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

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Here’s a look at the latest properties coming to market in NG24. I’ve added some comments and given you an idea of what you can expect rent wise if you go for it.

Address: 8 Welbeck Avenue, Newark NG24 1NB
Asking Price: £140,000
Property Type: 4 Bed Terrace
Estate Agent: Winkworth
Condition: Update Required
Rent Range: £625-675 pcm (once updated)
Yield: 5.78%
Comments: Last bought in 2013 for £95k, no photos of it at the same but i’m guessing not much has changed, maybe the kitchen cupboards? Cladding and worn carpets need to go. To obtain the top of the rent range suggested, take a look at this rental.

Address: 14 DeCaldwell Drive, Newark NG24 2JB
Asking Price: £145,000
Property Type: 2 Bed Terrace
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £525-575 pcm
Yield: 4.76%
Comments: Most recent 2 bed sale was Jan 17 for £124k, on the smaller side but a good starter investment. It’s a new(ish) build that’s been built within an old council estate, bought for £114,500 in July 14, hasn’t changed since.

Address: 17 Linseed Avenue, Newark NG24 2FL
Asking Price: £130,000
Property Type: 2 Bed Semi Detached
Estate Agent: Purple Bricks
Condition: Minor Changes
Rent Range: £525-575 pcm
Yield: 5.31%
Comments: Just dial down the bold colours to appeal to the most about of potential tenants, overall good little house with a bonus of a double driveway. Check out boiler age and consumer unit so you don’t get stung!

Address: 44 Side Row, Newark NG24 2JB
Asking Price: £130,000
Property Type: 2 Bed Terrace
Estate Agent: Purple Bircks
Condition: Ready to Rent
Rent Range: £500-550 pcm
Yield: 5.08%
Comments: Ready to go with this one, carpets look fairly well kept and decor is okay. The kitchen is a little small so bare that in mind. Only bought in Oct 2018 for £120k, bedroom 1 carpet has changed and both have been decorated.

Address: 7 Barnby Crossing, Newark NG24 2NG
Asking Price: £119,950
Property Type: 2 Bed Terrace
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-575 pcm
Yield: 5.75%
Comments: Again, another well presented house which has seen improvements since the current owners bought it in 2014 including taking down the old sun room to make a usable living space. A little out of town and would suit someone after a quieter life.

Address:Linton Close, Farndon, Newark. NG24 4TQ.
Asking Price: £140,000
Property Type: 2 Bed Semi- Detached
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.9%
Comments: Popular village location, nothing really to compare it to price wise. No EPC but would’ve thought it’s above an E, check before purchasing though. Off street parking and great sized garden.

Address: 4 Hilary Way, Balderton, Newark NG24 3PN.
Asking Price: £130,000
Property Type: 3 Bed Semi- Detached
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.76%
Comments: Purchased in Aug 2016 for £125k, no previous photos so unsure of changes, bold kitchen wall may put tenants off, would wait for feedback from viewings. Have been trying to sell since Nov 2018, something to factor in.

Address: 41 Charles Street, Newark, NG24 1RN
Asking Price: £130,000
Property Type: 2 Bed End Terrace
Estate Agent: Jon Brambles
Condition: Update Needed
Rent Range: £550-600pcm (assuming it’s done well)
Yield: 5.53%
Comments: Seems rather pricey for such a date property, #25 sold in Aug 18 for £136,500 and it was spotless. New flooring throughout, kitchen and bathroom ideally too. Would be better to cap off and get rid of the dated gas fires now rather than waiting for them to fail a gas cert. Tenants aren’t keen on bathroom access via a bedroom.

Address: 1 Harrisons Way, Newark NG24 1NS
Asking Price: £130,000
Property Type: 3 Bed Semi- Detached
Estate Agent: Newton Fallowell
Condition: Unknown – no interior photos
Rent Range: £600-650pcm (assuming well presented)
Yield: 6%
Comments: This property was only built 5 years ago so i’m expecting it to be pretty modern. Backs onto the railway line which may put some tenants off. Good central location and off street parking.

Address: 6 Whitfield Street, Newark. NG24 2BT
Asking Price: £120,000
Property Type: 2 Bed Terrace
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.25%
Comments: Very colourful property, great starter with low bills, rent and council tax. Permit Parking great too. The colours may help or hinder it, would be inclined to play it by ear. #64 sold in May for £116k with a beautiful new kitchen and renovated throughout.

Address: 36 Smith Street, Newark, NG24 1RE
Asking Price: £115,000
Property Type: 3 Bed End Terrace
Estate Agent: Yopa
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 6%
Comments: Purchased in 2016 for £103k, living areas appear to be unchanged, no pics of bathroom or bedrooms. Low EPC, factor this in as government have discussed putting the minimum band up. Another good starter house, within Barnby Road Academy catchment area too.

Address: Worthington Road, Newark. NG24 3RE
Asking Price: £115,000
Property Type: 1 Bed End Terrace
Estate Agent: Martin & Co.
Condition: Ready to Rent
Rent Range: £450-500pcm
Yield: 5.21%
Comments: Not much to compare it to, last 1 bed sold in Jan 17 for £85,500 but naturally the market has changed since then. Good starter property but consider that tenants may grow out of the property quicker than a 2 bed.

Address: 25 Goldstraw Lane, Fernwood, Newark NG24 3FD
Asking Price: £109,950
Property Type: 2 Bed Ground Floor Flat
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £500-550pcm Service Charge: £607.27 PA Ground Rent: £135 PA
Yield: 5.96% (inc SC and GR)
Comments: Purchased in 2005 for £112,950, it would seem the owner sadly bought at the wrong time. The last 2 bed apartment sold for £95k in Aug 17. Fernwood is like marmite but it’s a good sized apartment with the bonus of outdoor space and private entrance too.

Address: 26 Goldstraw Lane, Fernwood, Newark NG24 3FF
Asking Price: £95,000
Property Type: 2 Bed Apartment
Estate Agent: Richard Watkinson & Partners
Condition: Ready to Rent
Rent Range: £445-495pcm
Yield: 6.25% (not including SC and GR as not shown on ad)
Comments: Pretty sure the photos aren’t doing this justice, electric heating throughout so won’t have to pay for gas safety cert + boiler service each year. Can’t see any immediate issues, just a bit vanilla!

Address: 42 The Brewhouse, Castle Brewery, Newark NG24 4AF
Asking Price: £89,950
Property Type: 1 Bedroom Apartment
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £425-475pcm Service Charge: £1680 PA Ground Rent: £115 PA
Yield: 6.21% (inc SC and GR)
Comments: Popular development, bit of a pain to sell but very popular as rentals. Single allocated parking space sometimes causes problems and lack of visitor parking. Central location, gym and well kept communal areas make it desirable. Vendors have been trying to sell this for quite some time, it’s been relisted again.

Address: 19 Birch Road, Balderton Newark NG24 3DB
Asking Price: £89,950
Property Type: 1 Bed Cluster House
Estate Agent: Martin & Co
Condition: Ready to Rent
Rent Range: £425-475pcm
Yield: 6.34%
Comments: Lovely kitchen but cosy throughout, parking and garden popular additions. Worth checking consumer unit on a property of its age, cleverly taken photos hide the charming storage heaters which aren’t overly desirable with tenants. #30 sold in Jan for £76k with an equally lovely kitchen!

So that’s this weeks selection, a couple of lovely properties in here, give me a call on 01636 343014 or even pop in to the office for a chat to let me know what you think.

Newark On Trent Property Market Statistics to May 2019

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It’s been quite a while since our last update so we wanted to share with you the changes to the market in NG24 as we have seen it during 2019. 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

£590 (£599) – Let by Buttercross Estates
£564 (£542) – According to Home.co.uk

Average Monthly Rents By Type

£492 (£485) – Flats
£585 (£599) – Terrace
£645 (£624) – Semi Detached
£749 (£898) – Detached

Average Monthly Rents By Postcode District

£554 (£564) – NG24 1
£616 (£608) – NG24 2
£591 (£569) – NG24 3
£622 (£679) – NG24 4

Average Weekly HMO Room Rate

£84 (£86) – Standard
£110 (£120) – En-Suite

Total Value Of Properties Sold

£61,097,116 (January to May 2019)

Average House Price By Type (Sold Price Data)

£104,595 (£104,251) – Flats – 22 total
£131,003 (£128,643) – Terrace – 107 total
£174,237 (£148,916) – Semi-Detached – 125 total
£242,060 (£233,749) – Detached – 95 total

Average Gross Yield By Type

5.64% (5.58%) – Flats
5.35% (5.58%) – Terrace
4.44% (5.02%) – Semi Detached
3.71% (4.61%) – Detached

Sales data has been released up to the end of May. Interestingly there have been practically the same number of sales for this period Jan-May (349) as there were for the same period in 2018 (348). If the rest of the year also follows 2018 then we will see another 604 sales before the fireworks over London Eye.

House values rose across the board with semi detached homes rising the most significantly (17%). Despite the price rises there were still bargains to be had, 2 Charles Street was snapped up for £60,000 and 80 Barnby Gate for £64,000. In all, 9 flats and 18 terraced houses sold for under £100,000.

At the other end of the market, the most expensive home sold was a 3 bedroom detached house, 4 North Church Walk which has lovely views over St Mary Magdalene Church. This sold for a cool £450,000.

If you’re looking to invest in Newark or the surrounding areas and want a bit of guidance, our door is always open. It’s easy to buy the wrong property and this could be a very costly mistake. Call today to book your slot 01636 343014.


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.

Warning Signs your Letting Agent is in trouble

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It’s been a sad week for the letting market in Newark after Greenberry Lettings shut up shop overnight with very little notice and landlords seemingly out of pocket. After speaking with a few of their landlords it seems like cracks were appearing but after operating for 8+ years in Newark no-one would have thought this would happen.

So what are the tell-tale signs that your letting agent might be struggling?

Late rent – Now this could be tenants paying rent late of course but it also might be the agent holding onto the rent to cashflow their business. Difficult to determine but check your statements from the agent. It should show when the rent was received from the tenant and when it was paid to you. If the tenant is being consistently late then this should be dealt with by your agent. How often should they be paying you? If you are really concerned, have your agent arrange for you to meet the tenant to discuss.

Poor service – Are you having to chase your rent? Is your tenant calling you rather than your agent? Are repairs being carried out? Are void periods getting longer? A drop in service means things aren’t working as they should.

Disappearing online – Is their website still live? Are they active on social media? Easy to check and gives you an indication what is happening behind the scenes.

Disappearing offline – Is the office open? Do you know where the office is? With the rise of online agents it will make it easier for them to move around without you realising. Pay a visit during normal working hours to see.

Lack of paperwork – Do you get copies of tenancy agreements? Who is your deposit registered with? What is your tenants name? One thing that has come to light is the lack of information provided to landlords about their tenants. Not having information about your deposit is a big red alarm. As landlords you are still liable for the deposit should it go missing. Deposits should be registered with one of the 3 government companies and failure to do so within the required time could mean a fine of 3 x the deposit amount. If your agent ran off have you got your paperwork in place to pick it up?

Though every agent should be registered with an Ombudsman scheme they don’t appear to be much help. I phoned The Property Ombudsman to report Greenberry Lettings and although they hold information regarding their business insurance they were unable to provide details due to data protection. Any landlord who believes they are owed money needs gather evidence and phone the Police on 101.

This week should be a wake up call to all landlords to make sure the letting agent they are employing is doing things correctly. As my post from a few weeks back highlighted, cheaper doesn’t always mean better and could cost you more in the long run.

If your agent has one or more red flags then you need to make sure everything is in order or you could be facing serious problems. If you have concerns or would like any help or assistance please call 01636343014 or pop into the office for a chat.

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Decreasing Numbers of Younger Homeowners in Newark

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Shaun Bell, 34-year-old father of two from Newark, was out house hunting. It was a pleasant August Saturday afternoon, and our man cycles along on his bike. He cycles up a street of suburban semis, where he spots a few retired mature neighbours, chatting to each other over the garden fence. He leans his bicycle against a lamppost and launches softly into his property search.

“Anyone on the road contemplating moving?” Shaun asks, “I am not a landlord or developer, I’m just a Newark bloke trying to get out of renting, buy a house, do it up and live in it with my wife and two children”

“The only way I will leave here is in a box”, answers an 80-something lady, wearing her fading Paisley patterned housecoat from the 1970’s.

“I‘ve lived here since before you were born, its lovely up here… we aren’t moving, are we Doris?” (as her neighbour sagely shook his head at his wife).

Shaun, like many Newark people born in the late 1970’s to the early 1990’s, is keen to get a slice of prime Newark real estate. Yet people like Shaun in Generation Y (or the Millennials as some people call them i.e. born between 1977 and 1994 and needing family housing now) are discovering, as each year passes by, they are becoming more neglected and ignored when it comes to moving up the property ladder.

Looking at the graph for the UK as whole …

Over 75 percent of Brits aged 65 and above (the baby boomers) are owner-occupiers, the biggest share since records began and a proportional rise of over 48.3% since the early 1980’s. Looking at those Baby Boomers (the current 65+year olds) .. and roll the clock back 36 years (to when they were in their 30’s and 40’s and two thirds (65.6%) of them owned their own home.
Whilst today, just under a half of 25 to 49 year olds (47.3%) own their own home.

However, the biggest drop has been in the 18 to 24-year old’s, where homeownership has dropped from a third (32%) in the 1980’s to less than one in ten (8.9%) today. Looking at the Newark statistics, the numbers make even more interesting reading.

Government policy contributes to the generational stalemate. Stamp Duty rules prevent older Brits from moving as the price of land and planning rules make it harder to build affordable bungalows that are attractive to members of the older generation who want to move.

The average value of an acre of prime building land in the UK is between £750,000 and £800,000 per acre. Bungalows are the favoured option for the older generation, but the problem is bungalows take up too much land to make them profitable for new homes builders. The housing market is gridlocked with youngsters wanting to get on (then move up) the property ladder whilst the older generation, who want to move from their larger houses to smaller, more modern bungalows, can’t. The problem is – there simply aren’t enough bungalows being built and the high price of land, means they are prohibitive to build.

So, what is my point? Well, all I would say to the homeowners of Newark is that one solution could be to start to talk to your local councillors, so they can mould the planners’ thoughts and the local authority thinking in setting land aside for bungalows instead of two up two down starter homes? That would free the impasse at the top of the property ladder (i.e. mature people living in big houses but unable to move anywhere), releasing the middle aged gridlocked people in the ladder to move up, thus releasing more existing starter homes for the younger generation.

…and to you Shaun… the wandering new home searcher – if things are going to change, it will be years before they do… so keep going out and spreading the word of your search for a new home for your family.

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Getting more from your savings

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People often come to the office to ask about getting becoming a buy to let landlord as they’ve got a pot of money sat in an ISA or some savings account (usually Santander 123) achieving a whopping 1.5% (if they are lucky) which they see is being eroded by the cost of living. They are typically fed up or frustrated and want to see how much property they can get for their money. They have usually heard or seen a horror story about landlords which has put them off before. But with buy to let property becoming more accessible than ever, they are feeling more confident to place their money into property. With typical yields in Newark On Trent averaging 5.21% for terraced houses they could potentially be getting 3 x more from their money by doing so.

So, they have taken the brave step of looking into becoming a landlord and with their £80,000 they start looking at available property. Now, in the whole of Newark On Trent there are currently just 6 properties available within this budget. Now some of them aren’t bad but they are all flats and you will then have to consider things like the length of the lease, service charges and ground rent etc. At this point, a lot of people stop. This is a large step into the unknown and out of your comfort zone so it’s understandable.

One lady came to the office before Christmas having been through a similar process, lets call her Eve. Eve had £80,000 to spend but couldn’t find anything to invest into. After doing a bit of a fact find I asked whether Eve had looked at buying with a mortgage. “No, I don’t want another mortgage at my age” Eve replied. Understandable response really, as after all we are all brought up to work hard and pay off your debts and save. You don’t want to then take out another mortgage and start over again. However, those that have read anything by Robert Kiyosaki will know there is good debt and bad debt.

Bad Debts are things like credit cards, car loans (on cars you don’t need) and mortgages on your primary residence (where you live). These debts are for assets that you pay.

Good Debts are business loans, student loan or mortgages on an investment property. These debts are for assets that pay you.

I ran through a very simple scenario with Eve to see what it might look like if she bought with a mortgage (50% Loan To Value) against buying with cash. There are other costs to owning property which I have excluded to keep it simple.

Cash Buy

Purchase Price – £80,000
Monthly Rent Income – £400
Monthly Mortgage – £0
Annual Income – £4,800
Return On Capital – 6.00%

Then we looked at using the £80,000 as a deposit on a house worth £160,000 which means taking a mortgage for the remaining £80,000.

Mortgage Buy

Purchase Price – £160,000
Monthly Rent Income – £750
Monthly Mortgage – £115
Annual Income – £7,620
Return On Capital – 9.53%

After a short silence Eve’s eyes lit up at the prospect of owning a better property with the potential of better returns. We checked Rightmove again to see what would fall around this price bracket and the quality of properties is significantly better.

The benefits of using a mortgage are not just short term but long term as well. Let’s say that in the next 10 years property prices double (historically they have done). That flat bought for £80,000 is now worth £160,000 and with no mortgage. Lovely! In the same period, the house bought for £160,000 is now worth £320,000. They still have an £80,000 mortgage on the property (interest only) but with £240,000 of equity.

At this, the penny dropped and Eve was now open to finding out a bit more about the prospect of buying with a mortgage. I sent her on the way with a card for Nicola Chandler, a local mortgage broker in Newark, to find out whether she can access any mortgage deals. Within 2 weeks Eve had a mortgage in principle and had an offer accepted on a property for just under £160,000. Completion will be taking place at the end of this month and we’re already lining a tenant up to minimise the void period and get her money working ASAP. Eve is also taking advantage of our new year offer of complementary Rent Guarantee Insurance on our fully managed service (worth over £200).

Of course, mortgages still aren’t for everyone and with the changes to mortgage interest relief (Clause 24) coming in, this will reduce the cash flow on leveraged properties. Always speak with an independent mortgage broker and consult your accountant about the best route for you. Just don’t rule out buying with a mortgage without exploring the option first. It can help make your money go further and work harder. Eve could have also split her £80,000 and bought two properties for £160,000… but I’ll leave you to work out how that might have looked.

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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: 5a Chain Lane, Newark, NG24 1AU
Type: 2 Bed apartment
Asking Price: £84,950
Estate Agent: Sell It
Condition: Ready to rent
Rent Range: £375-425 pcm
Yield: 6.00%
Comments: Useful photo of the bunk bed. Interesting positioning of the shower. Lazy electrician?

Address: Eton Avenue, Newark, NG24 4JD
Type: 3 Bed semi detached house
Asking Price: £115,000
Estate Agent: CPG Property
Condition: Requires full refurbishment
Rent Range: £575-625 pcm (when refurbished)
Yield: 6.52%
Comments: Ridiculous price. Worth around £85-90,000. Would’ve had the Buttercross Best Buy if it was priced sensibly.

Address: 9 Village Way, Farndon, NG24 4SX
Type: 2 Bed semi detached bungalow
Asking Price: £134,950
Estate Agent: Richard Watkinson
Condition: Requires full refurbishment
Rent Range: £600-650 pcm (when refurbished)
Yield: 5.78%
Comments: Bungalows are always in good demand as so few come onto the market. Number 29 sold for £125,000 in very good condition. If it was £100,000 I’d still say it was overpriced.

Address: Worthington Road, Balderton, NG24 3RE
Type: 2 Bed terraced house
Asking Price: £120,000
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £500-550 pcm
Yield: 5.50%
Comments: Tidy little property suitable for a couple or small family.

Buttercross Best Buy
Address: Gainsborough Drive, Newark, NG24
Type: 3 Bed semi detached house
Asking Price: £149,950
Estate Agent: Now Homes
Condition: Ready to rent
Rent Range: £625-675 pcm
Yield: 5.41%
Comments: Refurbished to an excellent condition. Good location north of the town centre. Highest sale on the street was number 5 for £135,000 in 2007.

Address: Mount Road, Balderton, NG24 3HF
Type: 3 Bed semi detached
Asking Price: £119,950
Estate Agent: Newton Fallowell
Condition: Probably needs updating
Rent Range: £600-650 pcm
Yield: 6.50%
Comments: More photos of the outside than the inside suggest it’s a tired property. Nothing on the street has sold for more than £105,000.

Address: 11 Park Crescent, Newark, NG24 2BY
Type: 3 Bed semi detached house
Asking Price: £125,000
Estate Agent: Lesley Greaves
Condition: Needs modernising
Rent Range: £600-650 pcm
Yield: 6.24%
Comments: Around the corner from Gainsborough Drive. Looks like the carpets and decorating need attention as a minimum. They paid £120,000 in 2009.

Address: 7 Century Street, Newark, NG24 1QP
Type: 2 Bed mid terrace
Asking Price: £94,950
Estate Agent: Jon Brambles
Condition: Cosmetic work required
Rent Range: £450-500 pcm
Yield: 6.32%
Comments: Quite a tight street this one. One of the larger ones on the street as it goes over the passage. Paid £100,000 in 2010. Last sale on the street was also by Jon Brambles for £92,000 a couple of years back.

Address: 55 Appleton Gate, Newark, NG24 1LN
Type: 2 Bed end terrace
Asking Price: £119,999
Estate Agent: Sell It
Condition: Cosmetic work required
Rent Range: £550-600 pcm
Yield: 6.00%
Comments: These houses tend to fetch £90-100,000. They paid £113,000 in 2007 so prices here still haven’t got back to where they were. Good location though.

Address: 12 Nicholson Street, Newark, NG24 1RD
Type: 2 Bed mid terrace
Asking Price: £130,000
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £550-600 pcm
Yield: 5.54%
Comments: Excellent condition. Looks like a lot of money has been spent on it hence the price tag. They haven’t been helped by the portfolio that went to auction earlier in the year across the way from them. They were in poor condition though.

Address: 33 Lovers Lane, Newark, NG24 1HU
Type: 3 Bed mid terrace
Asking Price: £120,000
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £500-550 pcm
Yield: 5.50%
Comments: Small house on a busy street. Been recently renovated but they seemed to have missed the front door (only painted). Curious one as it looks to have been bought 6 months ago for £115,500.

Address: 17 Village Way, Farndon, NG24 4SX
Type: 2 Bed semi detached bungalow
Asking Price: £149,950
Estate Agent: Newton Fallowell
Condition: Cosmetic work required
Rent Range: £650-700 pcm
Yield: 5.60%
Comments: Occupying a larger plot and having been extended make this a much more appealing bungalow however you are paying for it. Priced much more realistically than Richard Watkinsons. Same price they paid for it in 2005.

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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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. There seems to have been a bit of a flood in the market this week with some coming on for very ambitious prices.

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: London Road, New Balderton, NG24 3AA
Type: 2 Bed mid terraced house
Asking Price: £85,000
Estate Agent: Newton Fallowell
Condition: Tidy but looks basic
Rent Range: £425-475 pcm
Yield: 6.71%
Comments: Looks like its probably been rented before. Attic room is accessed through the second bedroom. Repossession.

Address: 1 Meywrick Road, Newark, NG24 1HH
Type: 2 Bed end terraced house
Asking Price: £99,000
Estate Agent: Sell It
Condition: Not my cup of tea
Rent Range: £425-475 pcm
Yield: 5.76%
Comments: Red kitchen and a shower head that’s broken. Awful location with the main road next door. One to avoid unless you get it for something in the £70s.

Address: 45 Grove Street, Balderton, NG24 3AR
Type: 3 BEd mid terraced house
Asking Price: £105,000
Estate Agent: JHW Home
Condition: Requires renovation
Rent Range: £525-575 pcm (when renovated)
Yield: 6.57%
Comments: Needs completely overhauling. Huge gardens but a busy street.

Address: 16 Sawyers Close, Newark, NG24 2HF
Type: 2 Bed end of terraced house
Asking Price: £114,999
Estate Agent: Sell It
Condition: Needs modernising
Rent Range: £475-525 pcm
Yield: 5.48%
Comments: Needs a new kitchen plus a shower over the bath. Tiny garden. Bought for £82,500 in 2005. Overpriced considering next door sold for £89,950 just 2 years ago.

Address: 15 Maythorne Close, Balderton, NG24 3BG
Type: 2 Bed end of terraced house
Asking Price: £114,999
Estate Agent: Sell It
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 5.47%
Comments: Another overpriced property from Sell It. Probably a landlord trying his luck with a few properties. Bought for £94,000 in November 2007.

Address: 66 Churchill Drive, Newark, NG24 4ND
Type: 3 Bed semi detached house
Asking Price: £115,000
Estate Agent: Purple Bricks
Condition: Ready to rent
Rent Range: £550-600 pcm
Yield: 6.26%
Comments: Looks tidy and a good kitchen. Paid £76,000 in June 2009.

Address: Victoria Terrace, Newark, NG24 4XA
Type: 2 Bedroom mid terrace
Asking Price: £117,500
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 5.36%
Comments: Tucked away off the main street. Dont forget your CO alarm for the log burner. Highest sale on the street was £109,995 back in 2007.

Address: 3 Worthington Road, Balderton, NG24 3RE
Type: 2 Bed semi detached house
Asking Price: £124,950
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £550-600 pcm
Yield: 5.76%
Comments: Electric heating. Kitchen looks a little dated. Very plain and could do with some colour. Bought for £95,000 in 2013. About £15-20,000 overpriced.

Address: 54 Brockton Avenue, Farndon, NG24 4TH
Type: 2 Bed terraced house
Asking Price: £124,999
Estate Agent: Sell It
Condition: Ready to rent
Rent Range: £500-550 pcm
Yield: 5.28%
Comments: Bought for £105,500 back in 2004. Also the same time they watered the garden.

Address: 1 Sandhills Close, Newark, NG24 1FH
Type: 2 Bed semi detached house
Asking Price: £124,999
Estate Agent: Sell It
Condition: Ready to rent
Rent Range: £500-550 pcm
Yield: 5.28%
Comments: Kitchen looks ready to be replaced. Might be a Sainsburys on the doorstep soon. Last sale on the street was £113,950 over 10 years ago.

Address: 15 Grove Street, New Balderton, NG24 3AR
Type: 3 Bed end terrace
Asking Price: £127,500
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £575-625 pcm
Yield: 5.88%
Comments: Liking the kitchen. Strangest conservatory I have seen. Well landscaped garden. Paid £119,950 in 2006 so not much wiggle room if they are wanting to get their money back.

Address: 16 Lovers Lane, Newark, NG24 1HZ
Type: 3 Bed terraced house
Asking Price: £130,000
Estate Agent: Richard Watkinson
Condition: Needs renovating
Rent Range: £575-625 pcm (after refurbishment)
Yield: 5.77%
Comments: Lovers Lane is a busy street but this is set back nicely. Close to the town centre.

Address: 24 Broome Close, Balderton, NG24 3DE
Type: 3 Bed semi detached house
Asking Price: £134,999
Estate Agent: Sell It
Condition: Ready to rent
Rent Range: £650-700 pcm
Yield: 6.22%
Comments: Great condition. Tiny 3rd bedroom. Last semi on the street sold for £115,000 last year.

Address: 15 Jericho Road, Balderton, NG24 3GT
Type: 3 BEd semi detached house
Asking Price: £135,000
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £650-700 pcm
Yield: 6.22%
Comments: Modern house and low maintenance garden. Popular area.

Address: Winthorpe Road, Newark, NG24
Type: 3 Bed semi detached house
Asking Price: £139,950
Estate Agent: Now Homes
Condition: Ready to rent
Rent Range: £650-700 pcm
Yield: 6.00%
Comments: You won’t be struggling for visitor parking. Small kitchen lets it down a little.

Address: Lacey Green, Balderton, NG24 3
Type: 2 Bed semi detached house
Asking Price: £140,000
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £600-650 pcm
Yield: 5.57%
Comments: Was a 3 bed converted to 2. Excellent condition and nice conservatory. Close to the A1.

Buttercross Best Buy
Address: Harcourt Street, Newark, NG24 1
Type: 3 Bed terraced house
Asking Price: £144,950
Estate Agent: Newton Fallowell
Condition: Needs modernising
Rent Range: £700-750 pcm (after refurbishment)
Yield: 6.21%
Comments: Great location and ideal flip opportunity as it requires modernising. Some terraced houses have gone for as little as £104,000 here in the past few years and as much as £244,950. Do your homework.

Address: Rubys Walk, Fernwood, NG24
Type: 3 Bed end terrace
Asking Price: £145,000
Estate Agent: Winkworth
Condition: Ready to rent
Rent Range: £625-675 pcm
Yield: 5.58%
Comments: Not much information on this one but you’d expect it to be pretty good. En-suite to the master.

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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Refurbish it and they will come

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In Kevin Costner’s 1989 movie, “Field Of Dreams” he’s standing in a corn field and hears a voice tell him “If you build it, he will come”. I’ve never seen the film but I’m guessing he was a landlord too.

I’m a big advocate of investing into your properties and refurbishing them. Think about it, if you’re house looks and smells like a sewer, who’s going to live there… rats! On the other hand, if you’ve got a lovely, high quality palace then you’d probably use the phrase “fit for a Queen”.

I see far too many shoddy properties coming to the letting market where landlords have failed to invest or improve the property. This reluctance to improve will end up producing a downward spiral of lower rent, worse tenants, poorer property, longer voids, lower rent, worse tenants etc.

Refurbish your homes to a good quality and good quality tenants will come. A good property will produce an upward spiral of lower voids, higher rent, better tenants, better property etc.

OK, so we know Kevin Costner wasn’t really a landlord, but the idea can be used across all parts of life. I’m a huge believer in the law of attraction and think it can be a very powerful tool in life and business. Those that know me will know that I am a believer in doing things to the best you can. We started Buttercross Estates with the mindset of providing the best service to both landlords and tenants as we can. We have built a company that delivered a high quality service and guess what? We attracted the high quality landlords and tenants. Those that shared our values and beliefs of being better. Better tenants and better landlords renting through a better system and service.

One simple example is of a 6 bed HMO that we let for a landlord. Below are a couple of photos of an en-suite room the previous agent was advertising at £85 per week.

Belvoir Room 6

Belvoir Room 6 again

After making a few suggestions to the landlord, he put down new carpets throughout, bought new beds and some bedding for the photos. The result was this…

Buttercross Estates Bed 6

We let this room for £110 per week just by turning it into a room you would actually want to live in. Overall, our suggestions and marketing made the landlord an additional £3,300 per year. He’ll also benefit from lower void periods and better quality tenants. He’s now going on to purchase another 4 bed house that we will convert into a high quality 5 bed boutique HMO in Newark.

Next time you’re letting a property just have a think about who it would appeal to. Or who you would want to appeal to. If you want a good tenant, refurbish it and they will come.

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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.

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.

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