Superb Family Investment Property in Bingham

This is just the sort of property that would make a great buy to let investment. 

If this came onto the rental market it would let really quickly for £725 pcm. 

It has just come on the market with Newton Fallowell for £195,000 and is a good 3 bed property. It is the type of property that would not see many void periods as it would attract long term tenancies.

http://www.rightmove.co.uk/property-for-sale/property-55849705.html


      

Shortage of Family Properties to Rent in Bingham

The Belvoir group have one of the longest running and most detailed rental indices which are updated each quarter with the latest stats and figures. Our Q2 index of 2016 revealed that almost 75% of the Belvoir network reported a shortage of family housing for the rental market.

This got me thinking about the buy to let market in Bingham. We have a lot of investors that look to spend less than £150,000 on an investment property and this typically gets a 2 bed property - usually a terrace or small semi detached. Apartments often fall into this category. With the current demand these let quickly however investors with a little more to spend can see better returns in the long term.

If you are in a position to purchase a property up to £200,000 then you would be looking at a 3 bed, sometimes with a garage if you go for something around the  Mallow Way area. This type of property will appeal to families and our experience shows they will often stay in the rental property for longer periods. This can mean that there are fewer void periods and these type of properties usually see a higher rate of capital growth in the long term.

Looking at the figures online you can find the sold prices over the years which allow you to compare the performance. Detached properties in Bingham appear to have seen around 24% increase on the capital value of the property since 2006. When you compare this to a road with terraced 2 bed type property, for example Rockingham Grove this has produced around 21% growth in the capital value in the same time period. If you remember we have seen a long recession during this time you can see why many people still believe property is a good place to put your money, especially if you are looking for a long term investment.

So with a shortage of family property to let, any property with 3 or more bedrooms are currently seeing an increase in the rental value as they come onto the market. It's important to take advice before purchasing a property to let to ensure that your property will provide you with the yield and capital growth you are looking for. Each Town is different. Visit my blog for potential investment properties that are currently on the market in Bingham www.binghamproperty.com  or give me a call. I am always happy to discuss the potential rental return on properties for sale across the market. 

Modern Investment Property for £100k in Calverton!

With a 'guide price' of £100,000 - £120,000 I think there could be a bargain to be had here!

The apartment is in good order, situated on a popular, modern development and has 2 bedrooms, all of which will appeal to many different types of tenant. Rental yield would be easily 5%, and could be up to 6.5% if bought for the lower end of the price range.  (Please remember an annual service charge will apply, being leasehold).

Details of the apartment can be found here:

http://www.rightmove.co.uk/property-for-sale/property-42475254.html

With the interest rate at a record low of 0.25% what will that mean to the people looking to buy in Bingham?

A reduction in the price of borrowing could assist many of those who are looking to buy. As I discussed in a previous article the long term gains of investing in property far exceed those seen in stocks and shares and what you can hope to achieve in savings accounts.

If borrowing becomes cheaper for the next few years then there may be more people looking to invest in property and rents are on the increase all over the UK as demand from tenants continues to outstrip supply.

Experts say housing should cost no more than 30% of take home pay. Rental costs In the East Midlands are more reasonable compared to the South East of England and as the unemployment levels are lower than the national average the East Midlands will continues to provide a good standard of living for professionals. A recent BBC investigation looked at the cost of renting in the UK and I wondered how the Bingham area stacked up -

In the Rushcliffe borough the median annual gross salary is £32,292, leaving £2,094 a month after tax and National Insurance contributions. Experts recommend spending no more than 30% of this on housing, which would be £628.

An average two-bedroom home is about £566.

This makes the Rushcliffe Borough a reasonable area to rent in, especially when you consider 2 bedroom properties generally have two wage earners in the home.

With rents on the increase due to the demand from tenants there would have to be a substantial number of new investment properties purchased to buck this trend. I am finding it harder and harder to identify good properties to blog about.

With the numbers of properties on the market for sale much lower than we have seen over the last few years I wonder if is this going to push up the price of the first time buyers properties as these are often also the target of the Buy to let investor.

Whilst tenant demand remains high and the supply of rental properties stays low the rents will continue to increase for tenants in Bingham.

Catching a good investment property is not always easy, I often post information about properties  on this blog. If you would like an honest opinion of the rental returns of a property you have seen on the market please give me a call, 01949 714101.

£135,000 investment 5.2% potential return - Newton

This 2 bed in Newton is on the market for £135,000 with Frank Innes. Newton is ideal for commuting into Nottingham or Newark and appeals to professional couples. This property would easily let for £595 pcm in the current rental market which is a potential return of 5.2%. It looks to be in good condition so could be quickly let.

Click on the right move link for more info on the property. 

http://www.rightmove.co.uk/property-for-sale/property-43191630.html

The Bingham Love Affair with its 500 Terraced Houses

Call me old fashioned, but I do like the terraced house.   In fact, I have done some research that I hope you will find of interest my Bingham property market blog reading friends!

In architecture terms, a terraced or townhouse is a style of housing in use since the late 1600’s in the UK, where a row of symmetrical / identical houses share their side walls. The first terraced houses were actually built by a French man, Monsieur Barbon around St. Paul’s Cathedral within the rebuilding process after the Great Fire of London in 1666.  

The majority of our Bingham terraced houses were built in the Victorian era.  Built on the back of the Industrial Revolution, with people flooding into the towns and cities for work in Victorian times, the terraced house offered decent livable accommodation away from the slums. An interesting fact is that the majority of Victorian Bingham terraced houses are based on standard design of a ‘posh’ front room, a back room (where the family lived day to day) and scullery off that.  Off the scullery, a door to a rear yard, whilst upstairs, three bedrooms (the third straight off the second).  Interestingly, the law was changed in 1875 with the Public Health Act and each house had to have 108ft of livable space per main room, running water, it’s own outside toilet and rear access to allow the toilet waste to be collected (they didn’t have public sewers in those days in Bingham – well not at least where these ‘workers’ terraced houses were built).

It was the 1960’s and 70’s where inside toilets and bathrooms were installed (often in that third bedroom or an extension off the scullery) and gas central heating in the 1980’s and replacement Upvc double glazing ever since.

Looking at the make up of all the properties in Bingham, some very interesting numbers appear.  Of the 4,018 properties in Bingham …

2,019 are Detached properties (50.2%)

1,074 are Semi Detached properties (26.7%)

571 are Terraced / Town House properties (14.2%)

354 are Apartment/ Flat’s (8.8%)

When it comes to values, the average price paid for a Bingham terraced house in 1995 was £39,200 and the latest set of figures released by the land Registry states that today that figure stands at £158,750, a rise of 305% - not bad when you consider detached properties in Bingham in the same time frame have only risen by 146%.

But then a lot of buy to let landlords and first time buyers I speak to think the Victorian terraced house is expensive to maintain.  I recently read a report from English Heritage that stated maintaining a typical Victorian terraced house over thirty years is around sixty percent cheaper than building and maintaining a modern house- which is quite fascinating don’t you think!

Don’t dismiss the humble terraced house – especially in Bingham!  Keep an eye on the blog for potential investment properties that come onto the market.

92.5% of Bingham Homeowners are over 35 - The affect of their Brexit vote on the Bingham Property Market

Well it’s 6 weeks since the Referendum vote and we have had a chance to reflect on the momentous decision that the British public took. Many of you read the article I wrote on the morning of the results. I had gone to bed the night before with a draft of my Remain article nicely all but finished, and woke up with the declaration by the BBC saying we were leaving the EU. I don’t think any of us were expecting that.

If you want to read a copy of that original Post Brexit blog post, please scroll back to late June to find it. In this article I would like to take my thoughts on from that initial article and now start to see the clearer picture as the dust settles on the UK, but more importantly, the Bingham Property Market.

In case you weren’t aware, the residents of the Rushcliffe Borough Council area went with the National mood and voted as follows ..

Rushcliffe Borough Council    Remain Votes        40,522             (57.6% of the vote) 

Rushcliffe Borough Council    Leave Votes          29,888             (42.4% of the vote)

Rushcliffe Borough Council Turnout   81.5%

I have been reading there is some evidence to indicate younger voters were vastly more likely to vote Remain than their parents and grandparents and many surveys seem to suggest there was a relationship between age and likelihood to support leaving the EU.

Interestingly, the average age of a Bingham resident is 38.8 years old, which is just below the national average of 39.3, which might go someway to back up the way Bingham voted? What I do know is that putting aside whether you were a remain or leave voter, the vote to leave has, and will, create uncertainty and the last thing the British property market needs is uncertainty (because as with previous episodes of uncertainty in the UK economy – UK house prices have tended to go down).

Interestingly, when we look at the Homeownership rates in the Rushcliffe Borough Council area, of the 35,475 properties that are owned in the Rushcliffe Borough Council area (Owned being owned outright, owned with a mortgage or shared ownership), the age range paints a noteworthy picture.

                   Age 16 to 34 homeowners      2,679    or       7.5%  (Nationally 9.6%)

Age 35 to 49 homeowners    10,741    or     30.3%  (Nationally 29.2%)

Age 50 to 64 homeowners    11,134    or     31.4%  (Nationally 30.7%)

Aged 65+ homeowners         10,921    or     30.8%  (Nationally 30.5%)

So, looking at these figures, and the high proportion of older homeowners, you might think all the Rushcliffe Borough Council area homeowners would vote Remain to keep house prices stable and younger people would vote out so house prices come down- so they could afford to buy?

But there's a risk in oversimplifying this. The sample of the polling firms are in the thousands whilst the country voted in its millions. Other demographic influences have been at play in the way people voted, as early evidence is starting to suggest that class, level of education, the levels of immigration and ethnic diversity had an influence on the way the various parts of the UK voted.

So what I suggest is this – Don’t assume everyone over the age of 50 voted ‘Leave’ and don’t assume most 20 somethings backed ‘Remain’; because many didn't!

.. and the Bingham Property Market – well read my original article in the Bingham Property Blog and you can make your own mind up.

Great Investment Opportunity in a Popular Location - Langdale Grove, Bingham

These 2 bedroomed properties are very popular with tenants.  Situated on a quiet cul-de-sac within walking distance of the station and town centre and with good schools close by.

The property is being marketed at an asking price of £142,500 and should attract a monthly rental of at least £575.

See full details here:

http://www.rightmove.co.uk/property-for-sale/property-60806057.html