Vestry Gardens - Gloucester 6.6% Yield

This very well presented 2 bed flat has just come on the market with Sure Residential. This would make an excellent buy to let as this is a popular rental area. On the market at £103500 , the selling agents are quoting a rental of £595/£625.... Maybe... at a push but I think a figure of £575.00 is more likely. Even so this will give a yield of 6.6% - Don't forget those monthly service charges though.

             http://www.zoopla.co.uk/for-sale/details/34020233                  

Sure Residential Say - Calling all investment buyers & first time buyers! This beautifully presented two double bedroom purpose built apartment located in a sought after modern but private development with electric gated access offers exceptional value for money. Situated on the top floor with excellent views over looking Gloucester and the surrounding hills, the property consists of an open plan kitchen/lounge - The modern kitchen is well kept and provides many built in appliances, the light and airy lounge is of a good size plus provides a Juliet Balcony. The property also provides two doubles bedrooms, good sized bathroom with electric shower over, plus excellent storage facilities. Other benefits include private allocated parking, double glazed windows throughout plus the property owns the attic space which provides A huge amount of extra storage. Investment - Possible rent £595 - £625 / expected yield 7.5% (only to be used as a guide)

I say that this is worth a look but check out the service charges and build them into you figures. If you would like advise regarding this or any other properties, please contact me on neil.west@belvoirlettings.com

2 Bed Terrace - Cheltenham 5.5 % Yield

I like the look of this 2 bed terraced property in Cavendish Park, Cheltenham. It is on the market with Peter Ball & Co at £135k. We  recently let a similar property in Cavendish Park and this one  should a achieve a monthly rental of £625 or even £650 at a push. Base your figures on £625 and that's a 5.5% Yield 

http://www.zoopla.co.uk/for-sale/details/33979331

Peter Ball say - Draft particulars (awaiting vendor approval). Situated in a cul-de-sac is this modern two bedroom mid terrace home, benefiting from two off road parking spaces. The accommodation comprises an entrance hall with archway to the kitchen and door to the living room. The kitchen includes a range of wall and base level units, stainless steel sink/drainer unit and space for domestic appliances. The living room measures 16'9 x 11'10 and has sliding patio doors to the rear and stairs leading to the first floor. Bedroom one is a double with a built-in double wardrobe, whilst bedroom two is a well proportioned single. The shower room comprises a shower cubicle, pedestal wash basin, W.C and tiled surrounds. To the rear is a low maintenance panel fence enclosed garden. To the front is one off road parking space and just along from the house is a communal car park with one allocated parking space. The property further benefits from gas central heating and double glazing.

I say that this is a good, popular area and 2 bed houses here are in demand. Take a look at Peter Ball's website and arrange a viewing. If you would like any advise regarding this property or any others, then please contact me on neil.west@belvoirlettings.com

Housing market: Churchdown vs Shurdington

                               St Bartholomew's,  Chosen Hill ,Churchdown 

I was recently talking to someone who lives in Badgeworth, that lovely village between Cheltenham and Gloucester. He wanted to purchase his first Buy to Let property and had noticed my previous articles, so was interested in getting to know the industry a little bit more. As he has lived in the village for over 18 years and he felt comfortable investing around there as he knew it well, we started to discuss the property market in his area.

He asked what my thoughts were on the village of Shurdington, as it appeared to him that made an excellent place to start. Yes, of the 857 properties in the village, the average rent achieved for the rental properties over the last 6 months has been £1,786 per month and with average values at £297,800, that makes ‘on paper’ a very healthy 7.2% pa yield. However, the issue is that there are only 36 rental properties in the whole of the village and in the last 6 months, the only ones that have come up for rent have been those at the upper end of the price scale, meaning it affected the figures considerably. I have a large database going back as far as 2000 for both the Cheltenham and Gloucester of just about every property that has rented and its rental price achieved. This database enabled me to tell him that the long term yield in the village was much nearer the 3% to 4% mark, depending on the year in question. Also, due to what type of properties have been built in Shurdington (mostly cottages and middle/up market houses), he might have to wait a long time for a suitable property that would have good tenant demand (lower to middle terraces and semis) to come along.

However, with my local knowledge I was able to tell him that literary a stone’s throw away, on the other side of M5 was the village of Churchdown. There is a much more vibrant rental market, with over 491 properties under rent (representing 9.9% of the households in the village compared to Shurdington’s 4.2%). Values in Churchdown have risen at a faster rate in the last 5 years, rising by 18.8% compared to Shurdington’s 15.2%. Also, there are plenty of 3 bed semis in the village which can be bought for around £230,000 to and they rent for around £850 per month, a healthy yield of 4.4% per year, especially since 1999, semis in Churchdown have on average risen by around 189% in value. Interestingly the larger properties in Shurdington have only risen (although the number of comparables is very low) somewhere in the order of 140% to 160% depending on location within the village.

So with a reasonable yield and excellent capital growth, I recommended he consider Churchdown for a quicker investment instead of waiting potentially years for the miniscule chance a semi in Shurdington may come onto the market. If you would like to pick my brains on the local property market, feel free to pop through the door of our offices in either Cheltenham or Gloucester or email on neil.west@belvoirletitngs.com

5 Flats for sale Gloucester -Impressive 7.3 % Return

This property in Gloucester has just come on the market with Farr & Farr. House converted into self contained flats. It is on the market for £295K and the agent advise that the current rental income is £21720 per annum. That's a very impressive 7.3% yield . This looks interesting but you need to do lots of  due diligence in this sort of situation. Things like tenancy agreements, tenants deposits, safety, rent arrears etc.

                                 

  

                                 http://www.zoopla.co.uk/for-sale/details/33981088

Check out the link above for more details and contact me if you would like some free advice. If you are interested, I will gladly visit the property with you so that I can give you my opinion.

For advice about this or any other property, please do contact me. If you have a property and it is already tenanted and you would like some advice, I am happy to help. 

Honeybourne Drive, Cheltenham - 2 Bed Terrace 5.3% Yield

I've just spotted this property on the market with Andrews at £140K - 2 Beds , double glazing, Gas central heating and parking. Looks great, should let for £625 PCM - No problem ! Nice easy investment opportunity. 

                            http://www.zoopla.co.uk/for-sale/details/33902361

This is what Andrews have to say : Situated in "Cavendish Park " on the western outskirts of Cheltenham, this well presented mid terraced home offers entrance hall, living/dining room, kitchen with range of fitted units and door to rear. Upstairs has a landing area with two bedrooms and a bathroom including a shower over the bath. Outside the property has garden and driveway at the front providing off road parking whilst to the rear there is a low maintenance courtyard style garden enclosed by fencing. Finally the property also benefits from double glazed windows and gas central heating to radiators.

I think that this is a great investment opportunity for the landlord who wants an easy life . Horse for courses - The returns wont be as good as a refurb project but not everyone want the hassle. 

If you would like advice on this or any other property please get in touch neil.west@belvoirlettings.com

Fancy a project?

Just seen this 2 bed Terrace in Gloucester marketed at £79950. Ok not for the faint hearted but if you fancy a challenge and an opportunity for adding value and a great return, then this could be for you. This will need some money spending. How much ? Hard to tell without viewing but say £20K , then that would be an investment of £100K and should rent for £550 PCM - 6.6% Return ! Have a chat with Steve Gooch and see how much they think this would sell for in tip top condition and I bet you will be quids in. Don't forget the Attic room potential . Maybe £575.00 if attic is suitable for a bedroom. 

                http://www.zoopla.co.uk/for-sale/property/tredworth/victory-road/

Steve Gooch say - This Two/Three Bedroom Property Is In Need Of Renovation. Benefits include Lounge, Separate Dining Room, Kitchen, Utility Area, Attic Room/Bedroom 3, Courtyard Garden In Need Of Landscaping and No Onward Chain. 

I say that you should take a look at this and do your sums. Take a builder with you and get some idea of the refurb costs. This could be a great investment for the adventurous! 

Cheltenham & Gloucester property prices .. the long climb back to 2007 prices

Some landlords have been speaking to me recently about stories in the press and their concerns about booming house prices and the next housing bubble in Cheltenham and Gloucester. In the past few years, if you were going to be buying in Cheltenham and Gloucester, it was vital to ensure you built in some capital growth by buying cheaply or finding a way to add value.  With property values increasing in both Cheltenham and Gloucester are properties becoming too expensive?

The height of the boom was 2007 then, prices dropped nationally by 10% to 15% in 2008 and only started to rise a couple of years ago.  According to the Halifax average property values in the South West still have to rise by 8.5% to reach those heady days of 2007. However, I have been looking at the recent Land Registry sales reports on both towns ( which make fascinating reading by the way) and looking at every property sale in both Cheltenham and Gloucester that completed in the Spring, my calculations show that Gloucester property market has in fact done better than the SW average and we are now 2% over (on average) the prices we were achieving in 2007. Cheltenham is even better at 3.2% (on average) over the 2007 peak.  So does that make them too expensive?

Yes and No. Let’s take Cheltenham as an example. In 2007(the peak of the boom) the average value of a property in Cheltenham was £279,900 and today its 3.2% higher at £288,900, so yes, they are too expensive. But then again No, because these headline figures don't take into account inflation. Since 2007, inflation has risen by around 19%. If  ‘2007 property prices’ had kept up with inflation, that same average Cheltenham property wouldn’t be £288,900 today but £279,900 plus 19% inflation which equals £333,081. Most people think inflation is a bad thing, eating away at the real value of your savings. It can however, be advantageous to property investors. With average values in Cheltenham running at around the £289k mark (or £288,900 to be precise) property has never been as cheap (in real terms) since the early 1990’s, even with the recent house price inflation. 

My answer to landlords is get the best advice and opinion you can. Speak to me, speak to others, do your homework and drive a hard bargain when buying. The market is good, very good, but if it was a runaway train, why have only 104 of the 526 properties that have come on the market  between the middle of June and middle of July in Gloucester found a buyer .. if you look hard enough, you  can still find the property bargains.

Please contact me if you would like some advice on neil.west@belvoirlettings.com

Maythorn Drive - Cheltenham - 5.7% Yield

I've spotted this 2 bed terraced house, that has  just come on with Taylors . On at £130K and should rent for around £625, that's a great yield of 5.7% which is pretty good  for Cheltenham . 

http://www.zoopla.co.uk/for-sale/details/29967872

This is what Taylors say: Taylors Estate Agents are pleased to offer this well presented two double bedroom house, situated in a cul-de-sac location within convenient access to Cheltenham Town Centre and the amenities it offer's. The property further benefits from a living room, kitchen/breakfast room, re-fitted white bathroom, enclosed and private low maintenance rear garden, uPVC double glazed windows and doors, a Gas central heating system and driveway parking for 2 cars at the front of the property.

I say that this  won't be on the market long. It will be snapped up by an investor or 1st time buyer. Call Taylors now if you are interested. 

Please feel free to get in touch if you would like some free advice on this or any other property 

Brookthorpe Close - Tuffley - 5% Yield

Just seen this on with Steve Gooch at £145k - Very nice extended 2 Bed house . Good size garden and would suite a young family. Don't forget families stay longer and tend to look after properties. Not always I know but generally. Will rent for £595 or maybe £625 at a push and that's a 5% yield. Get a nice family in there and its easy letting. 

                             http://www.zoopla.co.uk/for-sale/details/33883081

Click on the link above and check out what Steve Gooch have to say and additional pictures. 

If you would like any FREE advice just get in touch with me. 

Chapman Way - Hatherley - Long Term Family Rental

I've spotted this 3 bed in Hatherley, on the market with Sam Ray. I don't usually pick 3 beds as its harder to make the figures work, however I think this is a cracker.On the market for £195k, I think it would let for around £795 PCM, giving a  yield of 4.9 %

                             http://www.zoopla.co.uk/for-sale/details/33873267

Ok , you may ask why would I go for this as the yield is lower than most of my other recommendations ? 

Here is why ! Its a 3 bed , rather than a 2 bed therefore you will attract families and families tend to need stability and good schools. Families stay longer hence less voids and letting agent fees. Also house prices are rising at the moment so a 10% increase on 195K is more than a 10% increase on 170K. So take a look and give Sam Ray a call 

Check out the link above for more information from Sam Ray. I can tell you that Hatherley is one of the most popular rental areas in Cheltenham and for me, that makes this an attractive investment proposition. 

If you would like FREE advice re this or any other investment property, then please contact me. 

The future of the Cheltenham and Gloucester rental markets

It might surprise some readers that the average rent, that tenants have had to pay for a rental property in Cheltenham and Gloucester, are only 4% to 5% higher than the peak of Spring 2008. After the Spring of 2008, when the average rent in Cheltenham was £883 pm and £756 pm in Gloucester, there was a dip in the average rents achieved in both places of around 1.2% by 2009 and again in 2010 by a similar amount. 

Interestingly, rents nationally dropped by around 11% to 15% between 2008 and 2010, showing both Cheltenham and Gloucester had good resilience to the general economic woes of the UK at the time. Throughout 2011, rents rose by 3.6% and by just around 5.3% in 2012. Since 2012 to date, there has been a slight reduction in average rents in both places by 1.9%. Today, the average rent of a property in Cheltenham is £923 pm and £790 pm in Gloucester.

This is all still despite the modest rise in wages in both Cheltenham and Gloucester. According to the Government, the average wage in Cheltenham today is £37,744 pa and £28,288 pa in Gloucester, but wages in the South West have only grown by 0.9% in the last 12 months. Demand has remained good 

From a landlord perspective, whilst rents aren't keeping up with inflation, with interest rates at an all time low (meaning finance charges are similarly low) and as property values in Cheltenham have seen a rise of over 8.4% in the last 12 months and 5% in Gloucester, and average yields in the 4% to 5% per annum range in both places, landlords must look at the investment as a whole. 

Feel free to pop through the door of either of our offices in Cheltenham or Gloucester or email on neil.west@belvoirlettings.com for any advice and opinion on what (or not to buy) for your first, second, third or even thirty third buy to let investment 

2 Bed Hempsted Gloucester - 5.0% Yield

This looks like a safe rental bet. 2 Bed semi in Hempsted. On the market with Andrews at £156K and should rent for £650 PCM - 5.0 % Yield . Not bad really for a modern property. Built in 2011 so should be low maintenance.

            http://www.rightmove.co.uk/property-for-sale/property-31313829.html

This is what Andrews have to say about it: A two bedroom property constructed by Bloor Homes in 2011. Being an ideal first time or investment purchase the property offers entrance hall, cloakroom, living room and fitted kitchen/dining complete the downstairs accommodation. Upstairs are the two bedroom with master bedroom offering en-suite shower room. The family bathroom completes the accommodation. Further benefits include double glazing and gas fired central heating. Externally the property offers enclosed rear garden and two allocated parking spaces, found directly behind the garden.

I say that with 2 double bedrooms and 2 bathrooms that this is the perfect property for professional sharers so give Andrews a call or click on the link above.

3 Bed Terrace - Cheltenham 5.2% Yield

Take a look at this 3 bed terrace in Windyridge Gardens - Wymans Brook. On the market for just short of £165k with Andrews in Cheltenham. This should let for £725 PCM and that's a yield of 5.2%. Wymans Brook is a popular residential area and properties like this are in high demand. 

                        
                           http://www.rightmove.co.uk/property-for-sale/property-46155035.html

Andrews have this to say about the property: Situated in the "Wymans Brook" area of Cheltenham, this mid terraced home is offered with no onward chain. The accommodation includes entrance hall, kitchen, living/dining room, 18' x 9' 9" double glazed conservatory. Upstairs has three bedrooms ( two doubles ) and a bathroom including shower over the bath. Outside the property has open plan garden to the front with driveway parking for one car leading to integral single garage. To the rear there is an enclosed garden with gated pedestrian access to the side. The property also benefits from double glazed windows and gas central heating to radiators.

I suggest you check out the link above and arrange an early viewing of this property with Andrews. 

For advise about buy to let or any other aspect of the property market, please call me or email Neil West on neil.west@belvoirlettings.com

3 Bed Terrace - Linden Gloucester - 5.75% Yield

Just spotted this on Rosebery Avenue in Linden Gloucester. Properties in Linden always let well and we have just let one at £575 on the first viewing. I think this one may get a little more but if you base the yield on £575 PCM on a £120K Purchase price - That's a return of 5.75 % 

http://www.zoopla.co.uk/for-sale/details/33768823

On the market with Michael Tuck and they say : Michael Tuck are offering this extended three bedroom mid terrace house, requiring some updating, situated in the ever popular, Linden area of Gloucester. The accommodation comprises of: Entrance hall, lounge & dining areas, Kitchen & ground floor bathroom whilst to the first floor are the three reasonable bedrooms. Additionally the house benefits from an enclosed easterly facing rear garden. Call to arrange a viewing !

Check out the link above for more details and if you would like any advice regarding this or any other property, please contact me - Neil West  neil.west@belvoirlettings.com

How can you find a good property deal in Gloucester (and even Cheltenham) ?

The best way to add value to your rental property ?  

 

The subject of a lack of Cheltenham and Gloucester property bargains over the last couple of years has always been near the top of most local landlord’s thoughts. I have built up an extensive database of every property sale in the area since the late 1990 ’s, so am able to give an objective and unbiased opinion on what (and what doesn't) make a good property deal / investment. Knowing what is and what has happened to the property market in Cheltenham and Gloucester, enables me to spot any trends or opportunities for buy to let landlords.

Here are some bargains that I spotted at the time and made a note of. It’s obvious other people thought the same as some have now resold a few years later. A 5 bed mid terraced on Knowles Road in Gloucester sold in February 2013 for just £112,000. Admittedly it needed a lick of paint, but it was decent sized 930 sq ft house. What a bargain, because they sold it again eleven months later for £132,000 .... a 18% increase in just 11 months. If you were wanting something in Cheltenham, one buyer paid £195,000 in the late Spring of 2012 for a 650 sq ft two bed Victorian terraced house on Moorend  Road, just off Leckhampton Road on the South side of the town, selling it again this year in April for £230,000, a rise of 18% in two years  against the Cheltenham average of 4.8%.

Whether you are a landlord of ours or not or someone thinking of investing in rental market for the first time, drop by our offices for any advice and opinion on where the bargains are in the area. You see, as I don’t sell property, I can look at the whole of the market. Please email me on neil.west@belvoirlettings.com for any opinion on the Cheltenham and Gloucester property markets.

Carter Road - Cheltenham - 5.6% Yield

Cheltenham investment opportunity- Three bed semi  located just off the Tewkesbury Road .On the market for £160K with Andrews. I think that this could let for £750 PCM maybe even a bit more as a shortage of 3 bed family properties at the moment. 

http://www.zoopla.co.uk/for-sale/details/33652991

Andrews Say- Situated in cul de sac of similar properties and offered for sale with no onward chain, this semi detached house comprises: Cloakroom, entrance hall with archway to living room, kitchen/breakfast room with doors to rear. Upstairs has three bedrooms ( two doubles ) and a shower room ( formerly bathroom ). Outside the property has front garden of lawn bordered by mature hedging and pathway to side leading to enclosed 36' x 22' paved rear garden including single garage.Finally the property also benefits from double glazed windows and gas central heating.

I Say - check out the link above and take a look at this in more detail. If you would like some advice on this or any other property you have seen, please email me the link for a second opinion. 

Two Bed Hasfield Close - Gloucester - 5.5 % Yield

Today's property is in Hasfield Close in Quedgeley . Nice two bed terrace house in a very popular rental area. Quedgeley appeals to people who work in Gloucester , Cheltenham and Bristol.This should let for £575PCM and at a purchase price of 125K, that's a 5.5 % Yield.

http://www.zoopla.co.uk/for-sale/details/33702166

On the market with Michael Tuck this is worth looking into. 

Tucks say : Ideal first time buy or buy to let!

Michael Tuck estate agents are pleased to bring to the market a two bedroom terraced house located in a cul-de-sac location off Severnvale Drive. Comprises of entrance hall, kitchen, lounge diner and upstairs bathroom. Further benefits include UPVC double glazing, gas radiator central heating, allocated parking and rear garden

Looks good to me as an investment opportunity !

Corn Meadow Drive - Cheltenham - 5.75 % Yield

This house looks fantastic. Check out the full details at the link below. Presented in tip top condition and should let for £695 on a purchase price of £145K , a safe 5.75% yield and ready to go. It is on the market with Northwoods and I suggest you book a viewing quickly as wont be around long.

http://www.zoopla.co.uk/for-sale/details/33549190

Northwoods say:

A semi detached house for sale in Cheltenham in a cul-de-sac location. Accommodation comprises two double bedrooms, one single bedroom, bathroom with shower over the bath, one reception room with door to rear lawned garden, modern kitchen with fridge freezer. Benefits from parking on driveway for three vehicles and gas central heating. Fantastic investment property

I say : That if you are interested, phone Northwoods now and book a viewing before someone gets in before you. If you want some advice about this or any other property please give me a call on 01242 221188