26 November 2014

How can I find a good property deal in Andover?

I was chatting with a Landlord recently who mentioned that there are not bargains to be bought in Andover at the moment.  Whilst we do sell property we are always happy to give advice on potential good investments to Landlords, whether we have the property on the market or not.  I did a little bit of research and found that there are bargains still to be found out there.
A 4 bed detached on Salisbury Road sold in 2007 for £369,950. In June of this year it sold again for £330,000, a drop in value of 10.8%!  A 2 bed terraced house on the Roman Way estate, sold for £135,000 in June this year. It had previously been sold in 2007 for £149,000, these are excellent value properties.
The common thread here is that both of these properties had been purchased in 2007, around the time that the market began its downward slide and although prices have picked up there are still bargains out there.

Whether you are a landlord of ours or not, drop by our offices if you would like any advice...

17 November 2014

Permanent ban on estate agency boards

Some time ago Hastings Borough Council applied to the Secretary of State to remove “deemed consent” which allows agents to display For Sale and To Let boards.  They were particularly concerned with the seafront area of this historic town as, at one time, there were over 100 boards on display, not giving a great impression of the town.  The Secretary of State allowed for this right to be removed for a period of 5 years.

However, towards the end of this period the council applied once again to have this right withdrawn permanently and the Secretary of State has allowed this, thereby keeping the seafront totally clear of all boards.

Obviously the council believe this to be for the good of Hastings but I for one am glad I am not an agent there!

13 November 2014

'Winterise' your property to avoid unnecessary damage

Not preparing your house for the winter months can cause a lot of damage- to you home and your wallet! 

I’m sitting here writing this and the rain is lashing down – winter is definitely on its way.  Although it has been mild recently, there are a few tasks that should be undertaken now to hopefully avoid any nasty surprises further into the winter:

  1.        Check guttering – now that most of the leaves are off the trees it’s a good time to check and clear gutters.  In our experience a lot of damp issues are often caused by blocked and overflowing gutters and down pipes.
  2.        Check roof tiles and chimneys – you can take a look in the loft initially as this will show any possible damp spots.  If there are issues, get the roof checked for cracked and slipped tiles.  Another favourite area for letting in damp is chimneys.  Do they need capping?  Is the flashing in good order?  All these tasks can be checked by a good roofer or builder.
  3.        Ensure all pipes are adequately lagged– this especially applies to external pipework, even a short run to an outside tap.
  4.        Switch off the supply to outside taps and drain them down to avoid pipes freezing and bursting.

Always remember though that buildings need to breath, so ventilation is still very important to avoid a build-up of condensation.

7 November 2014

Are one bedroom flats in Andover good investments?

Flats are always a good investment in the Andover area.  If you are considering buying a flat its always best to try and get two double rooms if going for a 2 bed as this widens your market to sharers as well as couples, if you are happy to go down this route.
There are over 2,400 flats in Andover.  This represents around 13.8% of the housing stock here, with the national average being around 17.3%. The average price of flats with one or two bedrooms in Andover is around £134,600, which is just over 6% higher than 12 months ago.

You can buy a one bedroom flat in Forge Field at the bottom of New Street, for a very reasonable £120,000. If a landlord put down a £20,000 deposit and borrowed the rest, they could achieve around £600 per month in rent. Even after paying the service charge, yields could reach around 5.2% per year, fairly standard for the area. However, you must remember that every landlord’s tax and interest rates are different, so it is essential to research your investment carefully before committing.
Finally, let’s not forget about the potential increase in capital value of the property. I was looking at the one bedroom flats in Forge Field and found that they sold for around £103,000 five years ago.  The price has increased by around 12% since then so giving a healthy profit, as well as a good monthly income

If you would like some advice about what could make a good investment, please visit our office.

5 November 2014

Land Registry reports a slower market

The September report from the Land Registry showed that the rising of house prices is slowing.  The report for September, released this week, shows that the average price of a house in England and Wales is now £177,299.  This is down by 0.2% on the previous month although up by 7.2% on the same time last year.
The figures for Hampshire are slightly better with the average house price higher at £228,020 with the monthly difference standing at 0.8% and the yearly figure showing an increase of 7.7% from the same point last year.

A positive note from the report showed that repossessions were down compared to the same period last year.  In the months of April to July 2014 repossessions averaged 890 per month across the country compared to 1324 in the same period last year.  On the whole repossessions would appear to be on a downward trend.