Here is this weeks round up of new properties for sale in NG24, up to a value of £150,000.

As ever, here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor.

Address: Heron Way, Balderton, NG24 3DD
Asking Price: £150,000
Property Type: 3 Bed semi detached
Estate Agent: Jon Brambles
Condition: Some updating required
Rent Range: £575-625pcm
Yield: 5%
Comments: Lovely property in a great location with those magic 3 bedrooms, it would make a fantastic rental property with it’s low council tax banding and EPC ‘B’ making it cheap to run and appealing for tenants to run. Sadly the price is just too high for it to get a half decent yield, and that’s before you’ve updated the bedrooms and decorated the kitchen as the wallpaper isn’t overly easy on the eyes.

Address: The Tankard Building, Warwick Brewery, Newark, NG24 1TX
Asking Price: £140,000
Property Type: 2 Bedroom first floor apartment
Estate Agent: Newton Fallowell
Ground Rent: £100pa
Maintenance Charges: £1,131.74pa
Condition: Spotless although EPC too low – work required
Rent Range: £645-695pcm
Yield: 5.9%
Comments: Great character property with modern finishes, Warwick Brewery is an extremely popular development down to it’s location, finish and parking which is why you can charge nearly £700pcm for a 2 bedroom apartment. Sadly this apartment’s EPC rating is ‘F’ which could explain why the vendor is selling it as it was a rental property and as of April 2018, you won’t be able to start a new tenancy.

Address: 153 BarnbyGate, Newark, NG24 1RJ
Asking Price: £129,950
Property Type: 2 Bedroom Cottage
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.54%
Comments: Such a quirky little property just a short walk to town and Barnby Road Academy, perfect for a couple or small family that love a bit of character and fancy something a bit different. The EPC is pending so be sure to find out whether any work is required to get it up to date for April.

Address: George Street, Newark, NG24 1LU
Asking Price: £125,000
Property Type: 2 Bedroom end of terrace
Estate Agent: William H Brown
Condition: Light redecoration
Rent Range: £500-550pcm
Yield: 5.28%
Comments: Ideally located between town centre and North Gate station, within in 1/4 mile of the property in the last 6 months, 3 terraces of a similar style sold for £100k, £110k and £116k (3 bed) so this could be a little high but it’s your call. Property itself is pretty well presented, the busy wallpaper in the kitchen matched with the colourful tiles may be a bit much for some and the dark wood doors can be cheaply replaced.

Address: 8 Bridge Cottages, Newark, NG24 2ND
Asking Price: £112,500
Property Type: 2 Bedroom mid terrace
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £450-500pcm
Yield: 5.33%
Comments: Perfect budget friendly property in close proximity to Barnby Road Academy, ideal for a young family. There is plenty you could do this property to make it a £600pcm investment but there is the option to keep it as it is if you don’t want to spend money straight away; just hang on until the EPC comes through as you may be spending more than you expected!

Buttercross Best Buy
Address: Newnham Rd, Newark NG24 1HY
Guide Price: £35,000
Property Type: 3 Bedroom end of terrace
Estate Agent: SDL Auctions
Condition: Complete renovation required.
Rent Range: £525-575pcm (once renovated)
Yield: 10.61% (based on £30k spend)
Comments: Fantastic opportunity but not for the faint of heart! Perfect for an investor or first time buyer that doesn’t mind getting their hands dirty, quite a busy and tight street but it’s very close to the town centre, industrial estate and great access to the A1/A46. So will you be heading to the auction house?

Address: Chain Lane, Newark, NG24 1AU
Guide Price: £129,500
Property Type: 2 Bedroom second floor apartment
Estate Agent: Gascoines
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.31%
Comments: An unusual opportunity for a generous two bedroom apartment smack bang in the middle of town, ideal mid week home for a commuter. There’s a contemporary but smaller apartment currently on the market for £575pcm above Natwest Bank, this property has oodles of space and is still modern but more of a cosy finish thanks to the beams and colour scheme.

Address: 7 Century Street, Newark, NG24 1QP
Guide Price: £115,000
Property Type: 2 Bed mid terrace
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.74%
Comments: Immaculately presented home that is sure to please a lot of tenants, purchase in January for £90k, this property has been completely renovated from top to bottom aside from the kitchen units and tops and is unrecognisable in comparison. Only downside is that it’s an adopted road so the council won’t be maintaining it but if you can look past that it’s a great first time investment.

If you’ve seen a property in Newark or Nottinghamshire and would like a detailed report on it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.


Eyes On… This Weeks Investments In Newark


Here is this weeks round up of new properties for sale in NG24, up to a value of £150,000.

A quick reference guide to what is on offer, for how much and what you can expect as an investor.

Address: 27 Nicholson Street, Newark, NG24 1RD
Type: 3 Bed Town House
Asking Price: £139,950
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £675-725 pcm
Yield: 6.21%
Comments: Lots of accommodation on offer here. Converted attic, converted garage plus a conservatory. No garden though.

Address: 10 Meyrick Road, Newark, NG24 1HH
Type: 3 Bed mid terraced house
Asking Price: £110,000
Estate Agent: CPG Property
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 5.72%
Comments: Bought for £89,950 ten years ago. Tight streets around there and looks a fairly small house.

Address: 12 Pond Close, Fernwood, NG24 3RU
Type: 3 Bed town house
Asking Price: £145,000
Estate Agent: Sure Sales & Lettings
Condition: Ready to rent
Rent Range: £550 pcm
Yield: 4.55%
Comments: Already tenanted. Tucked away in the corner of this cul-de-sac. As with all properties on Fernwood, make sure you enquire about whether it is freehold and if there are any service charges.

Address: 34 Catkin Way, New Balderton, NG24 3DT
Type: 3 Bed semi detached house
Asking Price: £147,500
Estate Agent: Jon Brambles
Condition: Ready to rent (I assume, given it’s currently tenanted)
Rent Range: £550-600 pcm
Yield: 4.88%
Comments: Another landlord selling up. Do they know something we don’t?! Bought for £125,000 in 2004.

Buttercross Best Buy
Address: 39 Victoria Street, Newark, NG24 4UU
Type: 5 Bed mid terrace
Asking Price: £120,000
Estate Agent: SDL Graham Penny
Condition: Ready to topple
Rent Range: £900-1,000 pcm
Yield: 10% (Not allowing for the cost of renovation)
Comments: Third time this one is going under the hammer. Huge crack from floor to ceiling down the right hand side showing daylight. Be careful and take advice from a structural engineer. Still think its overpriced.

Address: 12 Acorn Close, New Balderton, NG24 3AX
Type: 2 Bed mid terrace
Asking Price: £121,950
Estate Agent: CPG Property
Condition: Ready to rent
Rent Range: £525-575 pcm
Yield: 5.66%
Comments: Overpriced. Bought at the peak and they’re probably trying to recover what they’ve spent on it. Next door sold for £90,000 just 3 years ago. Nice kitchen.

Address: 10 Pinfold Lane, Balderton, NG24 3LP
Type: 3 Bed semi detached house
Asking Price: £110,000
Estate Agent: Haart
Condition: Ready to renovate
Rent Range: £575-625 pcm
Yield: 6.81% (Not allowing for the cost of renovation)
Comments: Third bedroom is off the second bedroom. Who on earth OK’d this design. Needs a full refurbishment. Optimistic price.

If you’ve seen a property in Newark or Nottinghamshire and would like a detailed report on it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.


Upcoming Auctions In Nottinghamshire


With some agents and auctioneers seeing a slow down in new instructions and buyers holding back, now is a great time to swoop and grab a bargain. Here’s a list of the upcoming auctions in the area.

Savills lots go under their hammer on Thursday 7th July. Might be a little too late to do your due diligence but keep any eye out if anything doesn’t sell. You can view their lots here.

Mark Jenkinson, a Sheffield based auctioneer, have a few properties in North Notts that have appealing guide prices. Their auction is on 12th July and you can take a look at their lots here.

The newly named SDL Graham Penny have their auction on the 13th from 11.30am at Nottingham Racecourse. They have 38 lots at the moment which you can view here. Their Derby auction on the 21st July also has a few properties in Nottinghamshire.

Wallace Jones are a small auctioneer in Long Eaton. They only have a couple of lots at their auction on 14th July but we’ve bought from them before and they are always worth a look. You can see their properties here.

The portfolio of apartments in Nottingham being sold by Screetons are being sold on the 5th July and it’ll be interesting to see what these fetch. View more here.

If you’d like an opinion on something you’ve seen, whether its going to auction or not, please feel free to get in touch. We help you make the right investment so you can make your money go further.


Portfolio Sale In Newark


Nicholson Street

A rare opportunity has come up courtesy of Wallace Jones in Long Eaton who are selling a portfolio of 9nr, 2 bedroom terraced houses on Nicholson Street, Newark.

The properties are being sold off individually with guide prices starting at £50,000+. 8 of the 9 properties are tenanted so they are only conducting viewings on one of the properties. I have seen a few photos of the other properties from when they were previously marketed for rent. They are in average condition which is reflected in the fairly low rental income on some of the properties. There is certainly scope to add value through updating the properties.

Pitfalls? One of the properties is on a regulated tenancy which means they are there for life and you’ll not get finance on the purchase. It’s not always ideal to buy a property without first viewing it. Some of the properties don’t appear to have EPC’s (Naughty Wallace Jones) but you won’t need to do them as they are on order.

The ceiling values for these type of properties in good condition are around £85,000. Rent wise, you could be looking at £450-475 pcm.

You’ll struggle to find a cheaper freehold investment property here in Newark On Trent. With potential gross yields of up to 9.27% on offer I am sure there will be a lot of interest.

The auction is taking place on Monday 29th February at Newark Golf Club at 6.30pm prompt. Get there early!

If you’re thinking of buying one of these, give me a call 01636 343014 and I’ll be happy to provide my advice in terms of refurbishment and ongoing management.

To book a viewing phone the auctioneers direct on 01159 468946.


How to buy property at auction


Property Auction

After seeing some of the prices property have been sold for at auctions recently, it got me thinking whether you can still find a good deal there.

Historically, auctions have been the place to go for investors or developers looking to snap up a bargain to sell on or let out. Just recently though the prices achieved at auction seem to be higher than what they would have made on the open market.

Good news for owners and agents but more of a challenge for investors and developers.

Why the change? Personally, I think the rise in new investors looking for a pension provision have pushed up prices. They aren’t really looking for a short term profit but a long term investment and the short term investors have been priced out.

There are still ways you can pick up a great deal at auction and here are my top tips…

Get in early

Make sure you’re on all the mailing lists so when the catalogues are announced you can be one of the first to view. We use EIGroup.co.uk to identify our targets.

Organise your finances

Most auctions give you 28 days to complete from the fall of the hammer. Cash is best, but if you plan on financing the deal ensure you’ve got your agreement in principle ready. Oh, and make sure it’s actually mortgage-able(!)

Offer before the auction

Once you’ve had your solicitor review the legal pack then put an offer in before the auction. This should be around 10% above the guide price, enough to temp the owner to pull it from the auction. Offering before the auction means you can offer what you like without the potential competition from others.

Stick to your numbers

Work out the maximum price you can go to and don’t bid a penny more. Auctioneers are very skilled at getting that extra few £000 out of you. Go with a friend who can slap you hand when you try and raise it.

Wait in the wings

Stand at the side of the auction room. This way you’ll be able to see the whole room and exactly who you are up against or whether the auctioneer is just bidding off the wall.

Bid last

Obviously if you bid last you’ll win, but what I mean is if there are a few people interested in the property, let them battle it out before you jump in. If you can really hold your nerve wait until the auctioneer calls it for the second time and you’ll stand even better chance of getting the deal. It deflates the morale of the current bidder and they are more likely to concede.

So does that all work in practice? Well, I attended a recent auction in Nottingham for one of our clients that wasn’t able to make it. We identified the property quite late so didn’t have time to submit an offer before the auction. The guide was £75,000 and the way the other properties were going I wasn’t confident that our clients max offer of £95,000 would seal it. However, lady luck was with us, I held out and waved my catalogue on the second call whilst the property was only at £80,000. £81,000 was bid and the hammer swiftly fell. Turns out that one of the other interested parties called the auctioneer that day to say they had found something else so we had no competition.

We collect the keys on the 13th January and the refurbishment will commence shortly after. We’ll follow the progress from renovation to let and then sale as it develops.

If you’d like a second opinion on a property you’ve seen at auction feel free to get in touch. Although it may cost you a cup of tea and a slice of cake.


Eyes On… Wycar Road, Bilsthorpe


Wycar Road

This week we are talking about this 2 bedroom bungalow on Wycar Road, Bilsthorpe.

This is one to FLIP.

It is going to auction on December 15th in Leicester.

Bungalows are a popular choice for both investors, home owners & tenants. It came to my attention recently when I was asked to source a 3 bed bungalow for a client. They do not stay on the market for long.

It needs work but it has everything a buyer or future homeowner, perhaps of retirement age is looking for. A large garden, a garage & off road parking are generally expected with a bungalow.

As you would expect some work is needed inside & outside. There are some strange cupboards dotted around in peculiar places but nothing a sledgehammer can’t sort out.

This is one to view, one to do & one to flip. There is some profit to be made here.

This is going to auction with a guide price of £70,000.

A 3 bed bungalow on the same street is on for sale at £250,000.
A 2 bed bungalow in the area is on the market for £126,495.

The Agent is Pattinson Estate Agents Auction 0800 24 24 26

To keep up to date with industry news & local market news in Newark & Nottinghamshire, visit our blog


Post auction opportunity in Newark


Alexander Avenue, Newark

Yesterday I was at the Lincolnshire Landlord and Letting Agent EXPO over at the Bentley Inn Hotel.

The event was organised by East Midlands Property Owners and for their first event in Lincoln it seemed like a success. There were plenty of people in attendance, some very useful seminars running and a lovely networking lunch.

Another draw for people was the Graham Penny auction where they had 8 lots for sale. This again was their first attempt in the area but given their successes elsewhere across the East Midlands I am sure it wont be the last.

One property I had my eye on was lot 2 in the catalogue, a 3 bedroom semi detached house on Alexander Avenue, Newark. There were 3 interested parties bidding with the highest bid reaching £82,250. This ended up being slightly short of the ambitious £85,000 reserve price.

The property is in a very bad condition and requires a substantial refurbishment but realistically, in good condition it would fetch around £125,000. Being very close to the Knowhow distribution centre it is sure to let well at £595 PCM.

You can contact the auctioneers for a viewing on 0115 958 8702 but be quick as no doubt the other interested parties will be negotiating.


Risking my life for a client


Well, obviously (and thankfully) I survived to tell the tale but this week I have literally risked my life for a client.

OK, so it is a little dramatic, but one of our many services is sourcing investment properties for clients. Doesn’t sound too life threatening you say? Well you haven’t seen some of the properties I visit!

The property in question is going under the hammer (should really be going under the wrecking ball) on the 14th October in the WA Barnes auction.

Before stepping foot in the property the agent made me sign a form to say that they were not responsible should anything happen and that I do so at my own risk. The property looks as though it has been empty for a good 10+ years apart from a number of unwelcome visitors. You enter the hallway which leads to the front room, dining room and then the kitchen to the rear. The staircase is located between the front room and dining room. I was advised that most of the dining room floor was rotten so didn’t venture in there.


As you can see (just) from the photo, the staircase consisted of loose bricks, a plastic box and then the actual staircase. The first 4 steps must have rotted away and all the right hand side of the staircase had little or no support from underneath. You had to cling onto the handrail and creep up the very left hand side. The garden looked like a scene out of Jumanji and aside from 2 large radiators (too big to carry) all the metal had kindly been removed from the property.

Still, despite the substantial refurbishment, on paper it could prove to be a good investment with the potential to convert it into a good 5/6 bedroom HMO. Will the risk turn into reward? We shall see on the 14th October…

If you’re looking for that next investment but don’t have the time or knowledge on where to start then get in touch.


September Auctions in the East Midlands


Nottinghamshire Property Auction

After the usual August break the auctioneers are back in September and early October.

Savills kick off on Thursday 3rd with 42 lots across Nottinghamshire and beyond. View them all here.

On the 8th September Graham Penny will be at the usual Nottingham Racecourse in Colwick from 11.30am. They have 48 lots on offer and you can view them here.

Slightly further afield is the Copeland auction in Chesterfield. A small auction but always seems to have a few bargains. Auction starts at 7pm on the 9th September at Chesterfield Football Club.

Bagshaws are holding their auction on the 29th September at the Derbyshire County Cricket Ground. They have a range of properties from across the East Midlands. See the full list here.

Moving into October, WA Barnes have their next auction on the 1st October with entries still being invited. You can register for their catalogue here.

HEB are also having their next auction on the following week, 8th October at the Double Tree Hilton Hotel with details yet to be released.

For letting advice across Nottinghamshire or advice on where you should and shouldn’t be buying contact Buttercross Estates.


Commercial investment opportunity in Newark On Trent


At 7pm on the 13th May 2015 at the Doubletree by Hilton Hotel, number 7 Carter Gate, Newark will be going under the hammer.

7 Carter Gate

This substantial retail unit, lot number 8 of 21, was previously up for sale (albeit ambitiously) for £149,950. With a guide of just £90,000 this is now sure to catch the eye of an investor after some excellent commercial property in this historic market town.

The property itself does require investment in what looks like years of neglect. Once complete however, you could easily achieve over a 12% yield. A much smaller premises on Bridge Street is currently up for let for £14,000 PA.

Remember that buying at auction is a different process to buying through an estate agent. You will have to provide a 5% deposit on the fall of the hammer along with a buyers fee of £600 inc VAT payable to the auctioneer. Ensure your solicitor has carefully reviewed the legal pack and get your finance arranged in advance of the auction.

You can download the auction catalogue here.