Information is so important when making decisions on what (or not) to buy when investing in Bingham property. The demand for rental properties is much greater that the supply and in some circumstances, we have four to five prospective tenants for each decent property. As always the demand is much greater for properties that are in good areas.
Also, we are noticing that tenants are staying longer in their chosen property with some tenants staying for four years plus. This is obviously causing problems from the supply of rental property so we are relying on new investment landlords to bring new properties to the rental market.
Today, I want to look at the East Bridgford to the North West of Bingham. By knowing the different areas in the Bingham area, I can weigh up potential hotspots in the rental market and show potential landlords where there could be an opportunity. Throughout 2014, 24 properties sold in the village of East Bridgford with an overall average price of £278,300 which was similar in terms of sold prices to nearby Gunthorpe at £272,500 but was more expensive than Bingham itself at £198,100 and Lowdham at £262,800. The most inexpensive property in the village sold in 2014 was on Crossroads Drive, a most pleasant 3 bedroom modern town house which sold for £131,500 whilst the most expensive was a 5 bedroom detached house on Browns Lane which sold for £550,000.
In East Bridgford, there are 1,797 people living in 786 properties. It is the home ownership percentages that really got me interested, as it is this information, tied in with our intimate knowledge of the market, where we can match tenant demand to an under supply of rental properties. In East Bridgford, of those 786 households, 83% own their property (compared to the Bingham average of 76.2%).
There are only 41 rented properties in East Bridgford which are in the private rented sector (meaning 5.2% of East Bridgford properties are privately rented compared with the Bingham average of 10.63%). The reason the private rental sector is much lower is that East Bridgford has a high proportion of homeowners and hardly any local authority housing. The properties do sell well, in fact 152 properties have changed hands since 2007. However, with such excellent demand from homeowners and tenants, this could be the right area to purchase your next buy to let investment.
Therefore, if you are considering buying a property for investment in the near future, as I don't sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit our office 18 Market Place, Bingham.