2 bed semi in Bingham that could easily let for £750 pcm

This lovely 2 bed semi in Bingham is currently being marketed for sale by Hammond Property Services for £189,950. It has a carport and a nice rear garden and I think this would really appeal to tenants. 
The property is near to Toot Hill school and would let for £750 pcm. This is a potential 4.7% return if it is purchased for the asking price. Definitely worth a look....

Great Investment Property Ready to Let!

This is a lovely example of a popular house type with tenants in Bingham.  Having been refurbished by the current owners, it offers a great investment opportunity to any landlord, needing little to no maintenance to get it ready to let.

We would achieve around £695.00 PCM in the current rental market, giving the investor a return of 5.4%.

Full details are below:

https://www.rightmove.co.uk/property-for-sale/property-71080798.html

    

Investment property with rental income from day 1!

I have found an investment property for sale at the moment in Calverton with William H Brown. it is a 3 bed semi and looks to offer 6.5% return on this £120,000 investment ...

https://www.rightmove.co.uk/property-for-sale/property-57714108.html

5.4% potential return on at £110,000 investment

This one bedroom quarter house is being marketed by Newton Fallowell. It is on the market for £110,000 and would easily let for £500 pcm. These are popular with individuals and it looks to be in good order...

https://www.rightmove.co.uk/property-for-sale/property-56978163.html


    

What is happening to East Midlands House Prices?

HM Land registry have released this month the data for the House price index for England year to September 2018. It lists the annual price increases for the regions and the East Midlands have seen a 6% increase on house prices achieved 12 months ago.  This has to be a reflection of the South and London housing markets slowing down.

You may have seen the Daily Mail reports talking about the North / South divide in property inflation being over. While the West and East Midlands have had a 6.1% and 6% increase - outperforming all other regions - is it enough to say there is no longer a divide? It is certainly showing that the East Midlands is catching up!

We know that the East Midlands is in a great location and with the added economic investment near East Midlands Airport and in the major cities of Leicester, Nottingham, Derby, and Loughborough. 

Bingham is on the edge of Nottingham and has a good supply of excellent primary and secondary schools. It has always been a popular choice for families and sees a high demand for rental properties, the large new housing development currently being built here will certainly be sought after.

The Daily Mail article talked about people moving looking for a better value property. Bingham certainly offers a lot of house for your money for anyone moving up from the southern regions.

   

Personally I have seen friends returning to the area this year now they are looking to settle down after working in London since graduating. When they are ready to buy it is the East Midlands that can provide access to employment opportunities and is still close enough to easily see friends and visit London.

I believe the value of the properties in the Bingham area will continue to increase as the East Midlands continues to grow in strength economically and the town will provide a sound investment for anyone looking to purchase a property.

To get an up to date property valuation or honest opinion on the rental return of a buy to let please do not hesitate to contact me. Katie Archer 01949 714101

Katie.archer@belvoir.co.uk

Bingham investment property for £125,000 - 5.2% potential yield

This 2 bed has just been reduced to £125,000. It's on Brendon Gorve and would easily let for £550 pcm - a potential 5.2% return. 

The bathroom and Kitchen look to be in good order and it has a garden. It is marketed by Purple Bricks have a look at the link...

https://www.rightmove.co.uk/property-for-sale/property-56642685.html


   

The performance of Bingham rents over the last 10 years...

The last few years have really felt like the rents have started to increase in Bingham and the surrounding villages. But what does the data show?  We have analysed our data for rental values across the whole of the East Midlands over the last 10 years.

When the recession hit in 2007 we started tracking the data across the region to pull together the rental figure analysis.  We caught it just in time to see the effect of the recession on the private rental sector in our area.

Many offices saw relatively flat rents during the recession. The figures show how the effect of the recession on the rents was not reversed until 2015 when we started to see rental levels higher than 2007.

The initial slump in rents when the recession first kicked in can be attributed to the increase in rental stock on the market as property owners were unable to sell property as easily.  Although we saw a quick increase in numbers of rentals on the market there were also a lot of tenants looking to rent as there were less mortgages on offer and a much steeper borrowing criteria.

As well as property supply affecting rental values, wages also have a large impact on what rent a property can achieve.  We believe that wages are the biggest driver of rent increases.

Unlike house prices, which can carry on rising irrespective of what is happening to wages, rents appear to flat-line when wages rise at less than inflation. We don’t tend to see rents rise until wages are increasing at a faster rate than inflation. This means that in areas where there is a shortage of supply versus demand, we see rents rise for a few quarters, then they tend to flat-line again, even if demand remains higher than supply as tenants simply cannot keep paying more rent than their earnings.

This is also likely to be partly linked to tenant referencing / insurance companies requiring 2.5 - 3 times salary to pass affordability tests.

In the Bingham area, after the start of the recession we saw more properties come onto the market to let as property owners could not sell but the demand remained high.  This did mean rents dipped slightly then flat lined until 2014 and did not see a growth back to pre 2007 levels until 2015.

We are now seeing higher rents achieved each time a property is coming back onto the market to be re-let.  For example in 2014 a 3 bed semi detached property in good order with a garage would achieve around £695 pcm and in today's market we would expect to easily achieve £795 pcm - a 14% increase.

In the future I believe rents will continue to rise as the supply of rental property in the private rented sector is outstripped by demand from tenants and this should improve the yields available for investors.

If you have a property let out and you would like to discuss the rental value or are considering an investment property please feel free to give me a call or pop into our office on the Market Place in Bingham.

Katie Archer 01949 714101 

6% return in Bingham for a £134,950 investment

These apartments on Eden Walk let for £675 pcm and this one is on the market with Hammond Property Services for £134,950. 

This is a lovely development and is popular with professional tenants.  You must remember to include any leasehold fees with apartments that will affect the yield. 

https://www.rightmove.co.uk/property-for-sale/property-54783018.html

2 bed ideal investment property in Bingham £165,000

This property has just been listed with William H Brown for £165,000 and it is a smart 2 bed on Rockingham Grove. 

This looks to require no work to get it ready to let and would easily achieve £675 pcm.


https://www.rightmove.co.uk/property-for-sale/property-66326935.html

5% potential return on a 2 bed for sale at £135,000 in Bingham

This 2 bed property is listed with Frank Innes for £135,000. Its on Brendon Grove and has an off road parking space and the second bedroom is a single. It says there is an enclosed rear garden but there are no pictures so this may need work. 

Taking into account the current condition this would easily let for £575 pcm and provide a potential yield of 5.1%...

https://www.rightmove.co.uk/property-for-sale/property-74032013.html






  

Bingham 5.5% potential Yield for £135,000 investment

This second floor apartment is marketed by FHP City Living and is on the market for £135,000. It has 2 double bedrooms and allocated parking and only a short walk from Bingham Town Centre. 

This would easily let for £625 pcm - giving a potential rental return of 5.5%. 

With apartments though it is important to consider any leasehold management fees. 

http://www.rightmove.co.uk/property-for-sale/property-53641803.html

  

Fancy a challenge? 6% potential return in Bingham

This 1 bed quarter house need some refurbishment but it looks to be mainly cosmetic! William H Brown are advertising this for £90,000 and it looks to be mainly cosmetic work. 

These properties appeal to professionals looking to live on their own and easily let for £450 pcm. It could achieve more depending on what was done with the refurbishment.

It could achieve a yield of 6%, there are rarely good investment properties coming onto the market for less than £100k these days!

http://www.rightmove.co.uk/property-for-sale/property-64157407.html

Energy Efficiency Regulations for Landlords Effective 1st April 2018

From the 1^st of April 2018 all properties rented out in the private rented sector must have an EPC rating of E or above. This applies to all tenancy renewals and new tenancies after the 1^st April.

It will become unlawful to let out a property with an F or a G rating unless there is an applicable exemption.

Landlords doing so can face a civil penalty of up to £4000. Demonstrating that a tenancy has been correctly set up is required when looking to carry out an eviction so it is crucial that landlords are aware of the regulations.

The government have also announced that from the 1^st April 2020 every let property with an EPC rating of F or G will be required to improve the energy efficiency of the property. It really is time to plan improvements if your property falls into the F and G bands.

There are exemptions that can be applied for, if the property is listed or in a conservation area for example, where the work would not meet planning guidelines. The local planning office will advise on this and I am sure there will be a cost to applying for the exemptions.

It is a good idea for landlords to be prepared and plan for any improvements prior to their property coming up for re let. Many properties have EPCs dating back to when they were first required and are due to be re done as they have now reached to 10 year mark.

The first thing to do is to get an up to date EPC done as the way in which these are assessed has changed over the years and it may be that the rating on the property has changed. Before this is done it is advisable to take some cost effective measures to improve the properties chance to get above the F. Sometimes simple things like energy efficient light bulbs can make all the difference.

Some local authorities also offer grants to help landlords improve the properties and there are schemes out there to help with insulation.

We are talking to all our landlords that this may affect and should you wish to discuss anything related to your rental property please feel free to give me a call.

Katie Archer, Belvoir Bingham 01949 714101   

Exciting Times Ahead For Bingham

The end of 2017 saw news of Barratts applying for planning permission for just over 300 houses as part of the 1050 planned homes to the north of the Bingham.

There has also been funding secured from Highways England for a pedestrian and cycle overpass to connect the former RAF Newton housing estate and Bingham. This will put this estate within walking distance of the Bingham amenities and will support the 550 new homes proposed in Newton.

 

As local residents pointed out when interviewed by the Nottingham Post – any development that is proposed should include a plan to improve the infrastructure available.  The Bingham development has proposed, alongside the 1050 new homes, to include a new primary school, employment space as well as a small retail area.

These new houses will really give a boost to Bingham’s town centre and I am sure will bring more business to the local shops. Bingham is very well placed for people commuting to Nottingham, Leicester and Newark so I am sure there will be no shortage of families looking to move into the properties.

There is currently a shortage of rental property in Bingham and we are hoping that a proportion of these new build properties will be purchased by buy to let investors. New build developments are popular with investors as they expect the maintenance requirements to be low and tenants like the modern fittings and economical running costs a new build offers. They always let quickly and as more and more tenants are looking for long term rentals void periods are minimal.

If you are considering investing in property follow our property blog www.binghamproperty.com for honest rental returns on properties for sale in the Bingham area or give me a call on 01949 714101. Katie Archer

Great New Year Investment! Langdale Grove, Bingham

This smart 2 bedroom property is situated in a popular area of Bingham.  It is within walking distance of the town centre and has excellent transport links. The property is for sale with Rex Gooding for just under £170,000.

With off road parking, an easy to maintain garden and a modern interior, it offers just what tenants are looking for, making it a great investment option for any landlord.

See here for full property details:

http://www.rightmove.co.uk/property-for-sale/property-68788739.html#

Portfolio Landlords Facing Mortgage Difficulties

Buy to let investors with 4 or more properties in their portfolio are starting to feel the impact of the change in regulations for lending that came into force in September this year.  I was speaking to Tom James at Thomas Nicholas Financial Services, to find out what impact this has had for local investors.

He explained that previously lenders assessed a buy-to-let mortgage applications based on the rental income and property value of the property they are lending against. From 30 September 2017, any landlord who owns four or more mortgaged buy-to-let properties will have to submit income and mortgage details on all of them every time they re-finance one, or purchase a new property.

This has hit investors looking to purchase another property for their portfolio or looking to re-finance their properties. The criteria has become much stricter than we have seen in the past so lenders are refusing to remortgage a property that previously fit their criteria.

This is resulting in some landlords increasing the equity they have in a property, considering selling their investment property and in some cases deciding not to invest in additional properties. This is not good news for tenants, who in Bingham are seeing rents continue to rise as the stock of available rental property does not satisfy the high demand in the area. 

You can do something to minimise the impact of these changes.

It’s vital that a landlord with a portfolio of properties regularly asses the rental levels to ensure they keep up with the current market rates.  Inspect the condition of your properties, it is vital they are being kept in a good condition to ensure you receive the maximum return on your investment and to minimise void periods.

If you would like to review your current portfolio performance please contact me to arrange a no obligation meeting to assess the current rent and property conditions.

You should also contact Tom and look at the lending you have in place to ensure you are fully aware of what you should expect when you need to renegotiate your borrowing.

Katie Archer - Belvoir Lettings Bingham 01949 714101

Tom James - Whole of market, free of charge mortgage advice: 0330 1200324

Are Village Properties Becoming More Popular?

Recently we have had various different properties to let in the Vale of Belvoir and villages surrounding Bingham. Village properties are seeing an increase in popularity whether it be a one bedroom cottage or detached farmhouses.

When we first started managing properties to let in the Vale of Belvoir area 19 years ago many of the village properties were less well cared for by landlords and often cold, draughty properties. Today our Landlords are building or renovating rural properties to appeal to a different type of tenant.

As renting becomes the norm many are seeing it as a lifestyle choice and many rural properties offer easier commutes to larger cities and a quiet space for those working from home. Villages also benefit from improved broadband speeds.

Tenants get the opportunity to live in a home that they may not have considered in the past or have the opportunity to buy, and enjoy a rural lifestyle. We find tenants may use their time in rented property to really get to know an area before they purchase.

Of course the other big draw is schools. With many village primary schools offering an excellent level of teaching, we find this does draw many families to rent in the Vale of Belvoir and Bingham.

What should you consider if you have a rural property to let?

Parking and secure outside storage is important for any family living rurally as hobbies are important and come with lots of expensive gear!  Many people looking to rent in the villages have or would like to have pets – is your property suitable?

If you are thinking of letting out a property please give me a call and we can talk through the important things to consider. Every rural property is different and requires a different approach so for honest advice from a local letting specialist speak to me on 01949 714101.

Selective Licensing Facing Some Nottingham Landlords

One of our landlords asked us this week if he was likely to be affected by the Selective licensing scheme which could be brought in by Nottingham City Council.

The proposed scheme which could be brought in during 2018 would see areas with a high proportion of rented homes fall under the licensing requirements – some 32,000 properties. The aim of the licence is to tackle poor housing standards in the private rented sector that do not fall into the HMO category.

Landlords in these areas would see a cost of a licence ranging from £400 to £655 depending on what accreditation they had.

The East Midlands Property Owners Association who represent a large number of landlords in the city have expressed concerns.

Will the Nottingham City Council be able to improve standards in Nottingham’s private rented sector if they are proposing to only visit 50% of the properties where landlords are not accredited?

EMPO believe that the new powers under the Housing and Planning Act now provide the council with the sufficient tools it needs to address the issues that the licensing scheme proposes to resolve.  It’s now up to the Secretary of State to authorise this size of scheme so we will see what the decision is.

What is for certain – if the licensing goes ahead it is another cost the landlord will face and this could be the final straw for some investors who may decide to exit the Nottingham private rented sector.

What about my landlord with a property in Bingham? If the licensing goes ahead it could push rents up in the city if landlords try to recover costs and the supply of rented property decreases.  Bingham could see an increased demand from tenants which would potentially improve rental yields.

If you are considering investing in property then it’s very important to consider the local climate and ensure you have a good understanding of what tenants are looking for.

For honest advice on realistic returns for buy to let investments contact your local lettings specialist Katie Archer 01949 714101.

Fab 2 bed in Calverton £125k 5.3% return...

Thomas James have just listed this lovely 2 bed property in Calverton. It is has been advertised for sale at £125,000 and comes with a garage. A property in this condition in this area would let for around £550 pcm which would give a potential return of 5.3%. 

Its not often we see property advertised at this sort of price that doesn't require a lot of work so I am sure it will sell as quickly as it would let!

http://www.rightmove.co.uk/property-for-sale/property-69216305.html


      

Fancy a Project? Carnarvon Close, Bingham

This flat requires work to bring it up to the current standard for lettings, but I believe it could make a sound investment for any landlord, if they are prepared to put in a bit of work.  

Lettings in Bingham are few and far between at the moment, and we are attracting highest ever rental incomes.  With a new kitchen and bathroom, carpets and a lick of paint I would imagine this flat could achieve £595 - £650 PCM.

Full details are here:

http://www.rightmove.co.uk/property-for-sale/property-69025463.html