EYES ON…..THIS WEEKS INVESTMENT PROPERTIES IN NEWARK!!

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

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address:38 Pelham Street, Newark, NG24 4XD
Asking Price: £130,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Whitegates
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.08%
Comments: Purchased in Nov 2016 for £111k and i wouldn’t appear to have changed at all. Good budget friendly property for potential tenants with a high epc, low council tax band and cheap rent. I think the asking price is pretty high, i’d go for Wright St or Coronation St below, much nicer and less money!

Address: 4 Hillary Way, Balderton, Newark. NG24 3PN
Asking Price: £140,000
Property Type: 3 Bed Semi-Detached House
Estate Agent: Newton & Fallowell
Condition: Ready to Rent
Rent Range: £625-675pcm
Yield: 5.78%
Comments: Spacious property with no work required, the communal parking area won’t be for everyone and the lack of outdoor storage lets it down but you can hire a garage for £40 off the council. No 6 sold in March 2018 for £140k in a similar condition.

Buttercross Best Buy
Address:Flat 4, The Bell Tower, Barnby Road, Newark. NG24 1SA
Asking Price: £130,000
Property Type: 1 Bedroom Duplex Apartment
Estate Agent: Jon Brambles
Condition: Ready to Rent
Maintenance Charge: £40pw
Rent Range: £525-575pcm
Yield: 5.22% (inc MC)
Comments: If you’re wanting a rental with wow factor then this property certainly ticks the boxes, perfect for a professional singleton or couple, could be used a main home or even a furnished mid week let if commuting. Flat 7 sold for £138k in Oct 2017 as a single storey ground floor 2 bed flat.

Address: 19 Coronation Street, Balderton, Newark NG24 3BD
Asking Price: £120,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Edlin & Jarvis
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.5%
Comments: Well presented property, ideal budget friendly property for tenants that looks great. Advert doesn’t say much but that’s the agent rather than the house, the price seems very fair too, nothing bad to say about this one!

Address: 49 Smith Street, Balderton, Newark. NG24 3BA
Asking Price: £115,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.74%
Comments: Another budget friendly property, for a property thats described so highly, you’d have thought the agent would’ve got photos to show that off?! Price is pretty good, check the boiler to make sure that’s not the rubbish happy meal toy!

Address: 68 Bowbridge Road, Newark. NG24 4BZ
Asking Price: £110,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Nottinghamshire Property Services
Condition: Update Required
Rent Range: £500-550pcm (once updated)
Yield: 6% (not inc updating costs)
Comments: The only fixer upper of the week and my goodness does it need gutting! No 12 sold in August for £139k, it was a beautiful example, take a look at the old listing for tips, can’t help but think this asking price is pretty high for what needs doing on this property.

Address: 4 Wright Street, Newark. NG24 1PJ
Asking Price: £109,950
Property Type: 2 Bed Mid Terrace House
Estate Agent: NOW Homes
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.73%
Comments: Really nice little house, great first investment with no work to do, you could collect the keys and market to rent on the same day.

Address: Flat 1, Trent House, Barnby Gate, Newark NG24 1XP
Asking Price: £85,000
Property Type: 1 Bedroom first Floor Flat
Estate Agent: Martin & Co
Condition: Ready to Rent
Rent Range: £375-425pcm
Yield: 6%
Comments: We let this property less than 6 months ago, good central location and nice modern finishes but the lack of parking anywhere near the flat and very small living space makes it a tough one to let.

Plenty of properties this week although with nearly all of them ready to go so no need to invest too much into your investment! If you have any questions about any of this weeks properties then i’d love to have a chat on 01636 343014, or even better, pop in for a chat and a cuppa.

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EYES ON….THIS WEEKS INVESTMENT PROPERTIES IN NEWARK!!!!

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

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Buttercross Best Buy
Address: 4 Hardwick Avenue, Newark. NG24 4AW
Asking Price: £135,000
Property Type: 3 Bedroom Terraced House
Estate Agent: Whitegates
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.78%
Comments: Whitegates have said £500pcm for this property, okay it has wooden single glazed windows and solid brick walls BUT it is EPC rated ‘D’ so it’s legal to rent, so why SO low? Martin and Co let the house next door for £650pcm with double glazed windows but the same EPC rating, i’d want to know why £500pcm.

Address: 2 Eton Court, Eton Avenue, Newark. NG24 2JB
Asking Price: £145,000
Property Type: 2 Bedroom Detached Bungalow
Estate Agent: Richard Watkinson & Partners
Condition: Update Required
Rent Range: £525-£575pcm (once updated)
Yield: 4.76% (exc refurb costs)
Comments: Located in Hawtonville, rare bungalow opportunity but it’s in need of an update, the carpets are ageing it and the kitchen isn’t helping either. Try changing the unit doors rather than the carcasses to save money. Now Homes have been trying to sell No 5 since May for £149,950, it would appear a lot of Bungalows have been reduced recently on Rightmove.

Address: 62 Wolfit Avenue, Balderton, Newark, NG24 3PH
Asking Price: £130,000
Property Type: 3 Bedroom Semi Detached
Estate Agent: Winkworth
Condition: Update Required
Rent Range: £625-675pcm (once completed)
Yield: 6.23% (exc refurb costs)
Comments: Plenty of potential and try saving costs by decorating, lifting flooring and changing kitchen unit doors yourself. Main thing is to get the house EPC ‘E’ or above for legality reason then crack on with the cosmetic bits.

Address: Flat 102, The Roundhead Building, Warwick Brewery, Newark, NG24 1TU
Asking Price: Offers over £129.950
Property Type: 2 Bedroom First Floor Apartment
Estate Agent: Winkworth
Condition: Ready to Rent
Ground Rent: £100 PA
Management Fee: £1000 PA
Rent Range: £600-650pcm
Yield: 5.95%
Comments: Well presented apartment in a sought after location, last sale was a 3 Bed in Sep 2017 for £138,500 so the price seems fair. Low EPC and electric heating may put potential tenants off.

Address: 35 Stafford Avenue, Balderton, Newark NG24
Asking Price: £115,000
Property Type: 3 Bedroom Semi Detached
Estate Agent: Alasdair Morrison
Condition: No photos to see
Rent Range: £525-575pcm
Yield: 6% (exc any potential work)
Comments: Pretty useless ad but i’ve done some digging and it turns out this is currently at HMO (house of multiple occupancy)! The blue kitchen cabinets are…different, seen worse but it’s likely you’ll need to spend money to make it a family home again.

Address: Mill Green, Newark. NG24 2HU
Asking Price: £110,000
Property Type: 3 bedroom terraced house
Estate Agent: Castlegate and Martin & Co.
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.5%
Comments: On with two agents, Martin and Co have had it a week longer. Interesting bathroom and kitchen tiles but i’ve seen bolder!! The small living area often lets these properties down when finding a tenant.

Address: 184 Barnby Gate, Newark, NG24 1RH
Asking Price: £110,000
Property Type: 3 Bedroom Terrace
Estate Agent: Purple Bricks
Condition: Some Updates Required
Rent Range: £500-550pcm
Yield: 6%
Comments: Good kitchen and bathroom so the biggest battle is already done. Pull up those bold carpets and go for ‘character’ by leaving the floorboards exposed underneath, very quaint. Check the age of the boiler so you don’t get caught out.

Address: Goldstraw Lane, Fernwood. NG24 3FF
Asking Price: £85,000
Property Type: 2 bedroom apartment
Estate Agent: Martin & Co.
Condition: Ready to Rent
Ground Rent: £135 PA
Maintenance Charge: £1252.45 PA
Rent Range: £500-550pcm
Yield: 7.63%
Comments: Great first investment, modern apartment with the bonus of an en-suite AND bathroom, we let the same style of apartment on Youngs Avenue earlier this year for £550pcm. No 46 sold in Dec 2017 for £87k with the same condition and layout.

A good selection of properties, makes a nice change! If you have any questions about any of this weeks properties then i’d love to have a chat on 01636 343014, or even better, pop in for a chat and a cuppa.

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EYES ON….THIS WEEKS INVESTMENTS IN NEWARK!!!

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

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: 42 Hawton Lane, New Balderton, Newark, NG24 3DL
Asking Price: £150,000
Property Type: 3 Bed Semi-Detached House
Estate Agent: CPG Property
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5%
Comments: Good size and location, lack of bath and busy road may put families with young children off and i’d maybe lose the orange and peach bedrooms but that’s personal preference. Overall a bit of a vanilla property.

Address: 15 Newnham Road, Newark, NG24 1HY
Asking Price: £119,950
Property Type: 3 Bed Mid Terraced House
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.52%
Comments: Good first time investment, quite a tight terraced street but very well presented property and close to town centre + train station. EPC TBC to check that out before committing. #16 sold in Jan for £110k with separate kitchen and dining room but similar condition…

Address: 34 Cardinal Hinsley Close, Newark, NG24 4NQ
Asking Price: £129,950
Property Type: 2 Bed Semi-Detached House
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.08%
Comments: Well presented property, not huge but will suit a small family or couple. #24 sold on the 1st Feb 2018 at a lower standard and without a garage. This property was previously marketed at £515pcm with EMPM.

Address: 16 Belvoir Crescent, Newark, NG24 4DW
Asking Price: £139,950
Property Type: 3 Bed Semi-Detached House
Estate Agent: Now Homes
Condition: Slight Update Required
Rent Range: £550-600pcm (based on update recommendations)
Yield: 5.14% (NOT including update costs)
Comments: Plenty of space but showing it’s age in places although take the curtains and lamp shades down and it’s looking younger already! I’d recommend changing the bold carpets and updating the kitchen tiles to something bright…the units too if you can. No idea about the bathroom!

Address: 58 Stafford Avenue, Balderton, Newark, NG24 3EG
Asking Price: £120,000
Property Type: 3 Bed Semi-Detached
Estate Agent: Richard Watkinson
Condition: Update Required
Rent Range: £550-600pcm (based on high end finish)
Yield: 6% (NOT including update costs)
Comments: Needs updating throughout, combination of carpets, decorating, the whole kitchen including the units and if you can, i’d remove the shower and fit a bath to appeal to families.

Buttercross Best Buy
Address: 3 Cromwell Road, Newark, NG24 1RP
Asking Price: £90,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £445-495pcm
Yield: 6.6%
Comments: Small but well presented and less than £100k making it a great first time investment and great budget property for prospective tenants. #7 sold for £95k in March 2018 in a similar condition. No EPC yet so make sure you check it’s higher than an ‘E’!

Address: 29 Milton Street, Balderton, Newark, NG24 3AP
Asking Price: £105,000
Property Type: 3 Bed Semi-Detached House
Estate Agent: Alasdair Morrison
Condition: Major Update Required
Rent Range: £575-625pcm (once updated)
Yield: 7.14% (NOT including update costs)
Comments: This beauty needs an update…i’ve just seen my first aubergine bathroom suite and i think it has to go!! #35 sold in Aug 2017 for £110,000 with a much newer finish but not high end…although THIS price seems a bit high.

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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EYES ON…..THIS WEEKS INVESTMENTS IN NEWARK!!

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

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: 41 smith street, Balderton, Newark, NG24 3BA
Asking Price: £109,950
Property Type: 2 Bed Mid-Terraced
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 6.0%
Comments: Well presented property with low running costs, good property for a couple or family on a budget. Current owners purchased it for £97,000 in June 2016 and aside from a couple of colour changes, it’s not changed since then.

Address: 8 Harrisons Way, Newark, NG24 1NS
Asking Price: £150,000
Property Type: 3 Bed Semi Detached
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5%
Comments: First purchased brand new in July 2013 for £121k, ideal first time investment as maintenance costs are going to be low and no work is required. It’s a 2 and a half bedroom so is likely to attract a professional couple as that small garden may put families off.

Address: 36 Kingsnorth Close, Newark, NG24 1PS
Asking Price: £134,950
Property Type: 3 Bed Semi Detached
Estate Agent: New home Agents
Condition: Unknown
Rent Range: £575-625pcm (assuming good condition)
Yield: 5.56%
Comments: from looking at floorplans of similar properties, it’s a good sized family home however it’s hard to say how much work is required as it seems to be camera shy. Could be worth though as it’s priced well for a quick sale.

Address: 2 Century St, Newark, NG24 1QP
Asking Price: £125,000
Property Type: 3 Bed Mid-Terrace
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.52%
Comments: Popular location for families with Barnby Road Academy just round the corner; an immaculately presented #7 sold in Feb 2018 for £115,000 with a rear extension, i’m not sure why this house is £10k more?

Address: 84 North Gate, Newark, NG24 1HF
Asking Price: £110,000 (Auction Guide Price)
Property Type: 3 Bed Detached House
Estate Agent: J H Walter
Condition: Finishing touches Required
Rent Range: £600-650pcm
Yield: 7.09%
Comments: Love a character property (especially those beams!) however the lack of parking and a car garage as your neighbour may put potential tenants off. Work wise, carpets need laying in a few of the rooms and you’ll need to get an EPC done and hope that it’s at least an ‘E’ before you can let it out.

Address: 13 Newnham Rd, Newark, NG24 1HY
Asking Price: £99,950
Property Type: 2 Bed End Terrace
Estate Agent: Jon Brambles
Condition: Light Work Required
Rent Range: £450-500pcm
Yield: 6%
Comments: Unusual choice to put kitchen units in the dining room but whatever works, I’d loose the units and update that kitchen (eek!) but after that the rest of property can be left alone. Good budget property for first time renters.

Address: Ringrose Close, Newark, NG24 2JL
Property Type: 2 Bed Semi Detached
Asking Price: £135,000
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 4.90%
Comments: Good first time investment due to minimal upkeep although i’m unsure on that asking price but the last 2 bed sold in 2014. We recently let #56 for £550pcm and i don’t feel this is worth any more so if you want more yield you don’t to get negotiating!

Buttercross Best Buy
Address: Flat 2, The Old Chapel, Lovers Lane, NG24 1HU
Property Type: 1 Bed First Floor Flat
Asking Price: £45,000 (Auction Guide Price)
Estate Agent: Auction House
Condition: Ready to Rent
Rent Range: £400-450pcm
Yield: 12% (not including service charges)
Comments: Fantastic little apartment for a first time investor, we recently let #4 for £450pcm and would say the same for this one. Close to town and the train station..#GoForIt!

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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Clause 24 and How to Beat it!

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We are pleased to invite you to our evening seminar at the Newark Beacon Tuesday 6 March.

Speakers will discuss Clause 24 and the impact it will have on landlords, but more importantly how you can plan most efficiently and make the most of your income/reduce tax liabilities.

The Ins and Outs of Property Tax – Simon Shaw, Director for Duncan & Toplis

As someone who advises many private landlords, Simon will look at various issues effecting the taxation of property income including the impact of the new rules for interest relief and the alternatives available.

3 Top Tips for Maximising Rental Income – Daniel Otton, Managing Director for Buttercross Estates

Find out how you can implement 3 simple tips that will increase your rental yields and help to combat Clause 24.

Timings for the event:

5.30pm: Arrival with Refreshments
6.00pm: Seminar begins with an introduction from Duncan & Toplis Director Caroline Cleary
6.05pm: Tax Changes from Duncan & Toplis Director Simon Shaw
6.20pm: Top Tips for Maximising Rential Income from Buttercross Estates Managing Director Daniel Otton
6.35pm: Q&A and networking
7.30pm: End

The event is free to attend but booking is essential. Click here to register.

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Newark On Trent Property Market Statistics to December 17

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Following our last update at the end of June 2017 we wanted to share with you the changes to the market as we have seen it to the end of the year. Data has come from properties we have let, Land Registry and Home.co.uk. We’d love to know how your property compares so please leave any comments below.

(Figures in brackets are from the last update)

Average Monthly Rent In Newark

£599 (£578) – Let by Buttercross Estates
£542 (£568) – According to Home.co.uk

Average Monthly Rents By Type

£485 (£466) – Flats
£599 (£583) – Terrace
£624 (£629) – Semi Detached
£898 (£781) – Detached

Average Monthly Rents By Postcode District

£564 (£550) – NG24 1
£608 (£649) – NG24 2
£569 (£563) – NG24 3
£679 (£582) – NG24 4

Average Weekly HMO Room Rate

£86 (£85) – Standard
£120 (£116) – En-Suite

Average Time Taken to Move Tenant In from Instruction

20 Days (From properties taken on from another agency)

Average House Price By Type (Sold Price Data)

£104,251 (£104,890) – Flats (55 total)
£128,643 (£127,733) – Terrace (201 total)
£148,916 (£142,187) – Semi-Detached (229 total)
£233,749 (£222,511) – Detached (183 total)

Average Gross Yield By Type

5.58% (5.33%) – Flats
5.58% (5.47%) – Terrace
5.02% (5.31%) – Semi Detached
4.61% (4.21%) – Detached

Sales data has been released up to the start of October. Sales often slow on the run up to Christmas and we’ve seen that with the number of new properties coming to the market in the past month (just 27 in the past 14 days). It’s a good time to pick up a bargain as January will no doubt see a small surge in activity from both buyers and sellers.

If you would like a free review of your buy to let properties our door is always open. We can identify where your portfolio needs improving and how it can be done. With the changes to legislation and taxation landlords profits are being hit harder than ever so it is key you keep on top of your investments. Call today to book your slot 01636 343014.

Have a prosperous 2018.

Nottinghamshire Selective Licensing Update

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Yesterday I attended the EMPO (East Midlands Property Owners) and DASH (Decent and Safe Homes) event updating about the selective licensing schemes across Nottinghamshire. The talks gave updates on Nottingham City’s proposed scheme, Gedling’s proposed scheme and updates on how Ashfeld’s scheme has been running since it’s implementation earlier this year…

Nottingham City

In November 2016 Nottingham City Council (NCC) voted to commence a city wide selective licensing consultation impacting 35,000 homes. The 11 week public consultation ended on 31st March 2017 and produced just 1,466 responses. Having considered the responses, on 18th July 2017 NCC approved a revised scheme now impacting 32,000 homes. The fee per property will be £655 for non accredited landlords and £400 for accredited landlords (see my previous post about becoming accredited). The fee is paid in two parts. The first payment on application and the second on notification by NCC to grant a licence. Due to the size of the scheme, NCC is required to seek permission from the Secretary of State and this was sought a the end of September 2017. If approved the scheme will potentiall remove circa £20m from the Nottingham Private Rented Sector (PRS) and will be the third largest scheme in England. The decision from the Secretary of State is due in January 2018.

Netherfield

Gedling Borough Council (GBC) have a consultation running until the 5th January 2018 and you can respond to it via their website. GBC believes a scheme is the only option available to compel landlords to improve management practices leading to a better housing and an environment where a balanced housing market and positive economic and social change will be assured. Netherfield is identified as one of the 15 Partnership Plus areas (high crime/ASB hotspots) within Nottinghamshire where evidence suggests the PRS delivers substandard accommodation. In Netherfield there were over 400 reports of fly tipping in 2016, some attributed to the PRS. Under this selective licensing proposal landlords will need to take more responsibility for the storage and disposal of rubbish arising from their properties.

Within GBC enforcement area, Netherfield has experienced the highest number of service requests made about housing conditions during 2012-16 period. GBC believes 680 properties will fall under licensing based on housing data captured from the 2011 census (22.5% of the ward is privately rented). The proposed scheme will be entirely self financing. The fee for non accredited landlords will be £675 and accredited landlords £650, per property. GBC is conducting a briefing meeting on Tuesday 21st November at their offices. Details can be found here.

Ashfield

The selective licensing scheme in Ashfield was implemented on 1st February 2017. 463 properties are affected under the designation in Stanton Hill and Central Sutton In Ashfield. The Council has revised the number of properties to 956 after 113 landlords were registered as living at their rental properties therefore they were not originally identified as within the PRS. The fee is £350 per property for non accredited landlords and £250 for accredited landlords (though I believe the discounted period has ended). A property inspection will take place prior to issuing the licence and a follow up HHSRS inspection after the licence is issued. The scheme has forced a number of rogue landlords to sell their properties and there have been 56% less complaints being made about waste problems. Some stats from Ashfield Council since their scheme has been up and running;

  • 950 properties require a licence
  • 536 landlords have actively engaged
  • 279 applications are being processed
  • 63 properties have been rewired
  • 43 properties have had new roofs and windows
  • 8 properties have been identified as high risk
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Newark Buy-to-Let Return / Yields – 2% to 7.6% a year

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The mind-set and tactics you employ to buy your first Newark buy to let property needs to be different to the tactics and methodology of buying a home for yourself to live in. The main difference is when purchasing your own property, you may well pay a little more to get the home you (and your family) want, and are less likely to compromise. When buying for your own use, it is only human nature you will want the best, so that quite often it is at the top end of your budget (because as my parents always used to tell me – you get what you pay for in this world!).

Yet with a buy to let property, if your goal is a higher rental return – a higher price doesn’t always equate to higher monthly returns – in fact quite the opposite. Inexpensive Newark properties can bring in bigger monthly returns. Most landlords use the phrase ‘yield’ instead of monthly return. To calculate the yield on a buy to let property one basically takes the monthly rent, multiplies it by 12 to get the annual rent and then divides it by the value of the property.

This means, if one increases the value of the property using this calculation, the subsequent yield drops. Or to put it another way, if a Newark buy to let landlord has the decision of two properties that create the same amount of monthly rent, the landlord can increase their rental yield by selecting the lower priced property.

To give you an idea of the sort of returns in Newark…

Now of course these are averages and there will always be properties outside the lower and upper ranges in yields: they are a fair representation of the gross yields you can expect in the Newark area.

As we move forward, with the total amount of buy to let mortgages amounting to £199,310,614,000 in the country, landlords need to be aware of the investment performance of their property, especially in the era of tax increases and tax relief reductions. Landlords are looking to maximise their yield – and are doing so by buying cheaper properties.

However, before everyone in Newark starts selling their upmarket properties and buying cheap ones, yield isn’t the only factor when deciding on what Newark buy to let property to buy. Void periods (i.e. the time when there isn’t a tenant in the property between tenancies) are an important factor and those properties at the cheaper end of the rental spectrum can suffer higher void periods too. Apartments can also have service charges and ground rents that aren’t accounted for in these gross yields. Landlords can also make money if the value of the property goes up and for those Newark landlords who are looking for capital growth, an altered investment strategy may be required.

In Newark, for example, over the last 20 years, this is how the average price paid for the four different types of Newark property have changed…

• Newark Detached Properties have increased in value by 240.2%
• Newark Semi-Detached Properties have increased in value by 238.5%
• Newark Terraced Properties have increased in value by 256.4%
• Newark Apartments have increased in value by 246.5%

It is very much a balancing act of yield, capital growth and void periods when buying in Newark. Every landlord’s investment strategy is unique to them. If you would like a fresh pair of eyes to look at your portfolio, be you a private landlord that doesn’t use a letting agent or a landlord that uses one of my competitors – then feel free to drop in and let’s have a chat. What have you got to lose? 30 minutes and my tea making skills are legendary!

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EYES ON…This Weeks Investments In Newark!!

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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: The Ivies, Newark, Nottinghamshire
Type: 2 Bed Semi-Detached
Asking Price: £135,000
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.33
Comments: Rare opportunity for stunning 2 bed home with double rooms and lovely kitchen in a desirable area of Farndon, ideal for a commuting professional couple with the A46 close by; perfect ready to rent first time investment.

Address: 37 Emmendingen Avenue, Newark, NG24 2FX
Type: 4 Bed End of Terrace
Asking Price: £145,950
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £645-695pcm
Yield: 5.71
Comments: Last sold in 2012 for £112,000 in the exact same condition, although it’s more like a 3 bed and box room, the size and decor still makes it appealing to families and it’s ideally located between the A1/A46 and the town centre.

Address: Hazel Grove, Balderton, NG24 3BQ
Type: 2 Bed Semi-Detached
Asking Price: £125,000
Estate Agent: Jon Brambles
Condition: Some Modernisation Required
Rent Range: £550-600pcm (once renovated)
Yield: 5.76%
Comments: Located in the popular lakeside development, one for an investor that fancies a fixer upper, the cupboard doors need changing in the kitchen, the awful fitted wardrobes have to go and who knows what surprise lies in the bathroom!

Buttercross Best Buy
Address: 39 Apple Tree Close, Newark, NG24 2FA
Type: 2 Bed Second Floor Apartment
Asking Price: £87,000
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 7.24
Comments: A perfect first time investment, great yield, minimal maintenance and a reasonable asking price. Ideal for tenants working on the industrial estate, town centre and KnowHow with added bonus of allocated parking for those who commute.

Address: Grove Street, Balderton, Newark, NG24 3AS
Type: 3 Bed Mid-Terrace
Asking Price: £125,000
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.25%
Comments: Good for schools and the A1 although the lack of parking may put tenants off; the last two 3 bedroom houses on Grove St sold for £110,000 and £112,000 in the same condition, why is this £125,000?

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.

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Newark On Trent Property Market Statistics to July 17

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Following our last update at the end of 2016 we wanted to share with you the changes to the market as we have seen it to July. Data has come from properties we have let, Land Registry and Home.co.uk. We’d love to know how your property compares so please leave any comments below.

(Figures in brackets are from the last update)

Average Monthly Rent In Newark

£578 (£557) – Let by Buttercross Estates
£568 (£552) – According to Home.co.uk

Average Monthly Rents By Type

£466 (£447) – Flats
£583 (£540) – Terrace
£629 (£603) – Semi Detached
£781 (£782) – Detached

Average Monthly Rents By Postcode District

£550 (£565) – NG24 1
£649 (£613) – NG24 2
£563 (£512) – NG24 3
£582 (£578) – NG24 4

Average Weekly HMO Room Rate

£85 (£83) – Standard
£116 (£115) – En-Suite

Most Viewings Within 7 Days Of Listing

17 (For a detached 4 bed house in Balderton)

Average House Price By Type (Sold Price Data)

£104,890 (£109,059) – Flats (28 total)
£127,733 (£124,271) – Terrace (108 total)
£142,187 (£149,991) – Semi-Detached (121 total)
£222,511 (£221,525) – Detached (97 total)

Average Gross Yield By Type

5.33% (4.92%) – Flats
5.47% (5.21%) – Terrace
5.31% (4.82%) – Semi Detached
4.21% (4.24%) – Detached

Sales data has been released up to the start of June and after speaking with Andrew & Co solicitors last week they were stacked out on sales so I expect there was a flurry of completions before the holiday season. Although our ensuite HMO room rate hasn’t changed much, we’ve broken the ceiling and achieved £135pw.

If you would like a free review of your buy to let properties our door is always open. We can identify where your portfolio needs improving and how it can be done. With the changes to legislation and taxation landlords profits are being hit harder than ever so it is key you keep on top of your investments. Call today to book your slot 01636 343014.

Have a great holiday season.

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