What is the latest on Welling Property Prices? May 2017

As I mentioned last month, perceptions of local residents and the reality when it comes to the housing market are sometimes very different things.

I go into peoples properties on a daily basis having never met them before and sit down to talk about the Welling Property Market. It continual shocks me, even after 10-12 years in the industry, how so many people are pessimistic, either about their home specifically, or the market in general. 

The market in Welling is good, very good in fact, and most of our stock continues to sell at either asking price, very close to it, or sometimes over it, and usually within 1-3 weeks of becoming available. 

The stats below, in comparison to those shown on my March update, prove very positive. The average figures for two, three and four bedrooms homes sold in DA16 over the month surveyed all show an increase, and whilst the figures for the five beds are lower, the volume changing hands is obviously lower too. Leasehold flat figures show a small decline. 

Average Sale Prices in March 2017, Source: Rightmove

Of course you can't sum up the entire housing market for the area in the space of a few transactions in one month, but the prices quoted for the area are definitely on the up if you consider the figures over a longer period of time. 

In general you'll note that it is now very difficult to expect to find a reasonable two or three bedroom flat in the Welling area for anything under the £250,000 mark. In that respect, if you are looking to get on to the housing ladder, a smaller terraced house might be worth considering rather than an exceptional flat. This will save you needing to move again in the coming years, pay service charges and leasehold extension costs, and allow you to get something freehold with outside space. Whilst stretching yourself financially is not wise, especially if interest rates were to rise in the coming years, a "lesser" house would be a wiser purchase than a "better" flat. 

For the foreseeable future, I see no reason the upward trend in local property prices is likely to alter. 

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Investment Property of the Week - 25th April

Marketing Price - Offers Over £260,000

Expected Rental - £1100pcm

Rental Yield at Asking Price - 5.1%

Most landlords I meet in Welling and surrounds are looking for somewhere to park their money that will generate a decent return, but money isn't the only consideration. Low maintenance is a requirement as well!

Making money is one thing, but a property needing continual upkeep, or a tenant that requires "baby-sitting", can make a reasonable monthly income more trouble than it is worth.

Therefore, any property in immaculate condition is going to be top of the list for landlords of that mindset. 

Low maintenance, and a prime location for commuters

This immaculately presented two bedroom flat in a low-rise block is located within a few hundred yards of Bexleyheath train station and therefore attracting professional City-type tenants who commute into central London for work really shouldn't be too difficult. 

Having been on the market for a few weeks you would hope there might be a little give in the asking price of the property by now as it does appear slightly top heavy (although we haven't inspected internally), but with a potential rental yield of over 5% in an area with strong demand, it is well worth a visit for any budding new landlord looking for a quick, simple, easy first rental investment.

Longleat Court, Upton Road, Bexleyheath, DA6
More details here ... http://www.rightmove.co.uk/property-for-sale/property-65132894.html

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Investment Property of the Week - 11th April

The property market in Welling is no different to any other area in that it can go up and down over time. 

At the moment, finding a decent buy-to-let is getting more and more difficult in and around Welling. The supply and demand in the local area is in favour of vendors, as most family homes are selling at asking price, and often above. The opportunity to make a "cheeky" offer and get a bargain has reduced (for now), and obviously it isn't a great investment from day one to be paying over asking price!

Therefore, like I raised in my post last week (4th April), adding value is important for anyone wanting to make a Welling property investment. 

This example requires some renovation internally, but the real opportunity is in the extension potential of a family home located within easy walking distance of the excellent Harris Academy at Falconwood, and therefore always likely to be a strong rental or re-sale property for local families.  

Marketing Price - Offers in Excess of £365,000

Rental as is - £1350pcm

Extension potential - Two become a four/five bedroom, and modernisation

Potential Re-Sale/Rental - £475,000 / £1800pcm

Rental yield with this sort of investment is obviously not going to be as high, but then there are no service charges or lease extensions to worry about with a freehold property, so the NET figure in your pocket every month is often better than first thought. 

You'll notice from the external photos that there is a small garage to the left hand side of the property. Internal renovation is ideally required, but I suppose technically not critical, but adding value by way of an extension would maximise your rental income, but more crucially, add significant value for re-sale in the future. 

Perhaps not a property developers dream deal, but to the average local investor or someone looking for a steady monthly income and longer term pension, well worth a look at. 

Although planning permission is required, you would have thought getting it would be a fairly easy process. You wouldn't be the first person in the local area to want to go into the loft, nor would extending over the garage be an impossible ask. 

If done correctly, extending over the garage would produce another two bedrooms, or a larger bedroom and the potential to add an en-suite to the master bedroom, or additional family bathroom. 

Alternatively, extending in to the loft and having another large double bedroom and en-suite would be a good move. 

Be cautious though, it properly isn't worth doing both and making your house a five/six bedroom as you may find you are pricing yourself out of the area and creating a house larger than most people either need or can afford. 

Given we have recently sold a house on nearby Somerset Avenue, Welling, DA16, a spacious two bedrooms extended only on the ground floor, for £391,000 I'm genuinely surprised that this house hasn't moved at £365,000. But I guess that's other peoples loss, and your potential gain. 

A call to the marketing agent in nearby Blackfen is well worth it on face value ... http://www.rightmove.co.uk/property-for-sale/property-65414342.html

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Investment Property of the Week - 4th April

Marketing Price - £220,000

Expected Rental - £1100pcm

Rental Yield at Asking Price - 6% at asking price

Re-mortgageable value after works - £265,000-£275,000

Something a little different this week .... a great do-er up-er. 

Adding value to a property is one of the most sensible options when considering a property investment, and we therefore recommend looking into this two bedroom maisonette on the Bexleyheath/Barnehurst borders. 

Previous examples of properties I have highlighted as worthy of a buy-to-let purchase will create a small passive income as the rent you collect outweighs the mortgage payment on the property. You'll make a steady income monthly of £200-£300, and some capital growth over time. A good pension plan for most. 

But if you want to get rich quick, or are considering property development as a full-time job rather than part-time side income, then adding value to anything you buy is the best way forward. 

So where's the angle on this one?

A two bedroom maisonette with private section of garden, this property on Martens Avenue is in need of internal renovation. Similar properties in the local area, including Russell Close, DA7 where I have family based, are comfortably changing hands for just over the £250,000 even in fairly average condition, and I see no reason those figures won't steadily increase over time. 

If purchasing this property, marketed for £220,000 and for over 7 weeks and counting, for nearer the £210,000 mark you could comfortably get in and re-furb knowing whatever you spent on it would be considerably less than the end value once completed. 

A property purchased at £210,000, with £20,000 spent on it, and then worth £265,000-£275,000 offers instant equity. And that is the real secret. 

Re-finance!

With a sensible deposit of 25% for a buy-to-let purchase, you'd have to put roughly £50,000 down up front, and other costs of Stamp Duty and renovations, would take the all in spend to nearer £80,000. But your mortgage on the property would therefore be around £150,000 tops, on a property worth, if done correctly, nearer to £275,000. 

Re-financing once complete with a 75% Loan To Value mortgage would mean you could extract around 65-70k from the property, and that there is your finance for the next purchase!

Of course the figures are rough, but the idea is there, and if done properly, you'd be making that £200-£300 a month, and you'd have raised enough money from the deal to then go on and buy another flat within 6-9months. 

And it doesn't take a genius from there to work out that if repeated a couple of time over the coming years before you know it you'd have a full-time income coming in. 

If you're interested in this specific property, the details are available here ... http://www.rightmove.co.uk/property-for-sale/property-64702499.html

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation