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