants, as there are plenty of local amenities and things to do in Chesterfield town centre. The area is well connected via road and train links, offering easy access to major UK cities such as Sheffield and Nottingham. Some of the cheapest rents in Chesterfield can be found in this postcode.

      Average Property Price in S40

      The average property price in S40 is £230,512.

      Average Rental Yield in S40

      The average rental yield in S40 is 3.61%.

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        Chesterfield architecture

        S41

        The S41 postcode includes:

        • Hasland
        • Old Whittington
        • Sheepbridge
        • Whittington Moor
        • Tapton
        • Newbold
        • Hasland Green
        • Spital
        • Winsick
        • Hasland
        • Corbriggs

        The S41 postcode is an affluent part of the Chesterfield area that attracts people looking to live in the rural tranquillity of the Derbyshire countryside. People can access neighbouring cities and villages thanks to the local motorways and public transport network. East Midlands Airport is only 40 minutes away by car.

        Average Property Price in S41

        The average property price in S41 is £201,634.

        Average Rental Yield in S41

        The average rental yield in S41 is 4.97%.

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        Chesterfield market

        S42

        The S42 postcode includes:

        • Brimington
        • Barlborough
        • Clowne
        • Inkersall Green
        • Staveley
        • Barrow Hill
        • Hollingwood
        • Poolsbrook
        • Staveley
        • Mastin Moor

        S42 offers some good-value investment opportunities for savvy buy-to-let investors. Villages like Staveley offer independent shopping, schools, churches and more. The area has plenty of scenic walks, attracting people who love the outdoors. It is well-connected to the wider region via road, thanks to the M1 and A61. The local Endcliffe train station offers direct access to Manchester Piccadilly, Sheffield and Chesterfield. Read more about how to get into Property with the RWinvest guidebook or why not view the type of apartments for sale Liverpool has to offer?

        Average Property Price in S42

        The average property price in S42 is £254,723.

        Average Rental Yield in S42

        The average rental yield in S42 is 3.69%.

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          Why You Should Consider a Buy-to-Let Investment in Chesterfield

          Regeneration

          Chesterfield has over £1 billion worth of regeneration schemes in progress and many others coming up. To attract more visitors to the town, these plans will improve local infrastructure and transport links, provide new business opportunities, and build residential properties.

          • Northern Gateway development
          • Business support
          • Chesterfield town centre masterplan
          • Local employment and supply chain opportunities
          • Staveley Town Deal
          • Revitalising the Heart of Chesterfield
          • Chesterfield Waterside
          • Chesterfield Growth Strategy
          • Chesterfield Station Masterplan
          • Staveley 21

          Transport Links

          Chesterfield benefits from a central location and has plenty of excellent transport links, adding to the area’s buy-to-let appeal.

          For instance, Chesterfield is a short drive from Junction 29, leading into the M1 motorway. Chesterfield Rail Station connects the town to London in less than two hours. Other trains connect Chesterfield to Birmingham, York, Bristol, Newcastle and Manchester.

          The public bus network allows Chesterfield locals to reach Sheffield, Nottingham, Worksop, Derby and the rural Peak District areas. Meanwhile, Chesterfield is within an hour’s drive to Manchester, East Midlands and Robin Hood Airport.

          Chesterfield Ferris wheel

          Chesterfield New-Builds

          New-build developments are gaining more interest as property investment opportunities. Although they are generally more expensive than older properties, new-builds are growing in popularity as they tend to be cheaper in terms of maintenance in the long run and are more appealing to potential tenants. But, as a smaller town, there seems to be less scope for new build investments in Chesterfield.

          The Chesterfield Borough Council have been working on new-build council homes. Private developers in the area have also been delivering houses, but it seems there are not many opportunities to invest in new-build apartments in Chesterfield as opposed to the property market in London.

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            Chesterfield buildings

            Off-Plan Property in Chesterfield

            The trend towards investing in new build properties has led to a rise in off-plan investment opportunities. Investing in the property earlier in the planning or construction stage allows an investor to get a better deal and take advantage of payment plans.

            However, as mentioned, Chesterfield is a smaller town, so there may not be many opportunities to invest in off-plan property in Chesterfield. Developers are more likely to build off-plan investment properties in more major UK cities. For example, investors are more likely to find off-plan properties for sale in Luton.

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              How Does Chesterfield Compare to Other UK Regions When It Comes to Buy-to-Let?

              Chesterfield offers below-average property prices compared to the national average, which may tempt some buy-to-let investors into considering purchasing property in the area. If you’re interested in Midlands property investment, it may also be worth taking a look at investment properties for sale in Birmingham.

              However, investors should consider other areas with good-value properties with stronger rental yields, such as Liverpool.

              Properties to buy in Liverpool are typically more affordable. This North West city has an average property price of £179,129, slightly lower than Chesterfield. However, the average rent is £1,083 PCM (according to Home.co.uk), giving an average rental yield of 7.2%.

              As an investor, the city is similar in price to Chesterfield but offers a far superior ROI.

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                Want to Invest in Chesterfield?

                Chesterfield offers good value properties, making it one of the more affordable places in the Midlands. However, if you are serious about earning a substantial ROI, you may want to focus on places with historically stronger rental yields. Ensure you conduct thorough research and chat with a knowledgeable property investment company with expertise in your desired location before you invest in property.

                Further Reading: Want to learn more about UK buy-to-let? Take a look at our latest property investment area guides covering topics like off-plan property in Burton, Bolton new builds, and investment property available in Basingstoke!

                Map of Chesterfield

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                Author

                Dale Barham

                Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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