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: 35 Strawberry Hill Lane, Newark, NG24 2EP
Type: 2 Bedroom detached
Asking Price: £140,000
Estate Agent: CPG
Condition: Ready to rent
Rent Range: £500-550pcm
Yield: 4.71%
Comments: The addition of a large conservatory means the property has a reasonable amount of living space for a 2 bed house, ideal for a small family or couple. The bathroom could do with an update and the over bed storage isn’t ideal but it’s functional however the neighbouring property, number 37, sold in August for £138,000 with a bigger garden but less living space.

Address: 32 Edward Avenue, Newark, NG24 4UZ
Type: 2 Bedroom mid terrace
Asking Price: £125,000
Estate Agent: Newton Fallowell
Condition: Ready to rent (possibly!)
Rent Range: £500-550pcm
Yield: 5.28%
Comments: This property is in great town centre location with off road parking and a garage however with no photos of the bathroom or the kitchen i would question what they are trying to hide, not to mention the addition of storage heaters throughout, i would consider whether it’s priced correctly.

Address: 39 Parliament Street, Newark, NG24 4UP
Type: 2 Bedroom end terrace
Asking Price: £113,000
Estate Agent:Now Homes
Condition: Some modernisation required
Rent Range: £450-500
Yield: 5.31%
Comments: It could do with a kitchen and bathroom update but it’s in a good central location, the last terrace property sold on the street was number 35 in 2013 for £87,000 so it’s your decision if you think the price is right!

We’ve hit that time of year where the property market goes quiet as people don’t want to sell or buy houses around Christmas but don’t let this put you off; make the most of the opportunity and take a look back at some of the properties that have been on the market for a while and put in a cheeky offer to grab a bargain.

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.




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: 33 Beech Avenue, Newark, NG24 4DY
Type: 3 Bedroom semi detached house
Asking Price: £127,500
Estate Agent: CPG
Condition: Ready to rent
Rent Range: £575-625 pcm
Yield: 5.88%
Comments: Lovely property throughout, the unique industrial style kitchen gives it a real modern yet homey feel.

Address: 6 Edward Avenue, Newark, NG24 4UZ
Type: 3 Bedroom mid terraced house
Asking Price: £124,950
Estate Agent: Winkworth
Condition: requires some modernisation
Rent Range: £500-550 pcm
Yield: 5.28%
Comments: All the rooms are really good sizes but they could do with a lick of paint and the kitchen could do with an update.

Address: 57 Grove Street, Newark, NG24 3AR
Type: 2 Bedroom mid terraced house
Asking Price: £122,500
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £500-550 pcm
Yield: 5.39%
Comments: Looks like a great home that’s been finished to a high standard, it’s just a shame the road is so busy you may struggle to park on it.

Address: 10 New Street, Newark, NG24 1QT
Type: 3 Bedroom semi detached house
Asking Price: £109,000
Estate Agent: Winkworth
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 5.78%
Comments: It’s in a good town centre location with a good sized modern dining kitchen, the whole house could do with a splash of colour.

Buttercross Best Buy
Address: 11 Vernon Street, Newark, NG24 1PW
Type: 2 Bedroom terraced house
Asking Price: £117,500
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 5.36%
Comments: This property has the potential to make even more if it has an update throughout, a high standard property on the street let 18 days ago for £575pcm.

Address: The Courtyard, Newark, NG24 4FF
Type: 2 Bedroom second floor apartment
Asking Price: £110,000
Estate Agent: Martin Co
Condition: Ready to rent
Rent Range: £500-525 pcm
Yield: 5.73%
Comments: The property is in a good central location, a new kitchen would make a big difference.

Address: 44 Beacon Hill Road, Newark, NG24 1NU
Type: 2 Bedroom end terraced house
Asking Price: £105,000
Estate Agent: Winkworth
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 6%
Comments: Bright character property within short walking distance of Newark North Gate, i’m not sure how i feel about the green lounge.

Address: The Cavalier, Warwick Brewery, Newark, NG24 1TL
Type: 1 Bedroom duplex apartment
Asking Price: £97,500
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £475-525 pcm
Yield: 6.46%
Comments: This spacious 1 bedroom apartment is split over 2 floors with a modern kitchen, near the station so great for commuters.

Address: 27 Williams Lane, Fernwood, Newark, NG24 3FN
Type: 2 Bedroom second floor apartment
Asking Price: £92,500
Estate Agent: Jon Brambles
Condition: Ready to rent
Rent Range: £450-475 pcm
Yield: 6.16%
Comments: This apartment is located in the ever popular Fernwood development but there is a distinct lack of space.

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.


Q4 Property Market Update for Newark On Trent


It’s time to look back at the final quarter of 2015 to see how the property market faired in Newark On Trent.

Despite the announcement of the new stamp duty rates in November, we saw a similar level of activity across the board compared with the same period in 2014. We also saw prices rise consistently on all property types with an average of 4.52%.

In total, 263 properties exchanged hands during the 3 months. The biggest movers in terms of quantity were detached houses and we saw 86 sold compared with 60, 12 months earlier.

Terraced houses were being bought for as little as £65,000 (12 Smith Street, Balderton) and semi detached houses not much more at £71,000 (29 Hounsfield Close, Newark). A flat on Hazel Grove, Balderton was the cheapest sale at £57,500 and could produce an excellent return of 7.30% if let out.

The average price of a terraced property in NG24 remained under the first stamp duty threshold at £122,700. A majority of the new build properties on Lavender Way (at the top of Beacon Hill Road) completed in this quarter with the most expensive being number 5 at £177,995. 72 Appleton Gate was also purchased in this quarter for £175,000 and work is well under way to convert this into a 7 bedroom House of Multiple Occupation. Our current sign board refers to the higher returns you could achieve when purchasing a HMO with a mortgage.

At the very top end, Highlander House in Coddington fetched a cool £600,000. Almost £200,000 more than the next highest, also in Coddington. There were still 5 detached properties sold for under £150,000 with the cheapest being 78 Hawton Lane sold for £120,000. A 3 bed detached bungalow which looks like a possible buy to sell opportunity.

The market in NG24 remains buoyant so it’s difficult to grab a bargain but when you do, it means there’s a great opportunity to make a quick return. If you’re thinking of investing in property, or have just had an offer accepted, get in touch for a free appraisal.

Keep a lookout for the next market update where we’ll be looking at the effects of the stamp duty rush from Q1 of 2016.


5 Bed HMO close to Newark North Gate Station


As part of the focus on higher yielding properties in the area, 82 Appleton Gate has recently come to market with Richard Watkinson. These bay fronted, 3 story properties, are quite rare around Newark. That said, number 72 was bought in November 2015 for £175,000 and number 80 fetched £173,000 back in August 2012.

You might think that the asking price of £169,995 would be a bargain looking at the above, but considering the amount of work required to bring this up to standard, it’s way off the mark. Number 80 for example was in excellent condition as you can see here. Then number 72 is slightly bigger than the rest of the row. It’s not immediately noticeable but what this gives the property extra internal space. Extra space that has given them room to convert theirs into a 7 bed HMO (Planning was granted recently).

Unfortunately, it’s a sign of the times, with properties coming to market where agents have over-valued to get the business. I see it all the time on the lettings side too. Unfortunately its the owners and landlords that lose out. *Rant Over*

Whatever price you end up getting it for, it would lend itself to a 5 bedroom HMO. Convert the front room into a bedroom and add in a couple of extra bathrooms and you could be looking at a potential income of circa £85-90 per room per week. That’s up to £23,400 per annum. Obviously you’ve got to factor in the running costs but you’ll still be left with a healthy profit at the end. With planning being granted a few doors down there should be no objections from the local authority.

It’s in a great location, just a stones’ throw from Newark North Gate Station and a 10 minute walk into the town centre.

Being on the high street we get lots of people popping in looking for high quality rooms to rent in Newark. After speaking to another local HMO owner recently, I wouldn’t expect these to be vacant for long.

So if you’re looking for a bank busting return on your savings, I’ll be happy to talk you through this interesting deal.


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.


Modern 3 bed end terrace in Newark just reduced


De Caldwell

After doing some research for a client I came across the following property and it looked like an interesting opportunity for someone after a good buy to let in Newark.

The property is on the market with Haart and has just been reduced from £139,950 to £130,000. The property is empty and apart from a little TLC on the garden fence it looks ready to rent.

With 2 bed houses on the street fetching around £550 pcm you could expect to achieve around £650 pcm for this larger property. Let’s say you negotiated a purchase for £125,000 you would be looking at a 6.24% gross yield.

Give the agents a call on 01636 703141 to arrange a viewing.


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.


Bank Holiday Buy To Sell Bungalow


Priory Close

As it’s the bank holiday I thought I’d share a property worth a look at as a potential buy to sell opportunity. Bungalows are generally good properties to flip as they tend to come onto the market needing work, the end buyers have funds available and aren’t usually in a chain.

Number 4 Priory Close, Balderton is certainly ready for upgrading. It is located on a small cul-de-sac and is a short walk over to the Sainsburys.

This 2 bedroom semi detached bungalow has no chain and has been on the market coming up to 3 months. The agents will be speaking to the vendors about now (if they haven’t already) with regards to reducing the price so it will be in their mind. If you were to come in with an offer as a cash buyer they may just be interested.

Priory Close Kitchen

In terms of re-sale value, a detached 2 bed bungalow two streets away is listed as sold STC at £170,000. The other detached bungalow on the street is listed at a very ambitious price given the condition. I would envisage that this property would be listed at around £150,000 once renovated. Looking at the photos I’d think you wouldn’t need to spend over £14,000 on the refurbishment so if you could get the property for around £110-115,000 it could be turned around relatively quickly.

In terms of letting, once renovated you would be looking at around £500-550 pcm as there are so few quality bungalows on the market. As always, carry out thorough due diligence and make sure it’s the right investment for your strategy.

Winkworths are the selling agent and you can contact them on 01636 611666.

Have a fantastic bank holiday weekend.


Potential 9 bed HMO in Newark 16.77% ROI


Pine Close, Fernwood

After having a browse last week I came across this property on the Fernwood estate which, looking at the floor plan, could potentially make a 9 bedroom HMO and generate over £40,000 per annum.

The property has been on the market since April Fools Day this year but the potential returns are not to be joked about. It started out at £349,000 and has been reduced twice now inviting offers over £330,000. Upstairs are 5 bedrooms with 2 en-suites. With a bit of re-jigging the downstairs could accommodate 2 bedrooms in the garage, 1 in the lounge and another in the dining room. The study could house another bathroom for the garages and there’s space for an en-suite in the lounge. The large kitchen and conservatory provide the communal areas and there’s even the bonus of a hot tub in the garden (subject to negotiation).

After speaking with another HMO landlord who has a property nearby the demand is good and they are achieving an average of £95 per person per week. This would equate to a potential income of £44,460 per annum. Using our analysis sheet and taking into account the costs you would need approx £106,000 to buy, refurbish and kit out the property after which it would then produce almost £18,000 per year after costs giving an ROI of 16.77%.

Fernwood is a popular area being relatively new and close to the A1. Lots of employees from KnowHow look for high quality accommodation in the area given its proximity to their work.

CPG Property are the selling agents. Give them a call on 01636 345045 to view.


New in Newark


Rightmove Newark On Trent

Just a quick update on a couple of properties that have come onto the market this week which could be of interest.

First is a 3 bedroom semi detached house on Clumber Avenue, Newark.

Clumber Avenue, Newark

The property is located a stone’s throw from the hospital just off Bowbridge Road. Judging by the lack of internal photos you could assume it needs some work. Add the fact that the last 3 sales on the street are £80k, £93k and £95k I would expect you could nick this for something starting with an 8. Once done to a good standard you could achieve around £575 PCM.

At this level you could be looking at a potential yield of 6.90%. Give the agent a call on 01636 706444 to view.

The second property is a 2 bedroom semi detached house on Boundary Road, Newark.

Boundary Rd, Newark

Needing a full refurbishment, this property sits across from the Sconce within walking distance to the town centre and the hospital. Good properties are still very much in demand in Newark. Spend that little bit more on quality taps and tiles and you will see the return not only in the rent but the occupancy rate. Renovated to a good specification you could achieve £500-£525 PCM.

This could give you a potential yield of 6.30%. This property has just gone onto the market so call 01636 611666 to view.

If you are looking for your next investment, register on the left and we will keep you up to date with the latest opportunities.