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.

Q4 Property Market Update for Newark On Trent

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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.

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Semi’s up 10.09% in Newark On Trent

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It’s time to take a look back to see how the property market faired in Q3 of 2015 using the Land Registry data for NG24.

7 Rutland Avenue

Q3 of 2015 was a much busier period than the previous quarter, much to estate agents relief, as we saw an overall increase of 53% sold in the period. This is typical for the season with most people putting their house on the market in the spring to sell in the summer/autumn.

This surge of activity meant average prices across all the property types rose. The smallest rise were terraced houses at 0.85% with semi detached homes up a whopping 10.09% to £144,813. Apartments and detached properties rose 4.10% and 2.62% respectively.

Despite the price rise you could still pick up a bargain. 7 Rutland Avenue (pictured), a 2 bed semi detached house, was bought for £73,000. This was refurbished and then let out for £500 pcm. At the top end of the apartments they haggle just as hard. 4a The Park was marketed with Alasdair Morrison for £169,950 but the new owners paid just £145,000. Character apartments are still fetching more with one in Ossington Mews fetching £133,500. This time Jon Brambles valued it on the money at £135,000.

There’s still lots of transactions taking place over at Fernwood but if you’re considering buying there take a look at my previous blog post on Fernwood as an investment.

Good quality semi detached homes are in short supply at the moment as shown when we let a property on Bancroft Road for £750 pcm. Properties just off London Road are always appealing, returning gross yields around 6-7%. Combined with strong capital growth these are sound investments at the right price.

In a few weeks we’ll see what Q4 of 2015 brought for the market and it will certainly be interesting to see what happens after 1st April when the new stamp duty charges come into force.

If you are looking to invest in and around Newark On Trent we’re more than happy to offer our advice on the good and bad places to invest. Pop into the office on 4 Middle Gate or call 01636 343014 to have a chat.

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Newark On Trent Property Market Update Q2 2015

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It’s time to take a look back to see how Q2 of 2015 compared with Q2 of 2014 using the Land Registry data for NG24.

Newark

Unlike Q1 of 2015, we have seen relatively small changes in the average house price in Q2, year on year. The largest movement comes in the way of a 3.44% increase in the average flat price up to £98,850 in 2015 from £95,563 in 2014. Interestingly that increase has come from less sales, just a third of the numbers in 2014 (23 in 2014 and just 7 in 2015). 3 Boundary Court was the cheapest flat. Although on the market for £75,000 it ended up selling for just £65,000 and is now being marketed to rent for £475 pcm, a healthy 8.77% yield.

The number of sales are down across all property types with semi detached properties falling the least (from 68 sales in 2014 to 54 in 2015), showing that they are still remaining fairly popular with buyers. This ties in with the report from the Halifax who say house prices rose 8% in 2014 and judging by the activity for Q2 that year you can see why.

Terraced and semi detached properties saw average growths of 1.34% (to £114,212) and 1.09% (to £131,541) respectively. Despite the rise there were still 6 semi detached houses sold for under £100,000 and with them being popular with tenants they should generate a good return. They include both 19 and 21 Gainsborough Drive which went to auction.

Low Wood tops the charts for Q2 2015  selling for £645,000.

Low Wood, Gainsborough Road tops the charts for Q2 of 2015 selling for £645,000.

Detached houses were the only property type to fall in average price year on year (£226,934 down to £219,995). Although average prices fell by 3.06% this was skewed by 2 huge sales in Farndon in 2014 for £780,000 and £870,000. Without these the average in 2014 would have been just £213,025.

As house prices rose in 2014 it looks as though they remained fairly level through 2015. We’ll see if that continues in Q3 in our next market update.

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