Address: 83 Barnby Gate, Newark. NG24 1QW
Asking Price: £150,000-£155,000
Property Type: 2 Bedroom Mid Terrace House
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £545-£595pcm
Yield: 4.76%
Comments: Bought just 7 months ago for £145k, nothing has changed at all. Begs the question, why move so soon? Neighbours, parking, noise? Positives – very well presented, plenty of living space and central location.

Address: Goldsmith Road, Balderton, Newark, NG24 3QR
Asking Price: £150,000
Property Type: 2 Bedroom Semi – Detached Bungalow
Estate Agent: William H Brown
Condition: Some work needed
Rent Range: £600-650pcm when done
Yield: 5.2%
Comments: Bungalow rentals are few and far between but popular, this one needs a lick of paint, couple of carpet changes, a new oven and at least a re-grout in the bathroom. Replacement kitchen and bathroom would be best but understandably not ideal.

Address: 20 Boundary Road, Newark NG24 4AL
Asking Price: £150,000 – £160,000
Property Type: 3 Bedroom Terraced House
Estate Agent: Newton & Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5%
Comments: Well presented property although funny layout, kitchen-bathroom-utility-sunroom!? No bath which often puts young families off. Good sized bedrooms. #26 sold for £153k in Nov 18 in a similar condition but not extended as much.

Buttercross Best Buy
Address: 70 Lime Grove, Newark, NG24 4AH
Asking Price: £149,950
Property Type: 3 Bedroom Terraced House
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.2%
Comments: #40 sold in Dec 18 for £137,500 in similar condition. Downstairs bathroom isn’t for everyone so consider that. Popular street, we’ve often found rentals go promptly when priced right. Just need to lose the nursery decor and try and budge that price.

Address: 20 Orchid Drive, Farndon, Newark, Nottinghamshire NG24 3TX
Asking Price: £147,500
Property Type: 2 Bedroom House
Estate Agent: Belvoir!
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.08%
Comments: Popular village with a garage conversion. Second bed a little small but good for a couple or single person. No work required, worth checking the boiler age as it will be on it’s last legs if it’s the original.

Address: 77 Clarks Lane, Newark, Nottinghamshire, NG24 2EF
Asking Price: £130,000
Property Type: 2 Bedroom Semi – Detached House
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.3%
Comments: Well presented little house, good starter house for both tenant and LL in terms of running costs and initial outlay. Properties do take quite a while to sell though, something to factor in.

Address: 1 The Malthouse, Newark, NG24 1LA
Asking Price: £130,000 – £140,000
Property Type: 2 Bedroom Ground Floor Duplex Apartment
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £600-650pcm
Ground Rent: £800 PA
Yield: 5.96%
Comments: Really lovely apartment in a good, central location to town and station. We’ve let apartments at Maltings View on the other side of the road Apartments seem to take a very long time to sell in this block, i’m honestly not sure why, too much money?! This was purchased in June 16 for £137,500.

Address: 9 Philip Road, Newark NG24 4LX
Asking Price: £130,000
Property Type: 3 Bedroom Terraced House
Estate Agent: William H Brown
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.76%
Comments: Recently renovated although i can’t get past the dark brown window surrounds and window sills…why?! Bit of a marmite-y area but you’ll never please everyone! We let a 4 bed for £675pcm earlier in the year to a similar standard on Gopher Road.

Address: 32 Side Row, Newark, NG24 2JB
Asking Price: £119,950
Property Type: 2 Bedroom Terraced House
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £500-£550pcm
Yield: 5.5%
Comments: Ready to go, nice budget friendly for both LL and tenant. Good for A1 and industrial estate. Was previously marketed with another agent back in January 2019, properties in this area can take a while to sell.

Address: 18 Youngs Avenue, Fernwood, Newark. NG24 3FG
Asking Price: £99,950
Property Type: 2 Bedroom First Floor Apartment
Estate Agent: Martin & Co
Condition: Ready to Rent
Rent Range: £470-£520pcm
Yield: 6.2%
Comments: Bought for £77k in March 2017, considered ditching the lounge carpet and lightening up walls in bedroom 2 and the hallway to get maximum rental and a quicker let. The photos don’t really help as they make the apartment seem dark.

Newark On Trent Property Market Statistics to December 17


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.

Newark Property Market and Hammond’s Budget Promise to Build 300,000 more homes


I miss the good old days of George Osborne as Chancellor, with his hardhat and hi-vis jacket. He must have visited every new home building site in the UK with his trademark attire! For the last few years, the nearest Philip Hammond got to donning a ‘Bob the Builder’ outfit was at his grandchild’s birthday party. However, with what appears to be a change in focus by the Tories to ensure they get back in power in 2022, they appear to have fallen in love with house building again with the Chancellor’s promise to create 300,000 new households in a year.

Nationally, the number of new homes created has topped 217,344 in the last year, the highest since the financial crash of 2007/8. Looking closer to home: in total there were 571 ‘net additional dwellings’ in the last 12 months in the Newark and Sherwood District Council area, a very small increase of 21% on the 2010 figure.

The figures show that 95% of this additional housing was down to new build properties. In total, there were 543 new dwellings built over the last year in Newark and Sherwood. In addition, there were 41 additional dwellings created from converting commercial or office buildings into residential property.

While these all added to the total housing stock in the Newark and Sherwood area, there were 10 demolitions to take into account.

I was encouraged to see some of the new households in the Newark area had come from a change of use. The planning laws were changed a few years back so that, in certain circumstances, owners of properties didn’t need planning permission to change office space in to residential use.

With the scarcity of building land available locally (or the builders being very slow to build on what they have, for fear of flooding the market), it was pleasing to see the number of developers that had reutilised vacant office space into residential homes in the local council area. Converting offices and shops to residential use will be vital in helping to solve the Newark housing crisis especially, as you can see on the graph, that the level of building has hardly been spectacular over the last seven years!

Now we have had the autumn budget, Theresa May and Philip Hammond have set out their stall with housing as their key focus. I was glad to see the Government introducing a variety of changes to improve housing, including more funding for the supply side and an injection of urgency into the planning system.

The biggest question is, just where are the Government going to build all these new houses? Maybe a topic for a future article?

Back to the main point though and the focus on the housing market by the Tory’s is good news for all homeowners and buy to let landlords, as it will encourage more fluidity in the market in the longer term, sharing the wealth and benefits of homeownership for all. However, in the short term, demand still outstrips supply for homes and that will mean continued upward pressures on rents for tenants.


Newark Home Owners Are Only Moving Every 15.5 Years


The average house price in Newark is 7.14 times the average annual Newark salary. This is higher than the last peak of 2008, when the ratio was 6.65. A number of City commentators anticipated that in the ambiguity that trailed the Brexit vote, UK (and hence Newark) property prices might drop like a stone. The point is – they haven’t.

Now it’s true the market for Newark’s swankiest and poshest properties looks a little fragile (although they are selling if they are realistically priced) and overall, Newark property price growth has slowed, but the lower to middle Newark property market appears to be quite strong.

Scratch under the surface though, and a different long-term picture is emerging away from what is happening to property prices. Newark people are moving home less often than they once did. Data from the Office of National Statistics shows that the number of properties sold in 2016 is again much lower than it was in the Noughties. My statistics show…

Even though we are not anywhere near the post credit crunch (2008 and 2009) low levels of property sales, the torpor of the Newark housing market following the 2016 Brexit vote has seen the number of property sales in Newark and the surrounding local authority area level off to what appears to be the start of a new long term trend (compared the Noughties).

Interestingly, it was the 1980’s that saw the highest levels of people moving home. Nationally, everyone was moving on average every decade. Even though it was during the Labour administration of the late 1970’s where the right to buy one’s council house started, it was the Housing Act of 1980 that that really got council tenants moving, as Thatcher’s Tory government financially encouraged council tenants to buy their council-rented homes – for which countless then sold them on for a profit and moved elsewhere. The housing market was awash with money as banks were allowed to offer mortgages as well as the existing building societies, meaning it made it simpler for Brits to borrow even more money on mortgages and to climb up the housing ladder.

But coming back to today, looking at the property sales figures in the Newark area since 2010/11, a new trend of number of property sales appears to have started. Interestingly, this has been mirrored nationally. The reasons behind this are complex, but a good place to start is the growth rate of real UK household disposable income, which has fallen from 5.01% a year in 2000 to 1.68% in 2016. Also, things have deteriorated since the country voted to leave the EU as consumer price inflation has risen to 2.7% per annum, meaning inflation has eaten away at the real value of wages (as they have only grown by 1.1% in the same time frame).

With meagre real income growth, it has become more difficult for homeowners to accumulate the savings needed to climb up the housing ladder as the level of saving has also dropped from 4.26% of household income to -1.11% (i.e. people are eating into their savings).

Next week I will be discussing how these (and other issues) has meant the level of Newark people moving home has slumped to once every 15.5 years.