3 Best Property Deals on the Stamford & Rutand property market, incomes of £6k-£8k

We sold a fantastic investment property this week in need of some renovation.  We received 4 offers and 4 days later it was sold to an existing investor!  We know what makes a good investment and how to achieve success. 

Here are my 3 best 'buy-to-let/1st time buy' property deals on the Stamford and Rutland property market for this week...

Property 1
2 Bed End Terraced Home For Sale at £145,000
Ladywell, Oakham.  On the market with Osprey Lettings

 

This established development is always sought after by long term tenants and families due to its popular central location and proximity to local schools and services.  It looks in need of some modernising and updating, but the work involved will increase the property's valuation for either sale or rent.

 

Price: £145,000

Approx. Rent: £525pcm - if renovated

Annual Income: c£6,300

Yield: c4.3%, based on asking price and refurbished condition

Click this link to see more details on this property:-
http://www.rightmove.co.uk/property-for-sale/property-58241656.html

 

 

Property 2:

3 Bed Semi-Detached House For Sale at £199,995

Haydock Avenue, Barleythorpe.  On the market with Connells

BRAND NEW & "TENANT READY".  With nothing to do here, this 3 bed-semi offers everything a first time buyer or new landlord should need.  Low maintenance, NHBC guarantee, great village location with easy access to Oakham and its schools and services.


Price: £199,995
Rent: Approx. £700pcm
Income: £8,400
Yield: c4.2%

Click this link to see more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-67181372.html

 

Property 3

3 Bed Terraced House For Sale at Offers in Excess of £190,000

Nairn Road, Stamford.  On the market with Goodwin Property Services

 

A hugely popular location on the 'Scottish' estate on the approach into Stamford from the A1/A606 Oakham road. This is a great family home with off-road parking and a garden.  Presented in immaculate order and with no onwards chain, this property will be snapped up. 

Price: OIEO £190,000
Rent: Approx. £675pcm
Income: c£8,100
Yield: c4.3%

Click this link to see more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-60614308.html

 

If you are planning, trying or struggling to sell or rent a property, please call me, I am here to help you.

Best wishes

David Crooke, owner.   TEL: 01780 484 554

 

david@upp-property.co.uk 

Understanding People & Property

 

 

 

 

Stamford: 01780 484 554

 

Rutland: 01572 725 825

 

Stamford’s Council House Waiting List Drops by 53.9% in last 11 years

 

Should you buy or rent a house?

Buying your own home can be expensive but could save you money over the years.  Renting a property through a letting agent or private landlord offers less autonomy to live by your own rules, but offers more flexibility to move if you need to.

Yet there is third way that many people seem to forget and it plays an important role.  Collectively known as ‘social housing’, it is affordable accommodation which is let by either the local authority or via a housing association, to those considered to be in specific need at rents below those characteristic in the private rental market.

In Stamford, there are 1,399 social housing households, which represent 15.55% of all the households in Stamford.  There are a further 2,999 families in the South Kesteven District Council area on their waiting list, which is similar to the figures in the late 1990’s.  The numbers peaked in 2005, when it stood at 6,509 families, a drop of 53.9%.
 

Nevertheless, this doesn't necessarily mean that more families are being supplied with their own council house or housing association property.  In 2011, Westminster gave local authorities the control to limit entitlement for social housing, quite conspicuously dismissing those that did not have an association or link to the locality.

Interestingly, the rents in the social rented segment have also been growing at a faster rate than they have for private tenants.  In the South Kesteven District Council area, the average rent in 1998 for a council house/housing association property was £166.14 a month, whilst today its £350.70, a rise of 111% in 19 years.

When comparing social housing rents against private rents, the statistics don’t go back to the late 1990’s for private renting, so to ensure we compare like for like, we can only go back to 2005.  Over the last 12 years, private rents have increased nationally by a net figure of 19.7%, whilst rents for social housing have increased by 59.1%.

So, what does this all mean for Stamford’s homeowners, landlords and tenants?
 
Rents in the private rental sector in Stamford will increase sharply during the next 5 years. Even though the council house waiting list has decreased, the number of new council and housing association properties being built is at a 70 year low. 

The government’s crusade against buy-to-let landlords together with the increased taxation and the banning of tenant fees to agents will restrict the supply of private rental property, which in turn (using simple supply and demand economics), will mean private rents will rise, and therefore, making buy-to-let investment a good choice again - irrespective of the increased fees and taxation laid at the door of landlords. 

It will also mean property values will remain strong as the number of people moving to a new house (and selling their old property) will continue to stay restricted and hence, due to lack of choice and supply, buyers will have to pay decent money for any property they wish to buy.

Interesting times ahead for the Stamford and Rutland Property Market!

For honest advice on buying, selling, renting and managing your homes and property investments in Stamford and Rutland, please call me, I am here to help.

David Crooke, owner

 

 

Understanding People and Property

 

 

Stamford - 01780 484 554

Rutland - 01572 725 825

This week's 3 best property deals in Stamford & Rutland...

Property 1

3 Bedroom Semi-Detached House For Sale.  Guide Price: £185,000

Willow Crescent, Oakham.  On the market with UPP Property Agents.

 

This fantastic 3 bed-semi benefits has a good interior layout and is well maintained and presented. 

 

With ample driveway parking and a good sized rear garden, the property will appeal to a large number of tenants, wishing for a long term family home. 

 

This is a solid long term investment property. 

Guide Price: £185,000

Annual Income: c£8,100

Rent: Approx. £675pcm

Yield: c4.4%



 

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-47049051.html

 

Property 2

3 Bedroom End of Terrace For Sale.  Price: £180,000

York Road, Stamford.  Marketed by Knight Partnership

 

A well-proportioned 3 bedroom end of terrace property with off-road parking and a tidy enclosed rear garden.  It looks to be in good order, and is for sale with no onward chain.  With open house viewings taking place over the weekend, this property will appeal to decisive investors and tenants.

Price: £180,000
Annual Income: c£8,700
Rent: Approx. £725pcm
Yield: c4.8%

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-60403582.html

Property 3

2 Bedroom Terraced House for Sale.  £162,500

Worcester Crescent, Stamford.  On the market with Newton Fallowell

With 2 double bedrooms, a gravelled driveway and a pleasant lawned garden this property makes a great investment.  It's beautifully presented throughout and is situated within walking distance to the town centre.  What's not to like?  We would have applicants queuing up to rent this tomorrow!

 

Price: £162,500

Annual Income: c£7,200

Rent: Approx. £600pcm

Yield: c4.4%

Click this link to see more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-64471211.html

I will post more buy-to-let deals / suitable first time buys again next week, irrespective of which agent is marketing it.

Please call me to discuss any of the above, or if you are considering investing in a different property and would like to know my thoughts (both good and bad!), please call me.  I am here to help.

Best wishes

David Crooke

 

david@upp-property.co.uk

Understanding People & Property

 

 

 

 

Stamford: 01780 484 554

 

Rutland: 01572 725 825

Are Stamford’s first time buyers being squeezed out of the housing market?

I received a very interesting letter the other day from a gentleman who declared himself a Stamford homeowner, retired and mortgage free.  He stated how unaffordable Stamford’s rising property prices were and that he worried how Stamford’s younger generation could ever afford to buy?  He asked if it was right for landlords to make money on the inability of others to buy property and if, by buying a buy-to-let property, landlords are denying the younger generation the ability to in fact buy their own home.

Whilst doing my research for my many blog posts on the Stamford Property Market, I know that a third of 25 - 30 year olds still live at home.  It’s no wonder some people are kicking out against buy-to-let landlords claiming they are “cashing in on a social woe”.  In fact, most people believe the high increases in house prices are the very reason owning a home is outside the grasp of these younger would-be property owners.

 However, the numbers tell a different story.  Looking at the age of first time buyers since 1990, the statistics could be seen to pour cold water on the idea that younger people are being priced out of the housing market.  In 1990, when data was first published, the average age of a first time buyer was 33, today it’s 31.

 

Nevertheless, the average age doesn't tell the whole story.  In the early 1990’s, 26.7% of first-time buyers were under 25, while in the last 5 years just 14.9% were.  In the early 1990’s, 4 out of 10 first time buyers were 25 - 34 years of age and now its 6 out of 10 first time buyers. 

 

Although, there are also indications of how un-affordable housing is, the house price-to-earnings ratio has almost doubled for first-time buyers in the past 30 years.  In 1983, the average Stamford home cost a first-time buyer (or buyers in the case of joint mortgages), the equivalent of 2.3 times their total annual earnings, whilst today, that has escalated to 4.4 times their income (although let’s not forget, it was at 4.8 times their income for Stamford first time buyers in 2007).

Again, those figures don’t tell the whole story.  Back in 1983, the mortgage payments as percentage of mean take home pay for a Stamford first time buyer was 23.5%.  In 1989, that had risen to 51.5%. Today, it’s 27.7% … and no that’s not a typo .. 27.7% is the correct figure.

 So, to answer the gentleman’s questions about the younger generation of Stamford being able to afford to buy and if it was right for landlords to make money on the inability of others to buy property? It isn’t all to do with affordability as the numbers show.

And what of the landlords?  Some say the government should sort the housing problem out themselves, but according to my calculations, £18bn a year would need to be spent for the next 20 or so years to meet current demand for households.  That would be the equivalent of raising income tax by 4p in the pound.  I don’t think UK tax payers would swallow that.

So, if the Government haven’t got the money, who else will house these people?  Private Sector Landlords and thankfully they have taken up the slack over the last 15 years.

Some say there is a tendency to equate property ownership with national prosperity, but this isn’t necessarily the case.  Stamford’s youngsters are buying houses, but buying later in life.  Also, many are actively choosing to rent for the long term, as it gives them flexibility – something our 21^st Century society craves more than ever. 

For advice on buying, selling, renting and managing your homes and property investments in Stamford and Rutland, please call me.  I am here to help.

David Crooke, owner

 

 

Understanding People and Property

 

 

Stamford - 01780 484 554

Rutland - 01572 725 825

 

This week's 3 Best B2L deals for Stamford & Rutland. Annual Incomes of £6,900-£7,800

Property 1
2 Bedroom Terraced House For Sale.  Price: £179,950
Vine Street, Stamford.  On the market with Goodwin Property Services

Brand new to the Stamford property market, this very well presented 2 bedroom end of terrace property is ideally situated within easy walking distance to Stamford town centre.  An ideal investment or first time buy.  This property will generate a lot of early interest, so I recommend acting fast.

Price: £179,950
Annual Income: £7,800
Rent: Approx. £650pcm
Yield: c4.3%

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-60378850.html

 

Property 2

2 Bedroom End of Terraced House For Sale.  Price: OIEO £145,000

Kings Road, Oakham.  On the market with Excel Agency

 

This central location is currently attracting serious interest with investors looking to expand their portfolio. With a continued rise in demand by tenants for the "period" home, this tidy 2 bed property is within a 5 minute walk to the station and would offer good capital growth.

 

Price: OIEO £145,000

Annual Income: £6,900

Rent: Approx. £575pcm

Yield: c4.7%

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-66426776.html

 Property 3

2 Bedroom End of Terrace House For Sale.  Offers Over £150,000

Lonsdale Way, Oakham.  On the market with Moores Estate Agents

 

 Modern, spacious and in excellent order. That is exactly what you can expect from this brilliant BTL rental. These properties are excellent lets for landlords, and we could easily let this property by the end of this week!

 

 

Price: Offers Over £150,000

Annual Income: £7,200

Rent: Approx. £600pcm

Yield: c4.8%

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-66214046.html

 

I will post more buy-to-let deals again next week.

In the meantime, please feel free to call me to discuss any of the above, or simply send me the Rightmove link to any other properties that you are interested in, and I will chat them through with you.

Best wishes

David Crooke
david@upp-property.co.uk / Tel: 01780 484 554

 

1 in 15 Stamford Properties are Leasehold

Before I begin, it might be wise to explain the difference between ‘freehold’ and ‘leasehold’.  

When someone owns the freehold of a property they own it outright, including the land it is built on, whilst with a leasehold property the leaseholder owns the property for the length of their lease agreement.  Leaseholders must pay the person who owns the land (the freeholder) ground rent and other fees.  When the leasehold ends, ownership returns to the freeholder.  The leaseholder can extend the lease or they can buy the freeholder out - but there are rules and regulations to comply with.

 Most houses are freehold but some might be leasehold - usually through shared-ownership schemes, but increasingly new homes builders are selling houses on a leasehold tenure.  The protection of the law afforded to leaseholders owning a flat is massive, but is found to be sadly lacking to privately sold leasehold houses.

 Looking specifically at the figures for Stamford, at the last count in PE9 there were 15,072 properties.  Since 1995, 14,934 properties in PE9 have changed hands and have been sold. Looking further at those 14,934 transactions in PE9 since 1995, using data from Land Registry and solicitors practice My-Home-Move, 6.49% have been leasehold (lower than the national average of 15%).

 However, I am concerned about a few ‘new-homes’ builders selling new houses (not flats - houses) as leasehold.  There has been a growing (yet small) trend for new-build houses to be sold as leasehold in recent years. Whilst not all house builders use this model, those that do maintain it helps make developments financially viable.

 The issue comes when builders sell the freehold separately to an investment company without informing the lease holder – which they are legally allowed to do without telling the leaseholder.  In England and Wales, the "right of first refusal" to buy the freehold is written in law to leaseholders of flats i.e. the freeholder must offer it to the leaseholders of all the flats of the building first, but not to leaseholders of houses.

 If you are buying a new home and it’s a house (not a flat), please check very carefully whether it’s freehold or leasehold.  If it is a leasehold, whilst you do have rights, they are not as strong as for those people buying a leasehold flat.  I appreciate this relates to only a very small percentage of the property market, but potentially this could end up costing thousands of pounds to those affected.

 

If you are considering selling your property and would like to discuss its value and your options with me, please contact me on 01780 484 554 or email me via david@upp-property.co.uk  

I look forward to hearing from you soon.

 

 

Stamford 01780 484 554
Rutland   01572 725 825




David Crooke
Owner & Managing Director

 

 
 

My 3 Best Buy-To-Let Deals on this week's Stamford & Rutland Property Market

Each week I list my 3 best buy-to-let properties from all the estate agents in the town that I believe may make decent property buys, be they buy-to-let investments or for homeowners ... almost ‘Homes under the Hammer’ – Stamford and Rutland style!

2 bedroom properties are always popular, and they are currently the most sought after type of property by prospective tenants searching for their next home.

Property 1:

2 Bedroom Terraced house for sale.  Price £175,000

Little Casterton Road, Stamford.  On the market with Goodwin's

 

This is a good sized mid-terraced property with 2 well proportioned bedrooms.  It's situated in a popular and sought after location, within walking distance to the town centre.  Benefits from a low maintenance rear garden with off-road parking to the front.

 

Price: £175,000

Rent: Approx. £600pcm

Income: £7,200pa
Yield: 4.1%

  

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-60135475.html

 

Property 2:
2 Bedroom Apartment for sale.  Price: Offers in excess of £150,000
Burgess Road, Stamford.  On the market with Knight Partnership 

 

A fabulous rental investment - this ground floor 2 bedroom modern apartment is very well presented, and has the added advantage of allocated parking. 

 

 

Price: OIEO £150,000

Rent: Approx. £550pcm

Income: £6,600

Yield: 4.4%

 

Click this link for more details on this property:

http://www.rightmove.co.uk/property-for-sale/property-58715644.html

 

Property 3:
2 Bedroom Terraced House for sale.  Guide Price: £155,000
West Road, Oakham.  On the market with UPP Property Agents

This 2 bedroom period property is an absolutely brilliant rental investment.

"Location, location, location" - this property is within a short walk of both the station and the town centre!  It is offered in good order and has scope to add more value to the property.  

 

Guide Price: £155,000

Rent: Approx. £600pcm
Income: £7,200
Yield: 4.4%

 

Click this link for more details on this property, and to arrange a viewing:

http://www.rightmove.co.uk/property-for-sale/property-48576831.html

I will post more buy-to-let deals again next week, irrespective of which agent is marketing it. 

In the meantime, please feel free to call me to discuss any of the above, or simply send me the Rightmove link to any other properties that you are interested in, and I will chat them through with you...

Best wishes

David Crooke


david@upp-property.co.uk / 01780 484 554

Twitter: @UPPproperty

Understanding People & Property

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