Eyes On….This Weeks Investment Properties 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: 18 Marton Road, Newark, NG24 1SL
Asking Price: £115,000
Property Type: 3 Bed Semi Detached
Estate Agent: SDL Auctions Graham Penny
Condition: Light refurbishment
Rent Range: £625-675pcm
Yield: 7.04%
Comments: Needs to be viewed to assess the condition. £130,000 seems to be the average price for a property on this street. Also factor in the buyers premium payable to the auctioneer.

Address: 44 Smith Street, Balderton, NG24 3BA
Asking Price: £120,000
Property Type: 2 Bed Terraced
Estate Agent: William H Brown
Condition: Ready To Rent
Rent Range: £525-575pcm
Yield: 5.75%
Comments: Two doors up sold for £115,000 in 2016. Looks recently modernised and ready to rent. The only bathroom is located off one of the bedrooms hence why they have described it an an en-suite. Located down a quiet cul de sac.

Address: 30 Smith Street, Balderton, NG24 3BA
Asking Price: £120,000
Property Type: 3 Bed Terraced
Estate Agent: Richard Watkinsons
Condition: Full Refurb Required
Rent Range: £550-600pcm
Yield: 6.00%
Comments: They’re all selling up on Smith Street. This needs a lot of work but offers a lot of potential. Good sized bedrooms and a huge garden which is missing a fence. Overpriced considering the amount of work required.

Address: 174 Northgate, Newark, NG24 1HL
Asking Price: £120,000
Property Type: 2 Bed Terraced
Estate Agent: Winkworth
Condition: Light Refurb Required
Rent Range: £475-525pcm
Yield: 5.25%
Comments: Small terraced house in a good spot for the station. Next door sold for £106,000 last August and looks more modern (just looking at the front doors). Around £25,000 too much.

Address: 6 Wood Street, Newark, NG24 1PN
Asking Price: £125,000
Property Type: 3 Bed Terraced
Estate Agent: Haart
Condition: Ready To Rent
Rent Range: £550-600pcm
Yield: 5.76%
Comments: Next door to a house share. Paid £111,000 in December 2014 after it was renovated so probably not done anything to it since. Located near to Barnby Road Academy.

Address: 3 Newton Street, Newark, NG24 1SU
Asking Price: £130,000
Property Type: 3 Bed Terraced
Estate Agent: Bairstow Eves
Condition: Light Refurb Required
Rent Range: £550-600pcm
Yield: 5.76%
Comments: Better location than Wood Street I think, though you’ll pay a bit more for it. Next door sold for £115,000 in January this year.

Buttercross Best Buy
Address: 28 Pelham Street, Newark, NG24 4XD
Asking Price: £130,000
Property Type: 2 Bed Terraced
Estate Agent: Jon Brambles
Condition: Ready To Rent
Rent Range: £525-575pcm
Yield: 5.31%
Comments: Tidy property close to town centre. Last bought for £107,000 in 2014. Comes with a garage which is handy in this location.

Address: 4 Toll Bar Cottages, London Road, Balderton, NG24 3JE
Asking Price: £130,000
Property Type: 2 Bed Terraced
Estate Agent: Jon Brambles
Condition: Ready To Rent
Rent Range: £575-600pcm
Yield: 5.54%
Comments: Another tidy property from Jon Brambles. Number 1 sold for £117,000 in 2014. Car park to the side of the property.

Address: 5 Riverside Road, Newark, NG24 4RJ
Asking Price: £140,000
Property Type: 2 Bed Semi Detached
Estate Agent: Newton Fallowell
Condition: Light Modernisation Required
Rent Range: £575-625pcm
Yield: %
Comments: Popular location and plenty of storage which is lacking in more modern properties. Kitchen needs modernising and probably the bathroom. Number 1 sold for £136,500 in 2015.

Address: 4 Friary Road, Newark, NG24 1LE
Asking Price: £145,000
Property Type: 2 Bed Terraced
Estate Agent: Newton Fallowell
Condition: Ready To Rent
Rent Range: £575-600pcm
Yield: 4.96%
Comments: Very well presented terraced house near to the town centre. Busy road and neighbours have Japanese knotweed which is being treated. Something to investigate further.

Address: 16 Baines Avenue, New Balderton, NG24 3BL
Asking Price: £145,000
Property Type: 2 Bed Semi Detached
Estate Agent: Alasdair Morrison
Condition: Probably Needs Work (No internal photos)
Rent Range: £575-600pcm
Yield: 4.96%
Comments: Paid £133,950 in September 2007 shortly after it was renovated (bought in February of the same year for £95,000). No internal photos to see what it’s like now and the description doesn’t help. Off street parking for when the road fills up during the school run. Often used as a run through to the back of Balderton.

Address: 26 Boundary Road, Newark, NG24 4AL
Asking Price: £150,000
Property Type: 3 Bed Terraced
Estate Agent: Newton Fallowell
Condition: Ready To Rent
Rent Range: £600-625pcm
Yield: 5.00%
Comments: Last terrace to sell on the street was #16 for £132,000 back in 2015. Looks very well presented. Quite tight for parking around this busy road.

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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Here come the chains…

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This month has seen two new national franchise agents join the property market in Newark On Trent. Whitegates have become the latest agent in town after seemingly buying out Let It and Sell It. Their office has been renovated and the new signs are up. They join William H Brown another corporate estate and letting agent who have taken occupation in the market square near Greggs. The list and scale of charges from WH Brown in Newark are eye watering. I suppose someone has to pay for the shiny suits and huge marketing budgets.

I feel worse for any tenants as a couple would have to shell out £522 before they’ve even paid rent. If they need a guarantor it’d be en extra £120. In comparison, we (Buttercross Estates) charge tenants just £190 for a couple. No wonder agents are getting bad press recently.

When agents charge so much to landlords and tenants for moving in and out, it makes you wonder whether they are actually keen to help landlords keep long term tenants in situ? I’ve witnessed it recently where one of the franchise agents is evicting the tenant and re-marketing it for an extra £20 per month despite the tenant wishing to stay and being able to pay the rent. You wonder why the landlord would want them out?

The same agent as above are trying to bully one landlord who is bringing 6 properties over to us. They’ve sent a bill to them for over £2,000 for “cancellation fees”. It’s laughable and in fact you’ll find some contract terms aren’t legal as they are deemed unfair terms. All it’s doing is making the landlord more annoyed with the company and even less likely to go back to them in future. Bad business and a very bad attitude.

What’s more concerning about the new move of agents is Whitegates are actually owned by MartinCo PLC who also own, yes you guessed it, Martin & Co. Both these agents can wave to each other from their windows on Lombard Street. They aren’t the only agents with common owners. Newton & Fallowell were recently bought buy Belvoir meaning we have one Belvoir franchise conducting sales and lettings along with a letting franchise of Newton & Fallowell and another doing sales. Seems odd that the groups are competing with each as different brands other whilst operating under the same parent company. Who can you trust?!

Newark has an excellent reputation for independent companies and businesses so it’s a shame to lose Sell It & Let It but I’m sure they got a good offer for their business. We already lost Reality Estates earlier in the year when they were bought out by Martin & Co. Who will be the next to disappear…

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Upcoming auctions in Nottinghamshire

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Auctions

April and May are a great time to pick up a project in auction. With a swift turnaround you can get a property back on the market either to let or sell just in time for the summer months.

So what’s coming up and what should you look out for…

John Pye – Online bidding starts on 7th May

One to watch – Lot 2

John Pye Auctioneers have been long established in the auction rooms but they have developed their business significantly in the past 12 months and have now entered the property auction market. They are very competitive with zero fees for sellers with buyers paying the premiums. Their online approach gives a week for you to place your bids.

Thy have a mix of lots from across the country but those in the development game may take interest in lot 2. A 6,200 sqft commercial premises in Ilkeston. Download the auction catalogue here.

Graham Penny Nottingham – 8th May, 11.30am @ Nottingham Conference Centre

One to watch – Lot 1

Graham Penny’s Nottingham auction ties in with the East Midlands Landlord Expo (details of which can be found here). There are 54 lots in this auction with one of the standouts being Lot 1, a semi detached house in Aspley requiring improvement, at a guide of just £65,000.

View the full auction listings here.

Savills – 14th May @ Nottingham Racecourse

One to watch – Not yet announced

The lots for Savills May auction have not yet been announced. You can register with them to be notified as soon as they are published here.

WA Barnes – 14th May, 3pm @ The Towers, Botany Avenue, Mansfield

One to watch – Lot 5

Following the Savills auction you may want to have a drive up the A60 to Mansfield for the WA Barnes auction. You tend to find you’ll get more property for your pennies than in the centre of Nottingham.

There are 17 lots in this North Nottinghamshire auction. Our pick is Lot 5 a detached bungalow in Selston.

Download the auction catalogue here.

Wallace Jones – 20th May, 7pm @ The Holiday Inn, Bostocks Lane, Sandiacre

One to watch – Not yet announced

Wallace Jones are one of the quiet auctioneers in the sense they don’t advertise too heavily. Those local will know that they always turn up some gems. Their lots are still being compiled however there are a handful to view on their website here.

There are also a few national auctions which are listing properties in Nottinghamshire. Namely Countrywide on the 29th April (Lots 102, 106, 120 and 125) and William H Brown on the 30th April (Lots 8 and 11).

Remember – always do your due diligence when buying at auction and have your solicitor read through the legal pack prior to auction. Make sure you yourself take a look at any amendments on the day.

Sometimes properties are put into auction for a reason (subsidence & japanese knotweed) so have a professional survey done if you are unsure.

Finally, if buying with a mortgage make sure you are armed with a decision in principle from a lender as you only have a short window in which to complete the purchase. Bridging finance can be useful but is an expensive option. Make allowances when carrying out your analysis.

Best of luck and happy bidding.

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