Middleton & Major are advertising this 3 bed property in Wilton. Its an ideal investment property for those not frightened by a little hard work. Value when done, I would expect around £300,000 – 320,000 depending upon specification.http://www.rightmove.co.uk/property-for-sale/property-55062512.html
I feature this property from Jordans on the 11th november but its just been reduced….time for a sneaky offer! Yield just creeping over the 5%. If purchased with the minimum 25% deposit and with an allowance for stamp duty and fees, you’re looking at a monthly return of around £280 pcm from £40,000 investment – want to know how, give me a ring?
- Tenant Fees set to banned within 12 to 18 months
- Rents due to rise as those fees passed to Landlords
- Landlords won’t be worse off – and neither will tenants or agents
With our new Chancellor of the Exchequer revealing a ban on tenant fees in his first Autumn Statement on Wednesday what does this actually mean for Salisbury tenants and Salisbury landlords?
The private rental sector in Salisbury forms an important part of the Salisbury housing market and the engagement from the chancellor in Wednesday’s Autumn Statement is a welcome sign that it is recognised as such. I have long supported the regulation of lettings agents which will ensconce and cement best practice across the rental industry and, I believe that measures to improve the situation of tenants should be introduced in a way that supports the growing professionalism of the sector. Over the last few years, there has been an increasing number of regulations and legislation governing private renting and it is important that the role of qualified, well trained and regulated lettings agents is understood.
Great News for Salisbury Tenants
So, let’s look at tenants .. this is great news for them, isn’t it? Well before you all crack open the Prosecco, read this … Continue reading
No, seriously! If you’ve got £11k you don’t know what to do with and don’t want an ISA then buy a garage. Jordans say “Potential rental value in the region of £60-£70 per calendar month with an annual yield in the region of 4.8% – 5.6% PA” and I don’t think they are wrong.
Back in the Spring, there was a surge in Salisbury landlords buying buy to let property in Salisbury as they tried to beat George Osborne’s new stamp duty changes which kicked in on the 1st April 2016. To give you an idea of the sort of numbers we are talking about, below are the property statistics for sales either side of the deadline in SP1.
Jan 2016 – 25 properties sold
Feb 2016 – 42 properties sold
March 2016 – 57 properties sold
April 2016 – 30 properties sold
May 2016 – 35 properties sold
Normally, the number of sales in the Spring months is very similar, irrespective of the month. However, as one can see, this year was a completely different picture as landlords moved their purchases forward to beat the stamp duty increase. You would think that even with a basic knowledge of supply and demand economics, rents would be affected in a downwards direction? Continue reading
Refurbishment properties do pop up occasionally and Bassets are marketing this one for £279,950. It’s been on the market since August so could be worth a cheeky offer. Popular area in a quiet village location, expect to spend around £20-30,000 if you replace both bathroom and kitchen depending upon specification and would increase your equity considerably.
Sometimes if you can see the potential in a property you can find a little gem. This property could just be that. Marketed by McKillop and Gregory this 2 bed property needs some vision but the rewards could be there. I’d imaginge a rental of £795 maybe £825 giving a reasonable yield of 4.3%-4.5%. Not huge but always rentable being close to the city and with the advantage of off-road parking.
These properties just don’t come up very often which is why this is so special. Fox and Sons have this super little 2 bed that’s so easy to rent. 4.2% yield only but probably one of the best capital growth areas in Salisbury (Based on £795 pcm rent)
In around 2005 the land to the North of Old Sarums historic Airfield was earmarked for development. The plan consisted of building 630 mixed houses in 6 phases consisting of shops, cafes’, affordable houses, open spaces and educational facilities. Much of the work has now been completed, so what does it mean for us, living in the area?
It generally takes a short amount of time to let properties. Tenants consider the proximity to the town centre and schools to be an advantage. A three bedroomed semi-detached property or townhouse, depending on condition and location, could be purchased for around £230,000. The rents that could be achieved for these are between £850 and £875 per month. This means landlords can potentially expect yields of around 4.4% to 4.6% per year.
Two bedroomed apartments can be purchased between £165,000 and they typically can let for between £700 to £725 per month. There is usually the service charge that a landlord needs to pay to the freeholder of the building, this usually includes building insurance and grounds maintenance. Even after paying that service charge, yields of between 4.6% and 4.8% per year are achievable. Yield isn’t everything when it comes to investments though as demand is keeping annual capital growth at a very respectable 10.46% for the area.
If you have already done a search for property or are trying to figure out where to start, we’re happy to advise on properties before you buy. It’s in your interest that you purchase something that can let, whether you are currently a Martin & Co Lettings landlord or not.
These properties always sell (or rent) quickly due to their proximity to the hospital. Disadvantage of not having a drive but that is reflected in the price. Give Venditum a ring if you want more details. Rent IRO £750-800pcm gives a yield of 5.1- 5.5%!