Thursday, December 31, 2015

Bingham House Price Monopoly: How do Prices vary?

Whether you are a homeowner or landlord in Bingham, what would a Monopoly board look like today in the town? Property prices over the last 80 years have certainly increased beyond all recognition, so looking at the original board, I have substituted some of the original streets with the most expensive and least expensive locations in Bingham today.

Initially, I have focused on the NG13 postcode within Bingham only, looking at the Brown Squares on the board, the ‘new’ Old Kent Road in Bingham today would be Langdale Grove, with an average value £109,120 (per property) and Whitechapel Road would be Carnarvon Place, which would be worth £110,060. 

What about the posh dark blue squares of Park Lane and Mayfair? Again, looking at NG13, Park Lane would be Belvoir Vale Grove at £430,000 and Mayfair would be The Banks at £495,800. However, look a little further afield from the town but still within the NG13 postcode, and such roads as Aslockton Road in Scarrington would claim the Mayfair card at £627,300! 

Also, I can’t forget the train stations (my favourite squares), and over the last 12 months, the average price that property within a quarter mile of the station sold for was £221,900.
So that got me thinking what you would have had to have paid for a property in Bingham back in 1935, when the game originally came out?

  •          The average Bingham detached house today is worth £271,680 would have set you back 491 Pounds 11 shillings.
  •          The average Bingham semi detached house today is worth £183,260 would have set you back 331 Pounds 11 shillings and 5 old pence.
  •          The average Bingham terraced / town house today is worth £162,800 would have set you back 294 Pounds 11 shillings and 1 old pence.
  •          The average Bingham apartment today is worth £116,450 would have set you back 210 Pounds 13 shillings and 10 old pence.

Anyway, I hope you enjoyed this bit of fun, but underlying all this is one important fact. Property investing is a long game, which has seen impressive rises over the last 80 years. 

In my previous articles I have talked about what is happening on a month by month or year by year basis and if you are going to invest in the Bingham property market, you should consider the Bingham property you buy a medium to long term investment, because buy to let is pretty much what it sounds like – you buy a property in order to rent it out to tenants.

As I reminded a soon to be first time landlord from Car Colston the other week, buy to let in Bingham (as in other parts of the Country) is very different from owning your own home. When you become a Bingham landlord, you are in essence running a small business – one with important legal responsibilities. 

On that note, I want to remind landlords of the recent and future changes in legislation when it comes to buy to let. This year, rules have changed about tenant deposits, smoke and carbon monoxide detectors and early in the New Year, landlords will have responsibilities to do immigration checks on all their tenants. Failure to adhere to them will mean a minimum of heavy fines in the thousands or in some cases, prison ... it’s a mine field!  

That’s why I write the Bingham Property Blog, where it has an extensive library of articles like this one, where I talk about what is happening in the Bingham property market, what to buy (and sometimes not) in Bingham and everything else that is important to know as a Bingham landlord. Please visit the Bingham Property Blog or give me a call on 01949 714101.

No comments:

Post a Comment