Great opportunity to buy to let in Leigh on sea! - 4 Bedrooms!!!!

This excellent  Four bedroom end terrace property Set in the popular Eastwood area. The property is offered in good decorative order throughout and benefits from a modern refitted bathroom as well as a good sized refitted kitchen/dining room. In addition there are four good size bedrooms as well and a large lounge. To the rear is a low maintenance garden and the property also benefits from a single garage. All sounds very good to me.

Call Aspire today on 01268 810815 link below to zoopla:

http://www.zoopla.co.uk/for-sale/details/33811742?

With a rent around £1100pcm that’s an annual gross return just shy of 6.11%.
Consider also that most pundits are forecasting further price increases this year, not as strong as 2015 but still around 5%. That would give you capital growth of £8745.00!
If this is of interest or you want to talk through your investment plans for this year please give me a call or pop in to our leigh on sea office...01702 477754

Leigh on sea Property Market – should you be buying?

A number of landlords, first time buyers and investors have approached me recently, asking about the Leigh on sea property market. With all these headlines about property values in the UK, should we be worried we are about to have a price crash or price explosion? We are at the early stages but the economy is now actually looking a lot healthier and there are signs we are seeing an actual recovery after several false starts. 

I am of the opinion that over the last few years, whilst mortgages have been a little more difficult to obtain than the last decade of the 2000’s, this lack of mortgages has produced some pent up demand for property. Now we appear to be on the other side of the financial crisis , and the banks are more willing to lend, this is why sales, prices and first-time buyer numbers have improved so rapidly. It has been like opening a shaken can of fizzy pop. You get the initial fizz of activity, and then it flattens. What we're seeing is a relatively normal market correction, not a quick transition from a recession to a boom or even boom to recession.

Property values in Leigh on sea have risen, on average by only 11.26 % in the last 12 months. When I look at Essex as a whole, prices have risen by 7.71 % and nationally by around 8.7%. Compared to the boom years of 2000 to 2004, when property values increased by 20% in 2000, 10% in 2001 and 16.2% in 2002, 23.5% in 2003 and finally 11.9% in 2004 in Leigh on sea, I cannot see why some are concerned about an unsustainable price boom.

On the other hand, speaking to others in Leigh on sea, the issue isn't potential massive drops in property values, but a lack realistically priced properties coming onto the market for sale, a lack of supply. In the first half of 2014 on average 156 properties came onto  the market for sale in Leigh on sea each month, whilst in the last three months of 2014 on the run up to Christmas, even though you would expect a slight drop, only 119 properties on average came on to the market each month. This lack of supply will keep Leigh on sea property prices relatively stable.

So, now is a good time to buy, provided you accept prices may fall again in a few years. It depends on how long you plan to own the property (whether as a home or investment), whether it personally suits you and most importantly whether you can afford it. Leigh on sea first time buyers preparing to take the plunge should bear these factors in mind. The biggest issue must be that buyers ensure they can take the hit of future interest rate rises and therefore, I ask the first time buyers of Canterbury to make sure you'd be happy in your new home, because you could be stuck there in five years' time.

Landlords tend to buy for the long term, so these short term movements don’t tend to affect them as much. The lack of supply in Leigh on sea of new properties coming onto the market indicates people wanting to buy have to move quickly, and don’t have the luxury of a few weeks to decide to view the property. However, my findings show that first time buyers and landlords in Leigh on sea  aren’t prepared to pay over the odds for a property to secure it. Maybe, just maybe, the memory of the 2008 price crash has given a dose of realism to the optimistic Leigh on sea property market?

Should you wish to discuss any other specific properties or just a general chat

 regarding the current market, please feel free to contact me on 01702 477754 

or call in and see me at 91 Broadway west in Leigh on sea.

Do You Have An EPC? - (Energy Performance Certificate)

 Do you have an EPC, or even know what one is? All properties for sale or let must have one when going on the market, however not many people know there's a register thats totally free to see them all and to check if your property already has one. You can find it here:

https://www.epcregister.com/reportSearchAddressByPostcode.html

You can search by postcode and it might save you some cash, and you check out neighbouring properties for build types, etc. It's a good research tool, and can show if the property needs upgrading (meaning negotiation on buy price).

Tenants are getting wiser to these now, and will do so more in the future I think. I'm seeing more people take note all the time. After all, would you rather rent a place that's cheap to heat, or a 'G' rated money pit?

If you would like any advice on buy-to-let properties in Leigh on sea just drop me a line and I'll be happy to help. rob@castleestateagentdltd.co.uk -

 01702 477754

Leigh on sea Landlords: Do you need to tell the HMRC you rent your Property? Do you have own a rental property?

If your income from property rent is more than £2,500 a year you have to complete a self assessment tax return. If it’s less than £2,500 a year, you need to call the Self Assessment Helpline to report it.

There are different tax rules for residential properties, furnished holiday lettings and commercial properties.

With respect of residential properties -

You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.

Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:

* letting agents’ fees

* legal fees for lets of a year or less, or for renewing a lease for less than 50 years

* accountants’ fees

* buildings and contents insurance

* interest on property loans

* maintenance and repairs to the property (but not improvements)

* utility bills, like gas, water and electricity

* rent, ground rent, service charges

* Council Tax

* services you pay for, like cleaning or gardening

* other direct costs of letting the property, like phone calls,

* stationery and advertising

Allowable expenses don’t include ‘capital expenditure’ - like buying a property (repayment element of mortgage) or renovating it beyond repairs for wear and tear.

Should you wish to discuss any other specific properties or just a general chat re the current market, please feel free to contact me on 01702 4777754 
Robert@castleestateagentsltd.co.uk or call in and see me at
 91 Broadway west, Leigh on sea ss9 2b

Another Westcliff steal - 7.89% yield - only £90k

Midweek special! This Afternoon i have Just spotted this little gem, we are back Westcliff again for today’s investment. These properties rarely come onto the market and when they do, they’ll make a great addition to an investment portfolio or an excellent starter property for a new portfolio.

It’s just come on the market Last week with Bairstow eves for a price of £90K. Yes, you read right £90K. OK, its ground floor one bedroom apartment, but all of the main principles of an investment property still remain, with one bedroom properties being in great demand. How much are they in demand, I hear you say? Well one bed properties rent for circa £575 to £600 per month in westcliff and last week, Rightmove shows that they had 2324 searches for such a property criteria. So, 2000+ searches, with only 6 properties on the market as of today, confirms their strong demand.

So the demand is strong, what about the rent and yield? Well, if we were to say that the rent would be circa £600 per month, which is on the cautious side, then this would return a decent yield of 7.89%.

Check it out further at 

http://www.zoopla.co.uk/for-sale/details/35818250?

Should you wish to discuss any other specific properties or just a general chat re the current market, please feel free to contact me on 01702 477754  rob@castleestsateagentsltd.co.uk or call in and see me at 91 Broadway west in Leigh on sea

London property prices rise 12.3% and Leigh on sea is booming

The price of an average UK home rose to £250,000 by last December, tipping many properties into the three per cent stamp duty bracket. before the new stamp duty changes.

The Office for National Statistics (ONS) said house prices in December were up 5.5 per cent compared with a year earlier, partly because of a 12.3 per cent increase in London.

The market may be hotting up in the capital but Essex too is seeing a boom according to  new figures from Castle estate agents Group which has six regional offices in the county. Their research showed that key Essex locations are seeing significant property price inflation.

In Leigh on sea, prices have risen by 12 per cent; Benfleet is also up by 11 per cent; and Southend is 13 per cent  is up, six per cent over the  last 12 months. According to the Nationwide House Price Index, prices across Essex as a whole are up by 8 per cent year on year.

There has been a surge of lower end properties on the market over the last six weeks, as rising prices have taken many home owners out of negative equity says Robert Butterworth, castle estate agents MD: ‘We have seen a huge increase in the number of cheaper properties like starter and small family homes coming on the market, since the start of the year.

When home owners bought properties at their peak in 2007, they soon found that their properties dropped in value as the recession kicked in and demand fell away.

With prices on the up, many home owners are finding they can trade up and the growth of first-time buyers is also fuelling demand.

First time buyer numbers are at their highest levels for over five years, following initiatives such as Funding for Lending and Help to Buy, which have widened access to mortgages and allowed some people who were previously trapped in renting to break free.

Many agents are concerned over what could happen when interest rates rise.

Why I think 2015 will be an interesting year for property investors...

As we enter the second month of 2015, you might agree that it’s already gearing up to be an exciting year. Some of the reasons why I think 2015 will be an interesting year include:

• We’ve had a revamp of the stamp duty system
• A close election just around the corner
• Agents Mutual have just launched their online platform (OnTheMarket.com) to combat Zoopla’s and Rightmove’s duopoly
• The European Central Bank  is moving forward with quantitative easing
• Lenders are becoming more creative with their products such as mortgages where you can fix your rate for 10 years

In my local investment area (Leigh on sea), property prices are certainly continuously inching higher which is causing the more astute investors to become more creative with how the realise value in their property deals.

I’d like to hear your views about what’s happening in your investment area and what you think will happen to the property market this year?

Should you wish to discuss any other specific properties or just a general chat re the current market, please feel free to contact me on 01702 477754  rob@castleestsateagentsltd.co.uk or call in and see me at 91 Broadway west in Leigh on sea

Landlords begin 2015 on an historic high

Just three in 10 landlords had experienced a void period in Q4 and a similar figure (32 per cent) had faced tenant arrears in the past year, the survey found, while 37 per cent of landlords said that demand had increased in Q4 from tenants - compared to just 7 per cent saying it had declined.

Tenant demand is reported as being particularly strong in Outer London, the East of England, and the South East, where more than two in five perceive it to be rising. Central London saw the largest positive increase in landlords reporting increased demand in the last quarter, with the number seeing an increase in tenant demand up nine percentage points on Q3. At the other end of the scale, in Wales the net increase of landlords reporting increased demand was down 11 percentage points to 29 per cent.

Around half (48 per cent) of landlords report seeing rents increase in the areas where they let over the last 12 months, with the average rental yield rising to 6.3 per cent in Q4. The North West saw the highest rental yield in Q4 at 7.1 per cent, while London saw the lowest at 5.4 per cent (Central) and 5.9 per cent (Outer).

The average buy to let portfolio is worth £1.1million, and generates a gross rental income of £50k.

Following an 18-month period of improvement, landlord’s confidence in the UK’s financial market fell significantly in Q4, with just 24 per cent rating its prospects for the next 3 months as good / very good compared to 37 per cent who were upbeat in Q3.

As such, landlords are becoming more acquisitive and the research found almost one in 5 landlords purchased a property in Q4, with three in 10 intending to do so in 2015.

Phil Rickards, Head of BM Solutions, comments: "Landlords continue to have faith in their portfolios and in tenant demand, with rental arrears and voids at historic lows. This is filtering through to their expansion plans, and we’re seeing a high proportion expecting to grow their portfolios in 2015.

"With inflation low and the economy growing, interest rate rises are not expected any time soon, but even when they do landlords claim to be well insulated, with the typical landlord saying it would only start to cause them serious problems if they rose to 7.3 per cent."

Its cold today! Westcliff on sea - 7.8 % yield

Good morning readers. Bit of a cold day out there on this Tuesday morning. Having said that, look what the winds just blown in ...it’s a bargain in Westcliff on sea.

It’s just come on the market this morning and yet again, it’s ticking all the right boxes with regard to the rental market. It’s the right place, right price and also good condition. Just waiting for a tenant to move in!

As ever, these properties are in great demand with two similar properties being rented by us in the past week in Westcliff on sea. With a conservative estimate on the rental figure, I would reckon that this property should rent out at a minimum of £475 per month, which at the asking price of £68,000 will give you a yield of 7.8%.

Check this one out at the following link and give the agent a call Hamlet homes on 01702 568635

http://www.zoopla.co.uk/for-sale/details/34754205?

Should you wish to discuss any other specific properties or just a general chat re the current market, please feel free to contact me on 01702 4777754 Robert@castleestateagentsltd.co.uk or call in and see me at 91 Broadway west, Leigh on sea ss9 2b

Ok people out of my normal area, but a brilliant Deal....

Get calling them today

http://www.zoopla.co.uk/for-sale/details/35876926?

Now, I might be taking a bit of a risk with this property because there are no internal photos, it could be just because the agent hasn't been able to get in there, or it could be because it is a dump! I'm hoping it's not the latter.

These flats are very popular for rentals as the location is good. We would expect this to rent in the region of £675 pcm.

It has just come on the market for £79,995, which is priced realistically in my opinion, of course, it's always nice if you get a little bit off the asking price, although this is getting trickier now.

If the figures all work out, this would gross you an annual return of 9.7%, which for a property Close to the town centre, is pretty good by anyone money

If you would like any information on how to go about searching for a buy to let property, pop in and see me in our office on Broadway west

Flemming Crescent, Leigh-On-Sea SS9 - £225K - Rental yield 4.92%

Today, we are back to Leigh in sea where I have just noticed a great property that was put on the market just after the New Year. Not too sure why I missed this one, must have been due to the frivolities during the holiday period....

Anyway, it's a two bed apartment with a share of the freehold and it's chain free! The asking price for Flemming crescent in Leigh on sea, is just short of £225,000 and from reading the description, I reckon that there is a deal to be done.

So with an asking price of circa £225,000 and I reckon the rental should be in the region of £1100 per month makes a great combination, delivering a yield of 4.92%. From the photos, it looks 'good to go'.

Check it out at http://www.zoopla.co.uk/for-sale/details/34004682?

Should you wish to discuss any other specific properties or just a general chat

 regarding the current market, please feel free to contact me on 01702 477754 

or call in and see me at 91 Broadway west in Leigh on sea.

An Expert ‘Buy-To-Let’ Checklist when looking for Property in Leigh.

Buying to Let - popularly hailed as an alternative to badly performing pension funds - was slowed down by a recession that squeezed mortgage deals and discouraged housing investment. But a reviving market is now generating more attractive mortgages, stimulating property prices and generally raising rent levels again.
We have found that advice for new Buy-To-Let investors can still be contradictory and confusing, like most things if you’re Buying-To-Let, you need to do it right and when a considerable amount of your own money is involved it becomes absolutely critical.

We thought, to try and make the process of buying to let simpler and more successful for you, we would prepare a definitive checklist. So here we go...

•  Research your market – the area, the people you want to rent to, the available property, the benefits and the risks – and keep up with letting industry news.
• Choose your preferred tenant type. Students? Young professionals? Families?
• Find the right property that will appeal to them – houses, flats, older properties, newer builds? Students may not need anything particularly stylish but a young professional might.
• Then pick the right area where they want to live – parents may want to be close to schools and shops; wage earners need to commute to work; students have to be near to their college or university. Look outside your own area if necessary.
• If local crime statistics are available, take a look and bear them in mind.
• Study the condition of any property you are interested in – from roof, guttering and windows on the outside to condensation, leaks and electrical wiring on the inside. Be conscious of fire risks. Check whether extensions or conversions have met planning permission or building regulations.
• Don’t accept the first mortgage offer you get. Shop around. Gather information. Compare.
• Get the maths right – your investment might give a better return in some other way. How much is the right property going to cost? Is the rent you expect to get enough to cover the mortgage and give a profitable return? Does the potential capital growth add up to a good investment?
• Talk to an independent lettings agent before you buy. Most mistakes involve either wrong location or wrong price paid for a property.
• Don't be greedy – Buying-To-Let should be approached as a long-term investment, not a quick fix.
• Be prepared for costs that can upset your calculations – ongoing maintenance, small and major repairs, advertising, future rate rises, mortgage costs, agents fees, tax, falling house values, periods when you can’t find tenants and the property is empty.
• Get the right insurance cover – and that can include insuring yourself against tenants who fail to pay rent.
• If you’re going to manage the let yourself, be prepared to sacrifice your evenings and weekends! If this is likely to be more of a drain than you are prepared for, seek out a professional, fully accredited lettings agent who, for a fee, will look after your property, your interests and your tenants on your behalf.

This checklist offers a selection of do’s and don’ts, but, it is only for guidance purposes, we prefer to sit down, face-to-face, with a new potential investor and offer more solid professional advice, since everyone’s circumstances and expectations are very different. Why not come in and see us in our office in Broadway west

Leigh on sea property values increase by £577.38 per week?

SO WHAT IS THE FUTURE FOR INVESTING IN LEIGH ON SEA ?

Last week, a Landlord visited our office to discuss the rising property prices in Leigh on sea. He owns a diverse portfolio of rental properties in and around the area, so it was interesting to compare the increase in property values.

Upon doing some research, I discovered that, over the last 12 months, the average property value in leigh on sea has risen by £30,500, from £266,801 to £296,850. This is a remarkable increase of 11.26%, which equates to an average of £715.38 per week. When considering detached houses, the average increase is even greater at £44,400 or £1,010.69 per week. I then looked at the surrounding areas to find that, in Hadleigh and Westcliff on sea, the average increase is lower, at around £561.46.31 and £425.23 per week respectively. Nonetheless, this is still a very healthy increase. Compared to the national average rise of £353.90, this would suggest that the property market is performing very well in Leigh on sea and the surrounding areas.

So, when considering this Landlord's buy to let portfolio, not only have the property values increased but the rental values of his properties have risen healthily during the last 12 months also. There has been a consistent increase in demand for rental properties, which suggests that now could be a good time to invest in the property market in and around Leigh on sea.

If you are considering investing in buy to let properties in the area and would like some advice, please feel free to visit our office.