Thursday, June 29, 2017

Bingham investment opportunity £125,000

This is a large 3 bed semi on the market with Purple Bricks for £125,000, its on Chestnut Avenue and is in need of a new kitchen and possibly a new bathroom. 

If these were replaced you have to expect to achieve at least £650 pcm and of course the capital value of the property would be increased. These are large 3 beds and with its close proximity to the town centre it could be a desirable family home that would attract a long term tenant. 

Wednesday, June 14, 2017

How Much 'Flipping' Going on in Bingham?

I keep reading in the papers about 'flipping' property and how many are seeing it as an alternative property investment to the traditional buy to let investments.

Flipping property is the current term for buying a house that requires work and selling it on for a profit after the renovations.  In a fast moving city market this can be a lucrative business but what about Bingham?

Have there been many properties flipped in our town or are we a more traditional property market? I looked through the pages and pages of Land Registry Data to see what properties had been bought and sold again in a short time scale and had achieved a much higher price when re sold. Remember Land Registry show the achieved prices for the sales not the advertised prices. 

Interestingly there were only 5 properties in the NG13 postcode that could have been flipped and sold in the last year.  Looking at previous details of these properties on rightmove, many of the properties were semi detached family homes purchased originally for around £ 150,000 and they were sold for an average of 48% increase in value after a renovations that were completed in under 12 months.

I had expected to see more examples of flipping in Bingham, but perhaps due to the lack of property on the market and a high demand from buyers keeps the prices of properties needing work higher than you might find in a city.

If you are looking to buy a property in need of refurbishment then you really need to keep a sharp eye on the market as when they come up for sale they don’t seem to hang around for long!

There are lots of things to consider if you are investing in a property, if you are looking to sell after a renovation then you must calculate borrowing cost for the duration of the works or you could find yourself at a loss after all the hard work!

If you are looking for a property investment then give me a call for honest advice on potential rental returns and to get an understanding of the right areas to invest in Bingham.

Wednesday, June 7, 2017

Bingham House Values Increased by Over 9% Since the Last Election

We last went to the polls in May 2015 and a lot has changed for the UK since then.    So how has this affected the Bingham housing market?

There is a lot of talk at the moment of how Brexit could affect the housing market.    I believe much of this focuses on the London property market which could be greatly affected as there is so much foreign investment to consider.

I wanted to look closer to home; I like to understand how the properties my landlords have invested in have performed for them.   Many of my landlords have invested in Bingham as they are local to the area and investing in a location one is familiar with will always feel a safe option.

Give me bricks and mortar any day over stocks and shares!

I looked at the properties in NG13 to see what had sold and what prices had been achieved.

I researched sold prices for detached and semi-detached since May 2015.   Interestingly I found that overall house prices in NG13 have seen an average increase of 9.46% in that short time.

Furthermore, since May 2015, semi detached properties had seen a 4.23% rise in value; detached properties had seen an average of 11.84% increase during the same period.
Who knows what will happen over the next 2 years?    I am sure of this – people will still need a roof over their heads and with an expanding population, a good location for employment and education, I believe the Bingham area will continue to be in demand by buyers and renters alike.

The high prices seen in the London property market may take a hit.   But if you are looking at ‘buy to let’ and choose wisely then you can have a successful property investment.

Contact me for honest advice on the properties for sale in and around the Bingham area.