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.

Leigh on sea property - 3 bed semi-detached house - Buy-to-let opportunity

I've just come across this 3 bedroom semi-detached house on the market with Bairstow eves in Leigh on sea for offers in the region of £190,000.

Properties in and around Leigh on sea are always in high demand - particularly for rent - and it looks like it is in good condition, perhaps only in need of a minor 'face-lift'.

I would expect the property to achieve a monthly rental amount of £950 to £1000 giving you a yield of 6.14 % as well as the potential for some good capital growth.

I would recommended a quick viewing on this as its will go fast!!!
Have a look at the property here:

http://media.rightmove.co.uk/dir/1k/249/33099270/249_LEI140320_IMG_00_0000_max_214x143.JPG

Leigh on sea property with a 5.85 % yield.

This place is being marketed by Ashleigh stone and with no upper chain its screaming out to me that there's a deal to be done here in fact it's cheap already!  And if its needs some work there should be an opportunity to add value to this.

You could rent this 1 bed flat for £750 which would give it a 5.85% yield - which is at the top end of potential yield you can get in Leigh on sea for a 1 bed flat.

Have a look for yourself here:

http://www.rightmove.co.uk/property-for-sale/property-32814672.html

I wouldn't be surprised if it's already gone.

If you're interested in investing in the local area but aren't sure what to go for or where the come and have a chat with me.  I don't sell houses so my opinion is completely impartial and completely free. You can get me on 01702 477754 or email Robert@castleestateagentsltd.co.uk.

Want to know a bit more about Letting in Leigh on sea?  Check us out here:

www.castleestateagentsltd.co.uk

Average house prices stand at an average of £188,446.

The property market started the year on the back foot with annual house price growth slowing for the fifth month in a row, figures showed today.

The average cost of a home increased by 6.8 per cent in the year to the end of January, according to Nationwide Building Society.

The gain was the smallest annual rise since November 2013 and was down from year-on-year growth of 7.2 per cent in December.

image: http://st.zoocdn.com/zoopla_static_cms_content_cms_document_assets_(282458).jpeg

Robert Gardner, Nationwide’s chief economist, said: “The further moderation in the pace of price growth is unsurprising, given the slowdown in housing market activity in recent months.

“The number of mortgages approved for house purchase has been around 20 per cent below the level prevailing at the start of 2014 and surveyors continue to report subdued levels of new buyer enquiries.”

But he said that the reasons for the slowdown in activity were less clear, as unemployment was falling and wage growth had started to outstrip inflation for the first time since the financial crisis.

He added that although the rate at which house prices are rising was continuing to outpace income growth by a significant margin, affordability at a national level did not appear to be stretched.

The cost of servicing a typical mortgage also remains close to the long-run average as a share of take-home pay.

Despite the slowdown, prices still rose by 0.3 per cent in January, to stand at an average of £188,446 – 2.4 per cent higher than their pre-crisis peak.

Going forward, Nationwide expects the housing market to regain momentum in the coming months as the economy continues to improve.

Data from the Land Registry, also out today, showed a 0.6 per cent jump in house prices in England and Wales during December.

The increase left the average home costing £177,766, slightly below the peak of £181,138 reached in November 2007.

The market continued to show considerable regional variation, with house prices in London soaring by 1.8 per cent during the month, leaving the typical home in the capital costing £464,936 – more than double the national average.

Property values also rose by a strong 1.5 per cent in the east, while they were up 0.7 per cent and 0.6 per cent in the south east and Yorkshire and the Humber respectively.

But at the other end of the scale, prices fell by 1.6 per cent in the north west.

The average cost of a home in the region has increased by just 1.5 per cent during the past year to stand at £110,548.

Property values also dropped in the south west, falling by 0.9 per cent during the month, while they dipped by 0.7 per cent in the West Midlands and were down 0.5 per cent in the East Midlands.

On an annual basis, prices increased by 7 per cent across England and Wales as a whole, down from a rise of 7.2 per cent in November.

The figures also showed that 1,132 homes changed hands for more than £1m in October, the latest month for which figures are available, the equivalent of more than 36 properties a day.

Meanwhile, a member of the Bank of England’s Monetary Policy Committee suggested interest rates could stay at their current record low for some time.

Andy Haldane, the Bank’s chief economist, said the MPC was in no hurry to raise the Bank Rate, and when it did start increasing rates, rises could be as low as 0.5 per cent a year.

Speaking to the Daily Post newspaper, he added that the norm for rates could become 2 per cent to 4 per cent.

His comments are good news for homeowners, who look set to benefit from low mortgage rates for some time to come.

Read more at http://www.zoopla.co.uk/discover/property-news/smallest-gains-in-house-prices-in-a-year-29-01-15/#POJx2Of024cjJJ2m.99

FIX YOUR MORTAGE AT 3.5% FOR 10 YEARS

One of the big risks to all landlords, myself included, is rising mortgage rates. We've been insulated from this for a while now - rates have been at an all time low for many years - but don't be complacent about that - just as some people allowed themselves to believe that property prices couldn't crash, in 2007 they did. In the same way whilst some people believe that mortgage rates will never rise, at some point, they will! As such fixing your rate at a manageable level can be a good idea. 

There was good news for investors this week as a couple of mainstream lenders announced 10 year fixed mortgages from under 3.5%. Until now this sort of offer has been available for private purchases but not for investment properties - that is clearly changing. If you're investing for the long term, as many new purchasers are, this means you can have visibility of your main cost for a decade.
This means spending £125,000 on something that will rent for £600PCM (there are a few options in this price range), will mean you would end up with a monthly mortgage payment of less than £250, fixed for 10 years - so the income and cash flow would be pretty good. I have an investor applying for one of these things currently - she's taken £30k out of her bank, expects to get £250 per month income after all costs - a 10% return (based on the £30k), plus the benefit of (hopefully) appreciating property prices over the next 10 years. 

New mortgage products like this, or changes to pension rules which take place later this year, have the effect of drawing even more people to investing in property. If you're thinking of the same, and want to discuss your options, please get in touch with us for an initial chat.