Welling Property News: Property of the Week

Showing posts with label Property of the Week. Show all posts

Tuesday, 26 September 2017

Excellent Auction Result - a 16.5% return!

During 2017 I have highlighted on this blog many properties I consider to be good buy-to-let investments for landlords looking to grow their portfolio, as well as development projects.

Well its about time we started demonstrating some of the results!

And its prompted by the sale (at last!) of Flat 5, 104 Southwood Road, SE9 which has been in various auctions this year.

We recommended it as a potential purchase, for a good rental return, back in June of this year (link here ... http://dansonps.blogspot.co.uk/2017/06/welling-investment-property-of-week.html)

At the time the Guide Price was in the region of £90,000, with a tenant in situ paying £840pcm rent, offering a return of as much as 9%. A very good return, albeit for a small property.

It appears that no-one appreciated the good deal in June and it remained unsold at auction, which I imagine was disappointing news for the owner.

BUT ....

Better news for the new buyer! It was re-listed at auction in September and sold at £61,000. Not a great result of the seller, and I've no idea what prompted such a cheap sale, but what an outstanding buy-to-let return for the new owner. £61,000 outlay, with a return of £840pcm rent, is a rental yield of 16.5% !!!!! Unheard of in my career other than for high-rise unmortageable concrete tower blocks on horrible estates.

Be sure to follow our blog, because if you have money to invest in property, we'll point you in the right direction.

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.

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

Wednesday, 26 July 2017

Welling Investment Property of the Week - 26th July

Marketing Price - Guide Price £160,000 - £180,000 Cash Buyers only
Expected Rental - £950 - £1500pcm
Rental Yield - Between 7% and 11% depending on letting type

Something a bit different this week, a cash buyers only tower. But why? Read on ..

If you are looking for a good investment property in the local area, looking for the "norm" is fine, but you will come across considerable competition from other investors, as well as the regular first-time buyer. That means getting a great deal is unlikely.

Looking for something "outside the box" makes more sense, where you can add value, or maybe chip away at the asking price a little.

Step forward any property being advertised as "Cash Buyers Only".

But why?

Supply and demand, simple. With the removal of the all regular mortgage buyers, the amount of people interested in any cash only property will inevitably be smaller, and that potentially gives you more room to negotiate, and the vendor less alternative options when you place your offer forward.

In this example we have Shenfield House, SE18 by the Queen Elizabeth Hospital ....

Perhaps not the prettiest thing you've ever seen, but at a Guide Price of £160,000 - £180,000 numbers wise its as attractive as they come.

A regular rental would achieve a rent of around £950pcm. This is a 7.1% rental return at the lower end of the guide price quoted. Not too bad.

Bearing in mind you neighbour the hospital, with shift workers, and maybe some lower end income hospital employees or student/doctors/nurses, and looking more closely at the floor plan, you'll note that a room let arrangement wouldn't be beyond the possibilities.

It's fair to assume that people living in tower blocks often don't have the higher expectations of many others, and the option to house three tenants across the three double rooms, at circa £500 per room per month offers affordable housing to low income tenants, and a fantastic £1500pcm income ... £18,000pa!!

A return of nearer 10-11%. Well worth considering.

Perhaps this one isn't quite right for you, but if you want help in finding one that is, or have a rental investment elsewhere you would like a second opinion on, please do not hesitate to get in touch directly at kevin@dansonpropertyservices.com

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

Saturday, 8 July 2017

Welling Investment Property of the Week - 8th July

Marketing Price - £265,000

Expected Rental - £1200pcm

Rental Yield - 5.4% at asking price

The supply of good rental properties for landlords to acquire in the local area shows no sign of dropping.

This two bedroom maisonette in Bexleyheath offers an excellent rental return and given it's immaculate condition and being within sensible walking distance of Bexleyheath station you would expect it to sell quickly, but then rent quickly as well.

Well located and in excellent condition

Tenants generally, especially young professional couples, will just want something clean, modern and well located for them to get to work. Add to that the private garden space and quiet cul-de-sac location and you are looking at an easy rental for 3-5 years.

Well worth a call to Parris in Bexleyheath to enquire in more detail. The full property particulars can be found here ... http://www.rightmove.co.uk/property-for-sale/property-67528304.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.

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

Thursday, 29 June 2017

Welling Investment Property of the Week - 26th June

Marketing Price - Offers in Excess of £250,000

Expected Rental - Circa £1100pcm

Rental Yield - 5.3% per annum

The northern side of Welling up towards Lodge Hill and Bostall Heath has traditionally been a lot more affordable that the south side of Welling near the park, and in and around the High Street.

Of course, with Crossrail coming in 2018 to Woolwich and Abbey Wood, suddenly the north side of town might be worthy of closer inspection if you are considering a money making investment.

Step forward this property, a two bedroom flat on Hadlow Road, DA16.

Spacious and not in need of any work prior to renting

To maximise your rental investment in is crucial you have two double bedrooms to ensure you can appeal to all demographics, ideally, two sharers.

Given that this property needs no internal work prior to renting, and will be within sensible walking distance of the new Crossrail extension opening in 2018 in Abbey Wood, you would expect that its popularity over time will only increase, and that in term brings greater rental demand and therefore income, as well as a jump in its sales value if you want to re-finance in the future, or sell in the medium term.

In short, whilst traditionally less desirable, the north side of Welling has a lot of changes likely to come in the near future, so looking for bargains in that area where there might be less competition from other potential investors is well worth considering.

Speak to Harpers in Bexley about this one, the Rightmove advert can be found here ... http://www.rightmove.co.uk/property-for-sale/property-60539305.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.

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

Monday, 12 June 2017

Welling Investment Property of the Week - 12th June

Marketing Price - Guide Price £90,000

Expected Rental - £840pcm

Rental Yield - Potentially as much as 9%

Spotting a bargain at auction has become more difficult with the invention of the internet, but I do get regular emails and reports from the auction houses showing what has sold, and crucially what hasn't, and you can often spot a deal.

Small, but perfectly formed, and worth over 9% per annum

Small but perfectly formed, whilst this Victorian conversion looks tiny from the floorplan, it is only 200 yards from New Eltham train station, and is already let out at £10,080 per annum (£840pcm).

You wouldn't need to go looking for tenants, or pay an agent to find them, and whilst the auction's reserve price is not listed, with a guide price of £90,000 its obvious £110,000-£120,000 would be enough to secure the property, offering you an immediate return of around 9% per annum.

Whilst small, and who knows what condition it is in, if its 200 yards from a busy commuter station like New Eltham, the prospect of a permanent 9% income is as near a guarantee as you'll ever get.

It's well worth speaking to Auction House London for more information.

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.

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

Tuesday, 6 June 2017

Welling Investment Property of the Week - 6th June

Marketing Price - £200,000

Expected Rental - £950pcm (once works completed)

Rental Yield at Asking Price - 5.7%

Like last week, the stigma of ex-Council style properties really should be avoided if you want to maximise the potential to make money from your property investments in Welling.

Sharnbrooke Close isn't the most attractive building in the world, but this spacious one bedroom with considerable outside space, is a must visit if you are looking to make money.

Sharnbrooke Close, DA16

You don't get a lot for under 200k in Welling, and when you do, you should be buying it. This has fantastic potential to renovate and improve throughout. It's a good size for a one bedroom, and with a very large private terrace to the front with a lovely view over the cricket and football ground, its perfect for a young couple.

A sensible offer below 200k, with some money spent on renovations, will generate an immediate profit on the property value side of things. The most recent sale in the block was at £230,000 and I don't think it'd cost anywhere near £30,000 to turn this into a modern flat well worth a rental income of 950pcm.

Speak to the selling agent via this link ... http://www.rightmove.co.uk/property-for-sale/property-60213979.html?utm_content=v2-ealertspropertyimage&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdatesinstant&utm_term=buying&sc_id=22040925&onetime_FromEmail=true

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

Friday, 2 June 2017

Welling Investment Property of the Week - 2nd June

Marketing Price - £220,000 to £240,000

Expected Rental - £1100pcm

Rental Yield - 5.8-6%

Too many people are a little short-sighted when buying property for investment purposes. They tend to look for property that they like the look of, rather that what will make you money. Remember, you won't be living there!

John Newton Court, Welling

Ex-Council properties should be high on your list of considerations when looking to invest in property. Of course, they are not always as easy on the eye as other styles of property, but the number do stack up ... and that's what you are investing for, to make money, not to be visually appealing.

These styles of purpose built flats are generally a lot more spacious than say a Victorian conversion. That is largely because they were built from day one as a flat to house a larger family or sharers, as opposed to a conversion which was originally a house and then converted.

The rent you can demand from an ex-Council property will be lower than that of a more modern flat, but the purchase prices proportionally are so much better, and therefore your yield is likely to be far higher. And if you are looking to make a decent monthly return as a side-income then that is good news.

This example in John Newton Court, Welling through another local agency is well worth a visit ... http://www.rightmove.co.uk/property-for-sale/property-48531033.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

Tuesday, 9 May 2017

Welling Investment Property of the Week - 9th May

Marketing Price - Offers in Excess of £280,000

Expected Rental - £1150pcm

Rental Yield at Asking Price - 4.9%

Unless you have been living under a rock you'll know that Crossrail is coming to SE18 within in the next 12 months.

The upturn in the market, and prices, in the area in recent times has been nothing short of extraordinary, and whilst some may argue investors in to the area have missed the boat, prices are still likely to rise considerably in the near future, and therefore buying in SE18 should be a wise investment.

The private garden makes this Victorian conversion more appealing to potential tenants

Period property in London is what sells, and what holds its value, and appreciates in value, the most. This two bedroom Victorian conversion has a private garden to the rear, unusual for other properties of this style, and a long lease. Whilst not immaculate throughout, it is generally in very good order, and certainly more than adequate for the rental market.

With Crossrail likely to see further price rises in the area, and an influx of potential new professional tenants in to the area, it isn't unthinkable that you will not only see significant capital growth over time, but a jump in the sort of rent you can command as well.

You can see the property listing here ... http://www.rightmove.co.uk/property-for-sale/property-48144927.html

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

Tuesday, 2 May 2017

Welling Investment Property of the Week - 2nd May

Marketing Price - £225,000

Expected Rental - £1100pcm

Rental Yield at Asking Price - 5.9%

If you are looking for the simplest buy-to-let purchase in Welling at the moment look no further than this two bedroom maisonette within easy walking distance of Welling train station and High Street.

With tenants already in situ, you're making money without lifting a finger.

Advertised as available for buy-to-let investors only, and obviously therefore with no onward chain, its as clear an indication as you can get that the property is already tenanted and with tenants clearly happy to stay.

Whilst the property does need some updating, the tenants already in situ are the ones living there not you, and if happy to stay, great, no works needed! In time, when they vacate, you can modernise the bathroom and tidy up the overgrown garden, or maybe do it now with their consent, and consider a small rent increase at the same time.

Either way, this purchase is worth a look with other similar properties in the same development changing hands and on the market at the moment for 25-40k more.

More information here ... http://www.rightmove.co.uk/property-for-sale/property-59440885.html

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

Friday, 28 April 2017

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.

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

Tuesday, 25 April 2017

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

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

Tuesday, 11 April 2017

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

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

Tuesday, 4 April 2017

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

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

About Me

I have been working in the property industry since 2006 and running my own estate agency since 2010.

Having lived in Welling for the vast majority of my life I feel I can offer local property owners, and their buyers, the perfect balance of estate agency expertise and first-hand local knowledge having experienced the schools, amenities and transport links myself.

In this blog you will find a variety of help and advice for property owners considering a sale of their property, as well as the odd property market piece.

I hope you find this resource useful.

If I can assist with your residential property requirements in any way please do not hesitate to get in touch directly on kevin@dansonpropertyservices.com

Tuesday, 26 September 2017

Wednesday, 26 July 2017

Saturday, 8 July 2017

Thursday, 29 June 2017

Monday, 12 June 2017

Tuesday, 6 June 2017

Friday, 2 June 2017

Tuesday, 9 May 2017

Tuesday, 2 May 2017

Friday, 28 April 2017

Tuesday, 25 April 2017

Tuesday, 11 April 2017

Tuesday, 4 April 2017

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