Tag: flat

4th November 2015

2 bedroom flat, Maidenbower, Crawley

Here’s a nice looking 2 bedroom flat in Maidenbower, Crawley on with De Vere at £215000. The property was reduced in price yesterday and was originally marketed from 9th October at £220000. From the internal photographs, the flat looks to be in very good condition. Here’s the Rightmove link if you want any further details http://www.rightmove.co.uk/property-for-sale/property-55264778.html

Lyon Cl 4-11-15The recent £5000 price drop might be for a host of reasons. For example, the sellers may now have found a property to buy and want to get “things moving forward” more quickly. On the other hand, they may have just tried “testing the market” at the higher price and have now come down to secure a buyer. Whatever the reason, however, the drop in price indicates that the sellers may well be flexible in future. To put the current asking price into context, similar nearby flats that have sold recently are 30 Lyon Close (£190000 May 2015) and 50 Dakin Close (£205500 May 2015).

As we’ve mentioned before, if you can move quickly on property purchases, you can often negotiate price reductions. So if you’re an investor and interested in this flat, do bear this in mind.

What about the rental yield ?

Properties like this one rent for about £950pcm to £975pcm. Based on an asking price of £215000, this would give you a yield of 5.3% to 5.4%. Of course, if you can negotiate a lower price, so much the better !

If you’re considering investing in property and would like some advice on what & where to buy in the Crawley area, we’d be more than happy to have a chat with you. Give us a call on 01293 515588 or drop us an e-mail to crawley@northwooduk.com.

28th October 2015

1 bedroom apartment, Commonwealth Dr., Three Bridges, Crawley

Moore & Partners have just marketed this 1 bedroom apartment in the ever popular Commonwealth Drive development, Three Bridges, Crawley. The guide price ranges from £180000 to £200000. This development is ideally located for access to Three Bridges main line station, the Town Centre, Manor Royal industrial estate and last but not least, Gatwick airport. Location-wise, it is ideal investment property material. For more details take a look at the Rightmove link http://www.rightmove.co.uk/property-for-sale/property-53724203.html

Commonwealth Dr 27-10-15Rents for apartments like this have been pushing up towards the £900 pcm level and even higher, which seems astonishing for just 1 bedroom! That’s supply & demand for you.

As far as gross rental yield is concerned, if you can secure the deal at the lower end of the guide price range, you’re looking at 6%.  Even at the upper end of the price range the return is still 5.4%.  Not bad at all.  If you’re an investor and in a position to move quickly, do bear in mind that you might be able to drive a harder bargain, particularly if the vendor wants completion before Christmas.

If you’re thinking of making a buy-to-let investment, perhaps for the first time, choosing the right property can seem quite a daunting task. If you would like a second opinion on what to buy & where, we’d be more than happy to have a chat with you. It doesn’t matter if you’ve seen a property advertised with another agent, we’re still happy to give you advice and, what’s more, it’s free ! Give us a call on 01293 515588 or e-mail us at  crawley@northwooduk.com.

13th October 2015

2 Bedroom Flat, Pembroke Pk, Three Bridges, Crawley

This 2 bedroom flat has just come on to the market today with estate agents, Mansell McTaggart. With a guide price range of £225000 to £235000, the property includes a balcony & allocated underground parking. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-55362476.html

Pembroke Pk13-10-15There are two key aspects to this property that should appeal to potential investors. Firstly, there is an en-suite shower to the main bedroom & a shower over the bath in the family bathroom. Secondly, both bedrooms are doubles. The apartment should therefore appeal to both couples and sharers alike, which is certainly an investor plus point in helping to reduce void periods between lets.

Properties like this rent for £1000pcm to £1050pcm in the current market. Assuming you were to buy at the bottom end of the guide price range, you’d expect a gross yield of between 5.3% to 5.6%. Not too bad at all !

If you’re new to buy-to-let investments or are an experienced landlord contemplating adding to your existing portfolio, why not give a call on 01293 515588 for a chat. Alternatively, you can send us an e-mail to crawley@northwooduk.com.

7th October 2015

Two bedroom flats in Maidenbower

Here are 2 two bed flats that, according to the agents, have been reduced in price today. The flats are in Greyrigg Rd, Maidenbower, Crawley, towards the “Audi” garage end.  The properties are on with Inspire & Zoom995, both with a guide price of £220000. The Rightmove links for further details are: http://www.rightmove.co.uk/property-for-sale/property-36042066.html & http://www.rightmove.co.uk/property-for-sale/property-54342965.html.

GreyriggThe development is only just over 4 years old and the last flat to sell went for £220500 in June this year. So what about the flats as investments ?

Currently 2 bedroom flats in this development rent for around £950pcm to £975pcm. Based on the guide price of £220000, you are therefore looking at a gross yield of between 5.2% & 5.3%. So, on the face of it, not too bad an investment.

If you’re considering purchasing these flats for investment purposes, however, there are a couple of provisos to bear in mind. The first, is that both flats do not lend themselves particularly well to professional sharers. Check the Rightmove details and see if you can tell why this is so ! If you’re not sure, just drop us an e-mail (crawley@northwooduk.com) or call us 01293 515588 and we’ll let you into the secret ! The “issue” that I’m referring to can be remedied for no more than a few hundred pounds, but would give you a much wider range of potential tenants to choose from.

The other issue to consider is that these flats are a little bit further away from the mainline station at Three Bridges than those, for example, at Trafalgar Gardens. Again , this might mean a slightly reduced pool of potential tenants and therefore, slightly lower rents and / or longer void periods between rentals.  All that being said, however, the flats would in our opinion, be a good investment option to consider.

If you’re considering property investments in and around Crawley and would like some advice on what to buy (and more importantly, what not to buy !), don’t hesitate to give us a call. We’ve got plenty of experience of the lettings market in Crawley and would be more than happy to have a chat. Alternatively, just drop us an e-mail to crawley@ northwooduk.com.

1st October 2015

2 bedroom apartment, Pound Hill, Crawley

Another month bites the dust ! This 2 bed apartment in Pound Hill, Crawley has just been listed on Rightmove today. Marketed by Moore & Partners it has a Guide Price of £190000. However, the Rightmove details give a price ranging up to £220000, so it’s fairly clear that the vendors are looking for a bit more than £190k. Here’s the link for further details: http://www.rightmove.co.uk/property-for-sale/property-54481715.html

Wakehams Green DrProperty in this area of Crawley usually rents for around the £900pcm to £950pcm mark. So based on these rental figures your maximum gross yield would be a healthy looking 5.7% to 6%. Putting the property on the market at this time of year might also indicate that the vendors would like the deal done before Christmas. So, if you’re an investor and can move quickly, an offer at the lower end of the price range might be just what they’re looking for.

If you’d like to discuss property investments in and around Crawley, don’t hesitate to give us a call on 01293 515588. You can also e-mail us on crawley@northwooduk.com.

30th September 2015

2 bedroom flat in Broadfield, Crawley

Here’s an interesting flat that has just come on to the market, at least that’s what I thought when I checked for new properties listed on Rightmove. Apparently, however, it was first listed on 7th August, but I can’t find whether the asking price has changed or not. Well, not to worry too much. The property, in Broadfield, Crawley, is on for £179950 with King & Chasemore – here’s the Rightmove link if you want to look at further details – http://www.rightmove.co.uk/property-for-sale/property-53926175.html.

Hayling Court

One reason for my interest is that a property like this, although not in the most fashionable part of town, can let for around £875pcm. Based on this rent and an asking price of £179950, you would get a maximum gross annual yield of around 5.8%.

However, just before you get your cheque book out and sign on the dotted line, have a closer look at the area. In July of this year a similar property completed for £166000 i.e. £14k less than is being asked here. In addition, there are two other similar properties currently on the market for £170000. Although there are no internal photos to compare condition, a purchase price of £170000 with a rent of £875 pcm would give a max. gross yield just shy of 6.2% ! Even better !

If you’re looking to increase your lettings portfolio or are new to “Buy-to-Let”, don’t hesitate to give us a call for a chat about property investments in Crawley & surrounding areas. Our advice is free and we might be able to provide you with some insight that you hadn’t considered ! You can also e-mail us on crawley@northwooduk.com.

23rd September 2015

1 & 2 bedroom flats, Southgate Crawley

You don’t see this very often. Two flats in the same development at Godolphin Court, Southgate, Crawley, both being marketed at the same price of £180 000.

One of the flats is on with Connells (http://www.rightmove.co.uk/property-for-sale/property-36567399.html?premiumA=true) and the other with Homes Partnership (http://www.rightmove.co.uk/property-for-sale/property-54868772.html).

The difference between the two properties is that one of them is a 2 bedroom flat “in need of updating”, while the other is 1 bedroom flat in what looks like pristine condition from the marketing photos.

Godolphin 23-9-15So, which one do you buy ? To answer this question, we have to consider a number of factors.

A one bed flat in tip-top condition at Godolphin Court should achieve £775 to £800 pcm. Based on a purchase price of £180000, this gives a maximum gross annual yield of between 5.2% and 5.3%.

What about the 2 bedroom flat ? Well, firstly we would not recommend letting it out in its current condition ! Let’s say for argument’s sake, however, we spend £10k on renovations & re-decorating, to bring it up to the same standard as the one bedroom flat. Now, 2 bedroom flats at Godolphin Court in excellent condition should let for between £900 & £975 pcm.  Based on these rental figures and a purchase price of £180000 plus £10k renovation costs, we would expect to achieve a maximum gross annual yield of around 5.7% to 6.2%. If you can get some money off the purchase price, however, your yield will increase still further.

So, by adding value to the 2 bedroom flat and bringing it “up to spec”, you can see that a higher potential yield can be achieved in comparison with the “ready-made package” of the one bedroom property. Of course, this is not always the case. You must be very careful when buying a property that “needs updating” that (a) you do not buy it at too high a price and (b) you do not overspend on renovation works. If you’ve ever watched TV programmes like “Property Ladder” you’ll no doubt have witnessed how easy it is to get carried away and overspend on the initial purchase price as well as the subsequent property renovation.

If you’re looking to buy property to let or develop in Crawley, or would like an independent opinion of your current property project, why not give us a call on 01293 515588 or e-mail us on crawley@northwooduk.com.

22nd September 2015

Brand New: 2 bedroom apartment, Manor Royal, Crawley

Here’s an opportunity to buy a brand new 2 bed apartment in the heart of Manor Royal, Crawley. Marketed by Cubitt & West, the asking price for the 1st floor flat advertised here is £200 000. Here’s the Rigtmove link in case you want some more details : http://www.rightmove.co.uk/new-homes-for-sale/property-36525576.html.

Bowthorpe Pl 22-9-15

It’s a little more difficult to gauge the market rent for these properties as they are a fair distance from others in the area. However, we would expect a 2 bedroom example like this to achieve between £950 and £1000pcm in the current market. With an asking price of £200 000, this would give a maximum gross annual yield of between 5.7% & 6%. If you regularly read this blog, you’ll know that is a pretty good return, given the area and current state of the market.

One word of advice, however. If you’re serious about a property in this development, make sure you secure at least one allocated parking space (and preferably two). Allocated parking spaces can mean the difference between getting your flat rented quickly and having it hang around empty for a while.

If you’re a property investor looking for your next buy-to-let deal, or new to lettings and not sure what and where to buy, why not give us a call to discuss the different options Crawley has to offer. Alternatively, drop us an e-mail to crawley@northwooduk.com.

15th September 2015

2 bedroom flat, St Georges Court, West Green, Crawley

If you’re looking for annual gross rental yield above 5%, then take a look at this flat at St Georges Court. On the market at £195000 with ConnectUK, the flat, according to the description, has been refurbished throughout. The pictures look great and it has been newly double glazed. For more information on the property visit the Rightmove link here: http://www.rightmove.co.uk/property-for-sale/property-54672362.html

St Georges Ct

Flats at St Georges Court are older than those at Pembroke Park, for example, and tend to only have a family bathroom i.e. no  en-suite. As such, they are a bit cheaper to buy and do not command as much in rent.

However, the development is ideally located for Crawley town centre, Manor Royal, Gatwick etc…., so location is good for reducing potential void periods between tenants.

Properties like this are fetching £875 to £895pcm at present which gives a gross annual yield of between 5.4% & 5.5%.

If you’re looking for investment property and want some impartial free advice, why not e-mail us at: crawley@northwooduk.com or call us on 01293 515588. Alternatively, if you’re buying an investment property through another agent and want an independent opinion, we’re more than happy to help.

14th September 2015

2 bedroom flat, Three Bridges, Crawley

Here’s a nice looking apartment in the ever popular Pembroke Park development in Three Bridges, Crawley. Marketed by Inspire Estate Agents at £220 000, we would guess that it will probably not be around for very long before an offer is accepted. Here’s the Rightmove link if you’re interested in taking a look at some further details http://www.rightmove.co.uk/property-for-sale/property-36392469.html.

cutThe property has an en-suite to the master bedroom and a family bathroom with a shower over the bath. So from an investment point of view it scores well in terms of great location with access to Three Bridges Station and will appeal to couples & sharers alike – with two separate showers. Together with gas central heating, underground parking and a balcony we think it has plenty of investment potential.

So, down to the nuts & bolts……what about the yield ! ?

Properties like this are currently renting in Crawley for anything between £995 pcm & £1050 pcm. Based on the asking price this gives a gross annual yield of 5.4% to 5.7%. So not too bad at all.

If you’re interested in property investment in Crawley & the surrounding towns, or perhaps have your eye on a particular property, why not give us call or e-mail for some independent and free advice ? Call us on 01293 515588 or e-mail: crawley@northwooduk.com.