Modern 3 bed in Asfordby

This modern 3 bed property is located in Asfordby, close to the A6006 which has great links to the A46 Nottingham and Leicester.  The development has okay recently been completed and is very popular with tenants.

The house is being marketed by Connells and should see a rental return of around 5%.

See here for further details:

http://www.rightmove.co.uk/property-for-sale/property-49451363.html

Rents Paid By Tenants In Melton Mowbray On The Rise

I was talking to a landlord from Burton Lazars the other day about what is happening to the level of rents that are being achieved in the Melton Mowbray property market.

In terms of rents in Melton Mowbray, it appears that rents being achieved for new rentals (i.e. when the tenant moves out and new tenant moves in) have risen in the order of 3%  in the last 12 months on top of the range modern properties, yet remained static for older Victorian terraced houses and converted apartments.   However, landlords with existing sitting tenants, irrespective of age are not increasing their rents, as most landlords prefer to keep their existing tenant paying the same rent and have the peace of mind that their tenant remains, (thus reducing the risk of a void period).

It must be remembered rents dropped by 7.7%  over 2008/9, due to oversupply in the rental market in 2009.) A lot of the people who couldn’t sell their property in Melton Mowbray in 2008/9 when the Credit Crunch hit in 2008, decided to let their house out to avoid selling at a loss.   In fact, the number of houses on the market in Melton Mowbray dropped by 60.9%  between April 2008 and February 2010, a lot of which came on to the rental market in Melton Mowbray.   However, looking at the longer term, tenants have had it good because since the turn of the Millennium, average wages have grown by 46%.  Rents outside London have only grown by 36% over this period.

I told the landlord that there is a lack of new rental properties in Melton Mowbray coming on the market.   In fact according to the Office of National Statistics, there are only 180 new rental properties coming to the market each year in Melton Mowbray but the population of Melton Mowbray is rising by 240 people per year – something will have to give soon!   This is compounded by the fact a number of landlords are looking to sell their rental properties in the coming months, as the property market in Melton Mowbray has improved.   This is further compounded as tenants in existing rental properties appear to be staying in properties for longer periods of time.

Looking at the rents charged in Melton Mowbray, historic evidence in the UK suggests private market rents have moved in line with general inflation.   Government figures only go back as far as the year 2000, but looking at other countries with similar housing markets (America, Australia, Ireland and Holland) the fact is rents paid by tenants tend to rise in line or just ahead of inflation.

As short term wage growth in Melton Mowbray has eased off recently, rising by only 1.3% in the last 12 months, taking average salaries in Melton Mowbray to £24,921pa.   With the tax breaks announced by The Chancellor in the Budget, I believe, even though rents have kept pace with inflation in the past, renting as an option has become more affordable, and is increasingly seen as a lifestyle choice.   With returning economic growth and expected increases in the rate of growth of wages, above inflation rental growth could rise.

If you want a chat about the local Melton Mowbray property market, pop in for a coffee or email me on charlotte.baker@belvoirlettings.com 

Melton Landlords invest £328 million in the Melton Property market

East Midlands property asking prices jumped by more than £4,000 to £181,100  in February according to Rightmove, an increase of 2.3% from January and 4.7% higher than a year ago. After the traditionally quiet months of January and February, the property market has started to warm up, but talking to some Melton Estate Agents, they are reporting their lowest ever stocks of quality property for sale. 

However, asking prices have no relation to what property sells for (ie their REAL value), is the issue a lack of supply?

Putting aside Melton’s continual housing supply shortage, (we only built 1,875 properties in the last decade but the population of Melton grew by 2,510), this is now, according to some people, being exaggerated by an increase in homes being owned by buy to let investors, who tend to be buying a property as part of a long term pension plan and are more likely to keep it for longer than an owner occupier would. I have also seen unwillingness among homeowners looking to move, to put their own property on the market as they can find few suitable properties to make it worth their while going through the whole moving process.

Talking to some Melton landlords only last week, I said that I believe this is the new norm in the Melton property market, and is the consequence of over 35 years of not enough homes being built to meet the escalating growth in household numbers, resulting in a lack of quality homes for sale in many popular areas of Melton.

When one looks at the historic data, in April 2008, there were 720 properties on the market in Melton compared to today’s 161. Should we be worried?  Well in February 2010, there were only 281 properties for sale in Melton but ten months later in December 2010, this had jumped to 378 properties, for it to drop to 138 properties in November 2013. The number of properties on the market is a cyclical thing in Melton, it always has been and always will be. As we go into the Spring of 2015, the number of new properties coming onto the market will increase ... just as the daffodils will flower.

So are landlords to blame? Well, on one side of the coin, yes they are. If they buy a property to rent out, that means someone can’t buy it to live in. However, it doesn’t matter if someone wants to live in a property if they can’t afford the deposit and upkeep .. and the youngsters of Melton still need a roof over their head. 

So on the other side of the coin, if the Council aren’t building any properties and people can’t afford the large deposit for the mortgage, then Melton landlords have stepped in and bought property to rent out to them. Melton landlords have bought 1,487 properties over the last decade (investing approximately £328 million buying those Melton rental properties), meaning there were at the last count, 3,054 Melton properties being privately rented out to tenants.

Melton tenants are in fact getting a good deal as well, as average rents in Melton are 4.5%  below where they were seven years ago. That sounds like a win-win situation for everyone to me. Stop blaming landlords and start building more properties in Melton .. that is the only answer.

In the meantime, the demand from Melton tenants for Melton property is only set to rise over the coming years. If you want some advice and opinion on where (or not) to buy, please call me on 01664 569700.

Free Property Investment workshops available in May – email charlotte.baker@belvoirlettings.com for more information.

Valiant Way - Nearly new 3 bed

With so few new build developments starting in  Melton this buy might be a good option for those investors looking for a low maintenance investment.

This property would easily let for £595 pcm and tenant demand is really high for modern properties.

Click on the link below for more details..

http://www.rightmove.co.uk/property-for-sale/property-51602741.html

Your Pension could now buy a Buy to Let property in Melton Mowbray

In a recent article, I mentioned that pension rules are changing this April.   It certainly created a few emails, with people asking questions about it.  Therefore, this week, I want to look a little deeper into the subject of your pension and the Melton Mowbray property market.   George Osbourne, in last years’ Budget, announced pension reforms that come into effect this April, which will give people with a pension unprecedented access to their pension pot and the freedom to look for alternatives.   In a nutshell, after the 6^th of April, anyone aged over 55 will be allowed to withdraw all or part of their pension pot and spend it as they wish.   Until now, you were allowed to take out a quarter of it and were forced to buy an annuity policy with the rest.

However, my readers always know that I like to tell it ‘as it is’.   There are always two sides to a story, good and bad.   Let me tell you the bad news first.  There are some hefty tax implications by taking money from your pension pot. As before, as per the old rules, the first 25% can still be withdrawn from the pension pot tax free but, here is the sting in the tail, if you take more than a quarter of your pot (25%), anything above that initial 25% level will be taxed as income.   So if you took the whole lot out, the first 25% will be tax free but the remaining 75% will be taxed at your income tax rate of 20%, 40% (or even 45% if you earn over £150,000 a year) .

.. and now the good news!

Under the old scheme, if you bought an annuity, when you died your annuity normally died as well. You would have no asset to pass on to your family.   Also, the returns from pensions are awful at the moment.   The best rates according to Hargreaves and Lansdown (big wigs in the City) state if you were 55 years old, the best rate you would get on your annuity pension would be 4.4% fixed for life (so it would never go up) or 2.2% but the payment would go up with inflation.   The sort of rates (also known as yields in the property investing game) being achieved in Melton Mowbray are in the order of 3.5% to 6.5%.

The other aspect of property investment is how property values have risen consistently over the last 50 years.  According to the Office of National Statistics, the life expectancy of a 65 year old male in Melton Mowbray is 19 years and 4 months (its only 18 years 9 months in Grantham and Stamford).   If we roll the clock back 19 years 4 months to November 1995, property values in Melton Mowbray have risen by 193.7% todate .. you wouldn’t have had that with your pension!   But this is the biggest win, even by taking a hit in income tax now,  by buying a property,  you buy an asset that you can pass on to your family when you die.... (or the cats home if they aren’t nice to you!).

So where next?    It totally depends which strategy you are going to look at, one strategy is to look to achieve relatively small rental returns (i.e. low yields) in an up market area which has decent capital growth or, alternatively, another strategy is to buy properties in not so good areas known to produce a high returns (i.e. high yields) but low capital growth (i.e. how much the value of the property goes up).   Now, I am not financial advisor, so cannot offer financial advice on what the best thing for you with your pension is.   However, I can share my knowledge and experience of the Melton Mowbray property market, what to buy, what not to buy and where to buy etc etc.   

We are holding property investment workshops.  Please register your interest by emailing me on charlotte.baker@belvoirlettings.com or calling 01664 569700.

3 bed on Wymondham way - could rent for £650 pcm

This 3 bed semi detached property has been extended and is situated in an excellent area. It is for sale with our friends at Harrison Murray for £160,000 and would easily let for £650 pcm. 

The popularity of this area will increase the potential for capital growth on an investment which should be considered along side the potential yield of 4.8% if purchased for the asking price.

Click on the link for more info..

http://www.rightmove.co.uk/property-for-sale/property-48862504.html

“The way it works in Melton Mowbray is this, you have to rent where you want to live, or buy where you don’t want to live,”

I had this really interesting chat with some of my tenants the other day on renewal of their tenancy agreement.  They are a lovely couple in their early thirties and I know they have decent jobs in Melton Mowbray.   They have been tenants of ours for quite a while, so I know them quite well.   We got talking and I enquired if they ever thought of buying a property for themselves, to which they replied back with the title of this article.   It made me think and so I did some more research into the subject which I want to share with you.

After the end of the Second World War, just over a quarter of the UK population owned their own home, the rest rented from private landlords or the local Council.  If someone told you in the 1970’s and 1980’s that they rented, they were considered a second class citizen.  Everyone wanted to own their own home ..  it was the done thing.   We think that home ownership will inevitably happen, but it won't.

It all changed in the 1970’s, when two things happened.  Firstly, the number of people who owned their own home broke through the 50% barrier in 1971 and by 1981 it was at 57%.  Tied in with that, the average house prices in Melton Mowbray were doubling at one point every four years in the 1970’s so property and profit started to feed off each other.

To put that growth in context, if we were to look at the last 85 years in Melton Mowbray, in 1930, the average Melton Mowbray property was worth £459.   It took 16 years for Melton Mowbray property values to double, rising to £1,134 by 1946.  Another 15 years and the average Melton Mowbray property doubled again to £2,154 in 1961.  The next doubling only took 10 years, as by 1971 the average Melton Mowbray property had reached £4,380 in value.

It was (as mentioned above) the 1970’s when things really took off, as by 1975 (ie only four years) they had doubled to £9,166 and they doubled again to £18,349 by 1980.  It took another eight years for values to double again, as an average Melton Mowbray property reached £38,380 in 1988. Twelve years had to pass until they doubled again in 2000 (£78,968) and just six years to double again by 2006, when they reached £159,268.  Where are we today?  The average property value in Melton Mowbray currently stands at £220,700.

We could blame Maggie Thatcher for making home ownership the ultimate goal, but what we now need to consider is that the country is turning on its head and we need to, as a Country, love renting again.   Some blame the banks, but obtaining a 95% mortgage is hard work, but nowhere near impossible.   A typical Melton Mowbray first time buyer would only need to save £6,700 for a deposit and fees and they could buy a very decent property.   For example, you could buy a property on the Fairmead Estate in Melton Mowbray, and it would be cheaper each month in mortgage payments than renting.

People might say on the surveys they want to buy, when it comes down to it.  If you have been living in a top of the range large property in Kirby Fields, but the bank will only lend you enough to buy a smaller property on the Fairmead Estate, what would you do?   Don’t get me wrong, the Fairmead Estate has really pulled its socks up over the last ten years, but it isn’t Kirby Fields, is it?  Again, if you were twenty something, what would you do?  Look again at the title of the post ... “The way it works is, you have to rent where you want to live, or buy where you don’t want to live,”

With tenant demand only going in one direction this is probably why more and more people are getting into buy to let in Melton Mowbray.   With the new rules on pensions and the ability to use them to buy residential rental properties from April onwards, this could be the time for you to buy a rental property.   You must take advice on your pension from a Independent Financial Advisor (there are plenty in Melton Mowbray) and you must take advice from people who know what to buy (and what not to buy) in Melton Mowbray to ensure you get the best from your investment.  

If you want a chat about investment properties in Melton Mowbray, then please email me on charlotte.baker@belvoirlettings.com or call 01664 569700

Great 2 bed on Wellington Way

Currently for sale with Anthony Hancock, this 2 bed property would make a great investment and should let for £550 pcm. 

It benefits from gas central heating, a modern bathroom with a separate shower cubilcle and a nicely fitted kitchen. 

If the vendor would accept £130,000 then it would provide a 5% return.

Click on the link for full details...

http://www.rightmove.co.uk/property-for-sale/property-49974440.html

Tamar Road, Great looking 2 bed - 5.7% return

Anthony Hancock have this property for sale at £ 119,950 on Tamar Road. It looks like it will need very little work and should let for £575 pcm easily. 

If it was purchased at the asking price it would provide a 5.7% return. This would let easily as the rooms are a good size and it is a great location.

https://www.onthemarket.com/details/1326500/

Number of Rental Properties in Melton Mowbray set to rise to 4,300 by 2021

I was having an interesting chat the other day with a couple of property investors and the subject of a lack of property for first time buyers came into the conversation.  I wanted to research the Melton Mowbray property market further to investigate our thoughts on the matter. 

At the time of the last census in 2011, 3,401,675 properties in England were privately rented, of which it is estimated, over 1.25 million were owned by private landlords. The rapid growth of buy-to-let is hugely controversial, especially as only ten years before that, there were only 1,798,864 properties under private renting in England. Buy to let landlords have been held responsible for forcing up property prices and preventing our younger generations from being able to buy.

There is also growing resentment toward the billions of pounds in tax relief (estimated to be nearly £10 billion) landlords claim on their mortgage interest -tax relief which is not available to homeowners.They may be asset rich thanks to recently rising property values, but let us not make the landlords the bogeymen they could easily be.  Despite all these benefits enjoyed by private landlords, let us not forget the good they have done, especially in Melton Mowbray.

Property values today in Melton Mowbray are still 6.6%  below the 2007 property boom levels (2007 being the peak of the last property boom before everything dropped in 2008/9), yet inflation has risen by 26% in the same time frame, so in real terms, properties today are 32.6% CHEAPER than they were in 2007.  Just think how low they would be without landlords buying all those rental properties. Interest rates are at an all time low and first time buyers only need to save a £6,700 deposit to secure a lovely 2 bed semi in the Jelson Estate off Leicester Road with a 95% mortgage. Forget what the papers say, first time buyers can borrow money relatively easily on a 95% mortgage and nine times out of ten, it’s cheaper to buy than rent. So why aren’t people buying?

The number of people choosing to rent, either for lifestyle or economic reasons, has grown over the last 15 years. I also believe they will continue to grow for some time to come (as does every report on the subject). In fact I would go as far as to predict the number of rental properties in Melton Mowbray will have risen from the 3,054 properties recorded in 2011 to 4,300 by 2021. Sounds fanciful? Well in 2001, there were only 1,567 privately rented properties in Melton Mowbray.

As a country we are more and more turning into a European model when it comes to home ownership; where the norm is renting for the first ten years; as opposed to the 1960’s to 1990’s, where first time buyers were encouraged to buy as soon as they got a job.

Tenants will also feel the benefit from potential changes in the market. The likelihood of an interest rate increase and existing economic conditions, combined with the uncertainty of new Government manifestos following the General Election in May will result in low demand for people to buy.   This will  also put a dampening effect on increases in rent. As long as landlords buy the right sort of property, which allows for a reasonable yield and decent capital growth, everyone will be a winner. 

If you want a chat about investment properties in Melton Mowbray, then please email me on charlotte.baker@belvoirlettings.com or pop in to see me at 27 Burton Street, Melton Mowbray.

Lovely 2 bed in Asfordby

This lovely property in Asfordby is a good size 2 bed end terrace which has the feel of a cottage. It is being marketed by Bentons at £119,950 and with some modernisation would easily achieve £575 pcm. It is set on a quiet road with on road parking available. 

Click on the link for more pictures ...

http://www.rightmove.co.uk/property-for-sale/property-48612097.html

Asfordby – the place to buy a property?

Information is so important when making decisions on what (or not) to buy when investing in Melton Mowbray property. The demand for rental properties is much greater than the supply and in some circumstances, we have four to five prospective tenants for each decent property. 

As always the demand is much greater for properties that are in good areas. Also, we are noticing that tenants are staying longer in their chosen property with some tenants staying four plus years. This is obviously causing problems from the supply of rental property so we are relying on new investment Landlords to bring new properties to the rental market.

 Today, I want to look at the Asfordby to the West of Melton Mowbray. By knowing the different areas of Melton Mowbray, I can weigh up potential hotspots in the rental market and show potential landlords where there could be an opportunity. 

 Looking at the three parts of Asfordby itself; Asfordby Valley had an overall average price of £121,900, whilst Asfordby Hill was slightly higher at £147,000 but the village of Asfordby itself was higher still at £158,400.  As one would expect, the neighbouring village of Frisby on the Wreake was much higher at £273,800.

In Asfordby’s as a whole (ie the Village, Valley and the Hill), there are 3,286 people living in 1,454 properties. It is the home ownership percentages that really got me interested, as it is this information, tied in with our intimate knowledge of the market, where we can match tenant demand to an under supply of rental properties. In Asfordby’s, of those 1,454 households, 74.6%  own their property (compared to the Melton Mowbray average of 72.1%).

There are only 134 rented properties in Asfordby that are in the private rented sector (meaning 9.2% of Asfordby properties are privately rented compared with the Melton Mowbray average of 12.7%). 

The reason the private rental sector is much lower is that Asfordby has a high proportion of homeowners and hardly any local authority housing. The properties do sell well, in fact 252 properties have changed hands since 2007 in Asfordby village, whilst in Asfordby Hill 46 properties have sold since 2007 and 35 in the Valley over the same time frame. However, with such excellent demand from homeowners and tenants, this could be the right area to purchase your next buy to let investment. 

Therefore, if you are considering buying a property for investment in the near future, as I don't sell property, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Melton Mowbray office on Burton Street.

Perfect for professional couples - an investment property in Rossiter Close, Melton.

This fab 2 bed recently built property is currently for sale with Melton Premier for £139,950.0 

It has a nice garden and parking click on the link for the floor plan..

http://www.rightmove.co.uk/property-for-sale/property-48895783.html

Houses like this suit profession couples and are really in demand in Melton, For that reason we should be able to achieve £625 pcm even though it is a 2 bed - giving a 5.3% return if purchased at the asking price. I could let this a hundred times over!!

Bowley Avenue - Excellent Finish!

This 3 bed semi for sale with Harrison Murray at £169,950 has been finished to an excellent standard and has a great garden. It could let for £695 pcm with the current demand, we are inundated with tenants looking for family properties. 

Have a look at the nice bathroom by clicking on the link..

http://www.rightmove.co.uk/property-for-sale/property-48604939.html

What properties are actually selling in Melton?

Prices up, prices down, prices stable .. the newspapers are full of good news, bad news and indifferent news about the UK’s favourite subject after the weather .. the property market!

The thing is the UK does not have one housing market.  Instead, it is a patchwork of mini property markets all performing in a different way.   At one end of scale is London, which has seen average prices grow in the last twelve months by just under 19% (again that is an average because some Borough’s in London have risen by 26%) whilst Wales only saw a 2% increase in property values (The Merthyr Valleys dropped by over 11%).

Well we can’t ignore the rest of the UK, and we can’t forget that the Chancellor’s Stamp Duty reforms have polarised the London property markets above £1,000,000, because at the top end of the market, punitive Stamp Duty charges will dampen demand further.  

While the Bank of England warned of the growing London property price bubble in the Spring of 2014, even talk of a recovery in some areas was premature.  In 2015, irrespective of where you are in the UK, one story will unite the patchwork quilt of markets –  really slow property value growth.

But what about Melton?   Well, we haven’t had the December figures from the Land Registry yet but the last few months’ activity and prices achieved would suggest neither house price growth nor drops.  In fact, most sellers are buyers anyway, so if you need to take less for yours, you won’t have to pay as much for the one you want to buy ...  this is good news for everyone as most move up market when they move.  This is even better for landlord investors, as they can bag a bargain as well!

The question you should be asking though is not only is what happening to property prices, but which price band exactly is selling?    I like to keep an eye on the property market in Melton on a daily basis because it enables me to give the best advice and opinion on what (or what not) to buy in Melton. 

If you look at Melton and split the property market into four equally sized (into terms of households) price bands.  Each price band would have around 25% of the property in Melton, from the lowest in value (the bottom 25%) all the way through to the highest 25% (in terms of value). 

Over the last two months (63 days to be precise), in the lowest quartile, (those with asking prices under £130) 43 properties have come onto the market in Melton and 16.2% of them (7 properties have a buyer and sold stc).  The next quartile, £130k to £170k, 50 properties came on to the market, 32% of them (16 properties) have a buyer.  The £170k to £250k price range has seen 37 properties come on to the market, 21.6% of the properties have a buyer (8 properties).  The most expensive 25%, the £250k plus range, has seen 2 of the 23 properties that came on to the market find buyers (8.6 %). 

Fascinating don’t you think?

The next three months’ activity will be crucial in understanding which way the market will go this year and I honestly believe we will not see any house price growth or drops this side of the election. Election or no election, people will always need a roof over their head and that is why the property market has ridden the storms of the Oil crisis in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the Credit Crunch together with the various house price crashes of 1973, 1987 and 2008.  Why?  Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. ... there is always a silver lining when it comes to the property market! 

If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market for the first time, please pop in and see me at our office in Burton Street, Melton Mowbray or call me on 01664 569700.

Bargain on Belvoir street

This could be a great little investment for someone looking to add value to a property. It is a terrace which looks to have had some refurbishment but would benefit from a new kitchen. 

With this completed it could achieve a rent of £525 pcm easily, providing a return of over 6%.

click on the link for more details from Melton Premier...

http://www.rightmove.co.uk/property-for-sale/property-50834621.html

Apathy in the Melton Property market

Apathy has hit the Melton housing market as sellers await the outcome of the general election and stricter mortgage regulation suppresses buyer demand.  

This is mirrored around the UK as Rightmove reported the number of homes registered for sale per estate agent fell to its lowest level for five years in December, with available stock 10% lower than in the same month a year earlier.

Looking at Melton, in the Autumn of 2014, each estate agent in Melton had on average 22.8 properties on its books (as there were a total of 251 properties up for sale in Melton at the peak during that time.  Our research shows that numbers plummeted to 19.1 per agent in December.  While the lack of new properties coming onto the market in the later months of 2014 in Melton pushed asking prices up slightly from November to December, traditionally a quiet season for the housing market, property sellers will need to work hard in 2015 to complete a sale.

The length of time a property takes to sell has increased over the last few months. Two bedroom properties in Melton are now taking 77 days to sell, three bedroom 122 days, four bedrooms 131  days, but here an interesting figure, one beds are taking on average 44 days to find a buyer 2015 will be the year of the selective mover.  With only 187 brand new properties a year being built in Melton since the turn of the Millennium, this woefully low and insufficient number of new buildings in the Town over the past few decades and a systemic change in the type of properties homeowners want (with families splitting etc so we have too many larger houses and not enough smaller ones), buyers are becoming dissatisfied with, and therefore dismissive of what is up for sale.

I would confirm the heat has gone out of the Melton property market and I anticipate a moderate reduction from the high transaction volumes seen in 2014.  That might mean Melton landlords could bag a bargain during this period of uncertainty, especially if the financial markets do not like the election outcome. Markets and buyers do not like uncertainty, but savvy Buy to let landlords know buy to let is a long term game, and irrespective of short term apathy, reduction in the quality and quantity of stock for homeowners to buy or the election, if people don’t buy property they rent.  The Council aren’t building anymore properties, the council house waiting list is decades, not years for the better type of property .. the only other place to get a roof over your head .. rent a property!  Good old Bricks and Mortar!

Therefore, if you are considering buying a property for investment in the near future, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment come and see me at our office on Burton Street, Melton Mowbray or call me on 01664 569700.

Fernie Avenue - Lovely terrace with a garden

This fab Victorian terrace property has a lovely garden is located on a quiet street with permit parking for residents. It is up for sale with Connells at £125,000 and should give a buy to let investor a comfortable 5.5% return.

It is in good condition internally and has retained some original features, click on the link for more pictures..

http://www.rightmove.co.uk/property-for-sale/property-50846522.html

A Melton man’s home ..is his semi .. or terraced ... or bungalow!

Ok, a slight turn of phrase there on the classic, an Englishman’s home is his castle but when it comes to the UK  the Brit’s are still a nation of homeowners.

 It is interesting to note that up until the mid to late 1960’s, more people rented their home (albeit mostly from the local council) than owned their own. In fact, I was surprised to read that in 1921, over 75 % of homes in England and Wales were privately rented with the remaining 25 % being owner occupied. 

It was only after the Second World War, when the Beatles were rocking, that people started to buy instead of rent .. but instead of owning our property outright, we borrowed money from banks and building society’s to buy them.   The roots of the growth of the private rental sector can be drawn back to the late 1970’s early 1980’s, when the council houses began to be sold off under the right to buy scheme.   Even though 15,010 households in Melton were owner occupied,  in 2001 and that number had increased to 15,498 households by 2011, the percentage of homeowner properties in Melton dropped drastically from 76.5 % to 72.1 %.   This was because whilst an additional 1,875 properties were built in Melton between 2001 and  2011, a lot of them were bought as buy to let investments, thus more than doubling the number of private rental properties in Melton.   In fact, the number of properties in Melton, that were privately rented jumped from 1,567 in 2001 to 3,054 in 2011!

With stagnation in the number of people who own their home in Melton and no more council houses being built, this is increasing the number of people looking to renting.   With the Melton Borough Council house waiting lists being in the 5 to 10 year range for a decent property in a decent location, it shouldn't be forgotten that it is Melton landlords who house tenants waiting for a council house.   Melton landlords do not receive any subsidies from HMRC and income tax is paid on rent paid by the tenant combined these reduce the cost on the tax payer.

However,  it’s not all doom and gloom in Melton, as we have noticed more and more of the younger generation are renting because they can‘t afford to buy (raising a deposit being the sticking point for most), and a high percentage of the expansion in private renting actually from those who need and want temporary accommodation. There are even a few landlords who rent their own Melton property out for the short term, for ease, and not necessarily purely for profit.

Therefore, with every report stating the rental market will continue to grow throughout the rest of this decade, with high demand and limited supply in the Melton.   If you are considering buying a property for investment in the near future in Melton, I am always happy to give you my considered opinion on which property to buy (or not as the case may be) to give you what you want from your investment. If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone - 01664 569700 

Delightfully refurbished end of terrace – Saxby Road

This deceptively spacious end of terrace has been thoughtfully renovated by the current owners, providing a ready-to-go investment property.  With 2 reception rooms, extended kitchen and a utility, it will appeal to families and professional couples alike, making the property very easy to let.

Being marketed at £125,000 by Harrison Murray, it could see returns of up to 6%.

Click here for full details, but hurry, this property will not be around for long:

http://www.rightmove.co.uk/property-for-sale/property-48166504.html