I wish they would get on a start building the new houses they have been talking about. Waiting for the developments to take shape has taken longer than anyone imagined and I believe this has had an impact on properties for sale in Bingham.
There seems to be fewer houses on the market for sale and we have found that properties are achieving higher rents than this time last year.
Waiting for the new developments feels like the housing market in the town has stalled. There certainly seems little available in the price range for your traditional first time buyers in Bingham. There is a massive demand from families in the area and this is pushing up rents as there are fewer homes on the market for them to purchase.
If you are looking to move up or down the housing ladder your options are limited and there is a reluctance to pay over and above the market rate as the impact of the new development could affect this further down the line.
Investors are usually looking to spend in the region of £150,000 to £180,000 and achieve a yield of at least 5% and there are not many options currently available so fewer rented properties are coming onto the market. This could a reason for the increase in rent seen in the town.
I expect the new build development will enable a lot of people waiting to move to proceed up the ladder and this will increase the number of properties on the market throughout the town. There will be more options available and this could affect the values.
If you are considering investing in property in the area you must look ahead to the future planning of the area. It is vital for an investor to consider the capital growth they expect to achieve. For honest opinion on rental returns for investment properties please give me a call 01949 714101 or email me the details katie.archer@belvoirlettings.com.
