Saturday, December 16, 2017

House Prices Rise the Fastest in the East Midlands - but what about Melton Mowbray?



Recently the BBC reported that the property prices in the region rose by 7% in the year to October - the largest rise in the UK  - according to the Office for National Statistics (ONS).

http://www.bbc.co.uk/news/business-42322596

Delving deeper into the report and targeting the Melton Local Authority house prices have seen an annual 6.07% increase in value from October 2016. Melton has seen a healthy increase in house price values through out the year peaking at 11 % for January 2017 vs January 2016.

Statistics are useful but a more detailed calculation of the value of a property you have invested in can be predicted by using the stats on sold prices Rightmove put together. You can look at the value property achieved on the same street or estate. 

it is important to ensure that your investment is working well for you, rents are increasing - is your investment property achieving the best return it can? 

If you would like to discuss the Melton Mowbray property market give me a call 01664 569700. Charlotte Baker



Saturday, November 25, 2017

Portfolio Landlords Facing Mortgage Difficulties



Buy to let investors with 4 or more properties in their portfolio are starting to feel the impact of the change in regulations for lending that came into force in September this year.  I was speaking to Tom James at Thomas Nicholas Financial Services, based in Melton Mowbray, to find out what impact this has had for local investors.

He explained that previously lenders assessed a buy-to-let mortgage applications based on the rental income and property value of the property they are lending against. From 30 September 2017, any landlord who owns four or more mortgaged buy-to-let properties will have to submit income and mortgage details on all of them every time they re-finance one, or purchase a new property.

This has hit investors looking to purchase another property for their portfolio or looking to re-finance their properties. The criteria has become much stricter than we have seen in the past so lenders are refusing to remortgage a property that previously fit their criteria.

This is resulting in some landlords increasing the equity they have in a property, considering selling their investment property and in some cases deciding not to invest in additional properties. This is not good news for tenants, who in Melton Mowbray are seeing rents continue to rise as the stock of available rental property does not satisfy the high demand in the area. 

You can do something to minimise the impact of these changes.

It’s vital that a landlord with a portfolio of properties regularly assess the rental levels to ensure they keep up with the current market rates.  Inspect the condition of your properties, it is vital they are being kept in a good condition to ensure you receive the maximum return on your investment and to minimise void periods.

If you would like to review your current portfolio performance please contact me to arrange a no obligation meeting to assess the current rent and property conditions.

You should also contact Tom and look at the lending you have in place to ensure you are fully aware of what you should expect when you need to renegotiate your borrowing.

Charlotte Baker - Belvoir Lettings Melton Mowbray 01664 569700
Tom James - Whole of market, free of charge mortgage advice: 0330 1200324


Friday, November 24, 2017

6.5% return on a £60K investment in Melton Mowbray!

These little studio apartments regularly let for £325 pcm and at a £60,000 investment it is in reach for first time investors or someone looking to add to their portfolio. 

This one looks to be in good order so could be let quickly... 

http://www.rightmove.co.uk/property-for-sale/property-51653187.html



Saturday, November 4, 2017

Limes Avenue Investment - 5% return from day 1

We have a landlord looking to sell her investment property. It is on Limes Avenue in Melton Mowbray and is a really nice 2 bed terrace with many of the Victorian features retained. It has a large upstairs bathroom and a private rear garden.

The current tenants are very happy there and have been living in the property since January 2015.
If you were interested in purchasing this property then you would be collecting rent from day 1 and even though it could achieve a higher rent if it came up for re let in today's market - this property is currently achieving a healthy 5% yield.

To arrange a viewing or for more details give me a call on 01664 569700 - Charlotte.


http://www.rightmove.co.uk/property-for-sale/property-62611447.html





Thursday, October 19, 2017

New Street Asfordby £107,000 - 6% potential return

This 2 bed property is for sale with Bentons, its on the market for £107,000 and is in Asfordby.

We would be able to let this for £550 pcm which in its current condition but you may be able to achieve a little more with a bathroom upgrade ...

http://www.rightmove.co.uk/property-for-sale/property-61523383.html

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Saturday, October 7, 2017

Buy to let with appeal to the family rental market.

In Melton Mowbray we see a huge demand for rental properties that would suit a family. When I saw this one on the market for sale on Nottingham Road with Richard Watkinson I thought it would really suit several of the families we have registered with us at the moment. 

It is a 3 bed house with off road parking at the rear (this is a busy road so you would need to have parking if you were living on Nottingham Road). The house looks to be in good order, it could possibly do with a kitchen upgrade in the future but the bathroom looks to have been recently fitted and there is a large enclosed garden. 

This would easily let for £625 pcm which would give a potential 5% return if it was purchased for £150,000.

http://www.rightmove.co.uk/property-for-sale/property-50800860.html

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Thursday, October 5, 2017

5.5% Return on a £120k investment? This 2 bed has to be worth a look....


This is a lovely terrace for sale with Newton Fallowell on North Street in Asfordby Valley. We have let one just along the street for £550 pcm  and if you purchased this for £120,000 this would give you a 5.5% return on your investment. 

It looks to be in good condition so should need little work to get it ready to let. 



http://www.rightmove.co.uk/property-for-sale/property-62103535.html







Thursday, September 14, 2017

Best buys in and around Melton Mowbray under £125k this week 12/9/17



Newton Fallowell are advertising this 2 bed apartment in the Beckmill development for £115,000. We currently achieve between £550 and £575 pcm for this style of apartment in this development. It does give a good potential return but with and flat there is always the ground rent and block management fees to consider.





        


Newton Fallowell are also advertising this apartment just off the Leicester Road. It has 2 beds and an en-suite. It would easily let for around £550 pcm  so you would be looking at a potential return of 5.5%.


        




Bentons have a smart 2 bed terrace property for sale at Asfordby Valley.  Its on the market for £124,995 and has a great kitchen and bathroom. The garden looks lovely to. It would achieve £575 pcm so again a potential return of 5.5%.





    Image 2 of 15: Kitchen      Image 5 of 15: Lounge Diner



Please note these values are for guidance only as the properties have not been fully appraised and are based on details available online. The % returns are gross so do not include any running costs of the let or Stamp Duty Land Tax. 

If you are considering investing in property please give me a call to discuss the rental returns 01664 569700 Charlotte.

Saturday, September 9, 2017

Stafford Avenue £149,950 - potential 5.2 % return

This is a lovely big 3 bed property on Stafford Avenue. It is for sale with Harrison Murray for £149,950 and is in an area very popular with families. We would expect to let this property for £650 pcm as it has a nice garden and large rooms. 

The lack of parking is overcome by the generous room sizes so it could provide a potential return of 5.2%. It would be very popular with families as there is a good primary school around the corner. 

http://www.rightmove.co.uk/property-for-sale/property-68734205.html




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Saturday, August 12, 2017

More properties to let on the market this week - Why is it good for Landlords and Tenants?


As tenants tend to stay in a rented property for longer than ever, this has an impact on the number of rentals coming up for re-let.

During 2017 we have seen a decline in the number of houses available to let.  This means that when a property becomes available it is quickly snapped up.
This week however, we have seen more property available due to tenants moving on.

-          Why is this good for tenants? 
If you are a tenant looking to move, whether it is in to a larger or a smaller property, there is more choice available.   This really helps tenants to make the right move for their families and themselves, especially if they could be renting for a longer term.
It should also be easier for those families coming to the area for employment opportunities.

-          Why is this good for Landlords?
When a tenant gives notice the landlord may initially be disappointed.    But the good news is that it gives the landlord an opportunity to reappraise the property and address any maintenance or upgrade requirements.    In turn this should help minimize repairs that may cause an issue during a tenancy.

It also gives the landlord an opportunity to assess the rental market, and the amount of rent the property can achieve, which further protects the investment they have made in the property.

Without Landlords investing in property there would be even less choice for anyone looking to rent.

If you are considering investing in property then it is important to understand what tenants are looking for.    For potential ‘buy to let’ advice please give me a call 01664 569700.

Thursday, August 10, 2017

Updated now potential 5.5% Potential Return

****Update this has now been reduced to £187,950 for a quick sale so you could be looking at a 5.5% return ****
This lovely 3 bed family home is marketed by Melton Premier.

Its in Asfordby and looks to be ready to let, 3 beds are in high demand and this has a garage and an en-suite. It would easily let for £800 pcm.

http://www.rightmove.co.uk/property-for-sale/property-49434210.html

  



Monday, July 17, 2017

Tamar Road - This weeks potential investment hotspot!

Two properties have come up for sale in the Tamar Road area this week - details below. This is a popular estate in Melton Mowbray that is mostly made up of good sized 2 and 3 bed houses. This area has always let well, I think because of the size of the rooms and the location is convenient for getting out of Melton towards Leicester. There is also good provision for off road parking for most of the houses on the estate.

The properties are in the vicinity of the Swallowdale Primary and St Francis Catholic Primary Schools and are really popular with families looking for a long term let. 

Depending on the final purchase price both these properties have a potential return of over 5% yield. 

Harrison Murray have this 2 bed for sale on Tamar Road-  for £129,950. It looks to be in good condition and would achieve £575 pcm

http://www.rightmove.co.uk/property-for-sale/property-67719074.html

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Shoulers have this on for sale on Loxley drive for £135,000 - it comes with a garage. It looks lovely inside and would easily achieve £575 pcm. 

http://www.rightmove.co.uk/property-for-sale/property-60930883.html

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Friday, July 14, 2017

Melton Local Plan – a boost for the Melton Property Market?

Image result for melton plan


I have been hearing about the revised Melton Local Plan that was discussed at the full council meeting on the 4th July.  

There have been a series of amendments made to the plan and these include the number of new properties to be built in the area and the transport strategy – including the relief road.

The full details of the amendments to the plan will be available at www.meltonplan.co.uk where you can review the changes and have the opportunity to make your views known.   I hope the plan continues to move forward as the town really needs to see improvement to the traffic flow.  

There is a massive demand for housing and with so few properties coming onto the market for sale we are seeing prices continue to rise. I believe the lack of properties for sale and to rent in the town are continuing to push up prices across the board.

This is contrary to the national trend of a drop in rents recorded in June vs. May 2017 as the figures released by HomeLet seem to suggest.    In many areas, including Greater London and the South East they are seeing a fall in the average rents of a new tenancy.

The East Midlands though saw a rise on last month’s rents of 3.3% according to the HomeLet Rental index which seems to be showing similar patterns to the Belvoir rental Index for the East Midlands which I talked about last week.

The Melton Plan should eventually outline how the town will grow over the coming years and anyone investing in property or considering investing in a buy to let should keep an eye on the plans.

There are opportunities to purchase houses now that will offer secure and reliable incomes and offer a level of capital growth that will outperform other investment options if you buy wisely.


For honest rental returns keep an eye on my property blog and see what properties are on the market that could fit the bill.   Alternatively if you have seen a property on the market for sale and wonder what it could achieve or if there are any pitfalls with the area you should know about please give me a call on 01664 569700.  Charlotte Baker

Thursday, July 13, 2017

Upcoming Auction *guide price £128,000* rent achieved £650 pcm

This property is being advertised by Melton Premier as going to an online auction ending on the 2nd August 2017. the guide price is £128,000 and while it may achieve more than this we have in the past let this property for £650 pcm. 

The real benefit of this 3 bed is that it has off road parking and has been extended. Whilst I have not been inside the house for the last few years it looks from the pictures to be in good order.


http://www.rightmove.co.uk/property-for-sale/property-65935619.html



Tuesday, July 11, 2017

Kings Road, 3 bed semi - Investment Property

Harrison Murray are advertising this 3 bed property on Kings Road for £154,950. It has been extended and has an off road parking space. 

This is a popular location due to the local primary school and this property would achieve £625 pcm. Its the sort of property that would appeal to a family looking for a long term let so should have minimal void periods for the investor. 

http://www.rightmove.co.uk/property-for-sale/property-67384379.html

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Monday, July 10, 2017

Melton Mowbray - reduced to £125,000 potential 5.3% Return

*********Update - this has been reduced to £125,000*************

This may be a terrace on a busy road but it has been extended slightly to offer a larger than usual kitchen It also has a garden and with 3 bedrooms would achieve £575 pcm.
Melton Premiere are marketing it for a shade under £130,000.


http://www.rightmove.co.uk/property-for-sale/property-66672614.html



Friday, July 7, 2017

Average Rents Increase across the UK



The rental index for Belvoir Quarter 1 2017 has been released which looks at the rents Belvoir offices are achieving across the UK.   It is produced by property professional Kate Faulkner and is available at www.belvoir.co.uk.

The overall trend for the UK shows the average rent of a property is at an all time high and up 4.5% versus Q1 2016. 

Looking more locally at the East Midlands our rents in Q1 2017 have recorded a 7.5 % increase when compared to the same period in 2016.  This certainly reflects what we are seeing in Melton Mowbray. 

The reasons for the increase can be due to the larger number of higher value properties, which when coupled with less rental stock in the market can artificially raise the year on year rental increase. 

However we are seeing a new trend in offices throughout the UK.  There are increases in rents where there is a low availability of properties on the rental market.  This is something we see in the Melton Mowbray and surrounding villages.  The demand from tenants and the lack of supply of rental property is certainly increasing the rents we can achieve. 

If you would like advice on what a rental property can achieve give me a call on 
01664 569700 or follow the blog. 


Thursday, June 22, 2017

What Would It Cost To Become a Buy To Let Investor?


It's one thing to recommend potential investments to people looking to get into the buy to let market but what are the real costs of becoming a landlord? 

I spotted a two bed terrace on the market with Moores Estate Agents for £94,950; this property is just around the corner from us on Regent Street.  It is a busy road but this property would let for £525 pcm.


It looks like a great potential return on your investment of 6.6% but what are the actual costs to get into property investment?

I spoke to Tom James at Thomas Nicholas Financial Services in Melton and he had a look at what buy to let mortgages are available this week.

There is a provider currently offering an 80% loan to value buy to let mortgage which would mean a deposit of £19,000.  On a repayment basis over 25 years the cost would be £372 per month.  With an income of £525 pcm this would leave room for covering the cost of repairs and any tax due.  This is at a 3 year fixed rate of 3.29%.

This is a fee free mortgage but there will be stamp duty to pay (£2850) at the point of purchase along with solicitor fees.

You would expect rents to rise over the period of the 25 years so the margins will only improve and you will have the capital value to help with the pension pot at the end of the term.

If you are considering investing in property give me a call to discuss the costs involved and follow www.meltonmowbrayproperty.com for potential investment properties.

Charlotte Baker 01664 569700

Tuesday, June 20, 2017

6.6% Potential Rental Return - 2 Bed Regent Street £94,950

This 2 bed on Regent Street is on the market with Moores for £94,950. This is a busy road and there is no parking outside but even so it would let for £525pcm. It looks like it might need a new bathroom but the kitchen looks in good condition - it has to be worth a look at a potential 6.6% return on investment. 

It might be the place to take a first step into property investment or add one to an existing portfolio! Give me a call to discuss the pros and cons of the area Charlotte 01664 569700

http://www.rightmove.co.uk/property-for-sale/property-67099868.html






Thursday, June 15, 2017

Investment Property for sale in Melton Mowbray £139,000

The landlord for this lovely 2 bed Semi-detached property in Melton Mowbray is looking to sell but he has good tenants so would ideally like to sell to a Property Investor. 

It is a great 2 bed with a garden and off road parking so lets really easily. 

It is not yet on the open market but if you would like more details please give me a call on 01664 569700 
Charlotte Baker