I blogged precisely a year ago about this property and its still here! http://www.salisburypropertyblog.co.uk/close-city-4-bed-investment-5-yield/ Originally with Connells (for around £300k IIRC) and now with Carter & May (just reduced to £240K) this property just doesn’t seem to sell, but why? Rear garden is small, parking is via residents permit but location is pretty good! Just outside the ringroad, great for the town centre and perfect for an HMO near the college. If you are serious about improving that portfolio give Carter & May a call to arrange a viewing, happy to go with you to give my opinion…..
Without a doubt, these properties making cracking investments!
Advertised for Sale with Bassets is yet another of the Jubilee Close flats, situated just off of the Wilton Road, just a 30 minute walk to Salisbury City Centre and Mainline Station. There are also fantastic transport links, with an abundance of local bus stops.
Accomodation comprises Large Living Room with Juliette Balcony, seperate fitted Kitchen, Master Bedroom with En-suite, further double Bedroom along with family Bathroom. The property further benefits from an allocated parking space.
I would estimate a rental value of £750pcm, giving you a potential yield of 5.2% at the current asking price. Don’t forget to take into account Ground Rent, which in this case is £50 per annum.
Give Bassets a call to arrange your viewing! http://www.rightmove.co.uk/property-for-sale/property-51749916.html
I recently read a report by the Yorkshire Building Society that 54% of the country has seen wages (salaries) rise faster than property prices in the last 10 years. The report said that in the Midlands and North, salaries had outperformed property prices since 2007, whilst in other parts of the UK, especially in the South, the opposite has happened and property prices have outperformed salaries quite noticeably.
As regular readers of my blog know, I always like to find out what has actually happened locally in Salisbury. To talk of North and South is not specific enough for me. Therefore, to start, I looked at what has happened to salaries locally since 2007. Looking at the Office of National Statistics (ONS) data for Wiltshire Council, some interesting figures came out…
Salaries in Wiltshire have risen by 5.62% since 2007 (although it’s been a bit of a rollercoaster ride to get there!) – interesting when you compare that with what has happened to salaries regionally (an increase of 18.63%) and nationally, an increase of 17.61%.
Next, I needed to find what had happened to property prices locally over the same time frame of 2007 and today. Net property values in Wiltshire are 21.72% higher than they were in late 2007 (not forgetting they did dip in 2008 and 2009). Therefore…
Property values in the Salisbury area have increased at a higher rate than wages to the tune of 16.1% … meaning, Salisbury is in line with the regional trend
All this is important, as the relationship between salaries and property values is the basis on how affordable property is to first (and second, third etc.) time buyers. It is also vitally relevant for Salisbury landlords as they need to be aware of this when making their buy-to-let plans for the future. If more Salisbury people are buying, then demand for Salisbury rental properties will drop (and vice versa).
As I have discussed in a few articles in my blog recently, this issue of ‘property-affordability’ is a great bellwether to the future direction of the Salisbury property market. Now of course, it isn’t as simple as comparing salaries and property prices, as that measurement disregards issues such as low mortgage rates and the diminishing proportion of disposable income that is spent on mortgage repayments.
On the face of it, the change between 2007 and 2017 in terms of the ‘property-affordability’ hasn’t been that great. However, look back another 10 years to 1997, and that tells a completely different story. Nationally, the affordability of property more than halved between 1997 and today. In 1997, house prices were on average 3.5 times workers’ annual wages, whereas in 2016 workers could typically expect to spend around 7.7 times annual wages on purchasing a home.
The issue of a lack of homeownership has its roots in the 1980’s and 1990’s. It’s quite hard as a tenant to pay your rent and save money for a deposit simultaneously, meaning for many Salisbury people, home ownership isn’t a realistic goal. Earlier in the year, the Tories released proposals to combat the country’s ‘broken’ housing market, setting out plans to make renting more affordable, while increasing the security of rental deals and threatening to bring tougher legal action to cases involving bad landlords.
This is all great news for Salisbury tenants and decent law-abiding Salisbury landlords (and indirectly owner occupier homeowners). Whatever has happened to salaries or property prices in Salisbury in the last 10 (or 20) years … the demand for decent high-quality rental property keeps growing. If you want a chat about where the Salisbury property market is going – drop me note via email, like many Salisbury landlords are doing. Stephen.Cox@Martinco.com
This fantastic one bedroom ground floor Flat, offered to market with no onward chain, would make a cracking buy to let investment opportunity.
Advertised with Simon Colligan is this fantastic one bedroom ground floor flat, situated on the popular Avondown Road estate in Durrington. Accomodation comprises Sitting room, seperate fitted Kitchen, double Bedroom and Bathroom. The property also benefits from a private rear Garden and Garage. I believe that the property would benefit from some general updating throughout, however properties in the area generally prove popular to tenants and we would expect to fill the property quite quickly.
In the current market, i would estimate a potential rental value of £600pcm, giving you a respectable yield of 5.5%. Of course, any ground rent and maintenance charges will effect this.
Give Simon Colligan a call to arrange your viewing. http://www.rightmove.co.uk/property-for-sale/property-70003823.html
Offered to market with Whites is this fantastic, well proportioned two Bedroom Flat, situated within a popular Old Sarum Development.
Accomodation comprises open plan Living Room/Dining Room/Kitchen, two double Bedrooms and family Bathroom. This lovely top floor flat benefits from allocated parking space, bike storage and far reaching views of the surrounding Countryside.
We let a similar flat within the same block for a figure of £750pcm, in the current market, i would expect to achieve a similar figure, giving you a potential yield of 5.3%. Of course this will be effected by the Ground Rent, which is currently £200 per annum.
If you would like our honest opinion on the rental potential of a property, be it your own property, one you are purchasing or one you have seen advertised, give the office a call, we would be more than happy to discuss this with you, or alternatively attend any viewings with you. http://www.rightmove.co.uk/property-for-sale/property-50839824.html