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: 16 Park Crescent, Newark, NG24 2BY.
Asking Price: £150,000
Property Type:3 bed Semi-Detached
Estate Agent:Jon Brambles
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.2%
Comments: Well presented property in a good spot for knowhow workers, bought two years ago for £120k. Difficult to find fault with this one!

Address: 7 Earp Avenue, Newark, NG24 4DD.
Asking Price: £150,000
Property Type: 3 Bed End Terrace
Estate Agent: William H Brown
Condition: Some Updates Required
Rent Range: £575-625pcm
Yield: 5%
Comments: Another good location although i’m a little thrown by the price, it was purchased in March this year for £130k and now it’s on for £20k with no difference? It could do with the odd new carpet and a lick of paint either way.

Address: 9 Smith Street, Balderton, Newark, NG24 3BA
Asking Price: £119,950
Property Type: 2 Bed Mid Terrace
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.5%
Comments: We managed and let No 16 4 months ago for £550pcm in a similar condition although no photos of the bedrooms is a bit odd, i’m sure they’re not that bad! Budget friendly home with low council tax and reasonable rent, good first home for a couple or small family.

Address: 22 Birch Road, New Balderton, NG24 3BD
Asking Price: £140,000
Property Type: 2 Bed Semi- Detached
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.36%
Comments: Popular lakeside location, kitchen will be a hit along with the additional living space in the conservatory. Check the consumer unit, there’s a chance EICR’s will become mandatory soon (£120) and unless the fuse box has been updated already, it will very likely fail an EICR.

Buttercross Best Buy
Address: Rubys Walk, Fernwood NG24 3FP
Asking Price: £139,950
Property Type: 3 Bed end Terrace
Estate Agent: Martin & Co
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.57%
Comments: Bought last May for £131,000, it’s had a lick of paint and they’ve put down some grass seed on first appearances; No 89 sold in March for £138k in the same condition. Good first investment, low maintenance although watch out for the Ideal ICOS boiler leaks.

Only a small selection this week due to so many reductions but 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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Newark On Trent property market update

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It’s time to take a look back to see how Q1 of 2015 compared with Q1 of 2014 using the Land Registry data for NG24.

Wilson St, Newark

Looking at the data, we have seen growth across the board from the previous 12 months. Excluding flats, the largest growth has been from semi-detached properties up 12.75% from an average of £123,392 to £139,126. This strong growth has been from the high end of the market where there have been 6 times more sales of properties over £200,000. the most expensive being 13 The Park for £325,000.

We also saw that there were more high end flats sold in 2015 accounting for the 44.70% increase in average price from £78,700 in 2014 to £113,881 this year. The recently renovated apartments on Barnby Gate and those at Castle Brewery a contributing factor.

The terraced property market saw a healthy increase of 10.99% within the year up to an average of £125,095. Interestingly, this is the first stamp duty threshold (£125,000) and it we shall see if buyers are prepared to pay over this. Sales on both Long Row and Mill Gate feature within the 4 cheapest for both quarters in 2014 and 2015 though the sale prices were £5,000 up from the previous year.

Whilst this does sound good for the average terraced landlord there were a couple of expensive sales in 2015 which have dragged up the average. 41 Victoria Street (A local B&B) and 57 London Road sold for £395,000 and £450,000 respectively. Without these two, the average price falls to £110,932 (1.57% fall).

Semi detached houses appear to be more popular as the number sold in 2015 under £100,000 was just a third of that the previous year. This has shown with the average house price up 12.75%. 328 Yorke Drive was picked up for £74,950 and looks like it was ready to rent. One would expect a healthy yield of 8% if let out.

Terraced and semi detached properties are still letting well but tenants are spoilt for choice so ensure your property is looking tip-top and take high quality photographs to really attract the best tenants.

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