I noticed this three bedroom house available with Haarts and thought what a brilliant investment this would make!
Its currently on the market for £135,000 and is located at the Great Clacton end of St. Johns Road, ideally located with local shops and amenities. The property offers a garage and off street parking making this home ideal for the growing family.
A property like this in this area would easily fetch a monthly rental of £750, therefore offering an attractive 6.6% return!
http://www.rightmove.co.uk/property-for-sale/property-48554606.html
An Englishman's home is his castle but when it comes to the UK, the 'Brit's are still a nation of homeowners '(although wasn't it Napoleon who thought we were all shop keepers!). It is interesting to note that up until the mid to late 1960's, more people rented their home (albeit mostly from the local council) than owned their own. In fact, I was surprised to read that in 1921, over 75% of homes in England and Wales were privately rented with the remaining 25% being owner occupied.
It was only after the Second World War, when the Beatles were rocking, that people started to buy instead of rent... but instead of owning our property outright, we borrowed money from banks and building society's to buy them and the roots of the growth of the private rental sector can be drawn back to the late 1970's early 1980's, when the council houses began to be sold off under the right to buy scheme.
In 2001, 79.64% of households were owner occupied in Clacton, but ten years later, that percentage dropped massively to 73.45%. But here is the interesting part, when you look at the actual numbers of households, 31,291 households in Clacton were owner occupied in 2001. Ten years later, in 2011 that number (who owner their own home) had only dropped to 28,908 households.
So why big drop in percentages but not in actual properties? An additional 8,066 properties were built in Clacton between 2001 & 2011, but a lot of them were bought as buy to let investments, thus more than doubling the number of private rental properties in Clacton. In fact, the number of properties in Clacton which were privately rented, jumped from 3,466 in 2001 to 6,162 in 2011! With the Tendring Council housing waiting lists being in the 5 - 10 year range for a decent property in a decent location. Therefore, with no more council houses being built, and an increasing number of people looking for a roof over their head, private renting is the only option.
Wit every report stating the rental market will continue to grow throughout the rest of this decade and beyond, lined with high demand and limited supply in Clacton, then if you are considering buying a property for buy to let investment in Clacton, as a Letting Agent, I am always happy to give you my considered opinion on which property to buy (or not as the case may be)... If you are a landlord, new or old, I am certainly more than happy for you to pick up the phone or visit the Clacton Property Blog where you will find the best buy to let deals on a day to day basis from all the agents in Clacton (www.clactonproperty.blogspot.co.uk).
This two bedroom house with garage has recently come to market located in Gardenia Place, which is conveniently located on the popular 'Ruaton Gardens' area of Clacton.
Its an ideal investment home and is located on the outskirts of Clacton town centre, but conveniently positioned for local schools and shops.
Internally the property has been tastefully modernised by the current vendors to include new kitchen, bathroom, decor and carpets, meaning an investor buyer could literally just purchase this house and rent it straight out!
Similar properties to this standard have achieved a rental of approximately £675 - £695 PCM, therefore offering an attractive return of approx 6.1%, based on the lower rental figure of £675 at the full asking price.
Click the link below for further information!
http://www.moreestateagents.co.uk/properties/3716965/property#ad-image-0
I always feel 2 or 3 bedroom houses or bungalows make a great buy to let investment in the Clacton area as you attract families, who are looking for stability and a place to call home, therefore potentially securing a long term rental.
If you wish to discuss potential rentals or and buy to let questions, please do not hesitate to pop in to see me at my office in Station Road, Clacton on Sea.
This three bedroom house has just been launched to market with Sheens located in Park Road, Clacton.
This family home offers lounge, separate dining room, three bedrooms and bathroom. The property is located within half a mile to Clacton Railway Station and Seafront and is also within close proximity to local Schools.
The property is offered with no onward chain and is on the market for £145,000. A three bedroom house in this location could accept to achieve a rental in the region of £775 PCM, therefore offering an attractive return of 6.4%!
Click the link below for more details!
http://www.rightmove.co.uk/property-for-sale/property-33887058.html
This great two bedroom house has just come to market with Blake & Thickbroom, located on the popular Martello Bay development for £135,000.
Internally the property is well presented with a modern kitchen & bathroom and also offers a garage in block. You could expect to achieve £700 rental on a property like this, therefore offers a potential yield return of 6.2%.
http://www.rightmove.co.uk/property-for-sale/property-33411051.html
Martello Bay is a popular development, located within close proximity to Clacton's popular beach front.
Demand for two bedroom homes is always strong, and being located in this popular development make this house a great buy to let investment!
Following last week's article, I had an interesting chat with a chap who lives in Weeley Heath, who popped into our office on Station Road, whilst his better half was at the hair salon. He is thinking of buying his first buy to let property and he wanted my opinion on the sate of the market and if it was a good time to invest.
He was particularly worried that with all the newspaper headlines of a booming housing market, there wouldn't be any demand from tenants. One of the best pieces of advise I can give to those looking to invest in property is a simple trick of the trade. You can judge the affordability of an area's property market (and thus how much demand there could be) by simply finding the ratio of average property prices to the average salary. The lower the ratio, the more affordable property is.
When we put this to the test, as we talked about a few weeks ago, we found that Clacton-on-Sea currently has an average property value of around £174,900. The average salary of someone living in Clacton-on-Sea is £23,479. This is a ratio of 7.4 to 1. Most lenders will only lend up to 4.5 times income, so to buy an average house in Clacton-on-Sea, a first time buyer would need to be on a salary of £38,866 and eve then, would need to raise the 5% deposit, which when you take into account buying fees, will be in the order of £10,700.
Tenants' inability to raise that sort of money for the deposit is driving demand for rental property. If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market for the first time, please pop in and see me at our office on Station Road, Clacton on Sea.
I noticed this one bedroom first floor maisonette in Coppins Road come to market with our friends at Sheens yesterday and thought this would make a great investment opportunity.
Its currently being marketed at £68,500 and could return £450 PCM, meaning a potential yield return of 7.8%, however this does not take in to account the normal charges which generally come with leasehold properties.
With the current demand for all size rental properties, if snapped up by an investor, this property wouldn't hang around for long on the rental market.
http://www.rightmove.co.uk/property-for-sale/property-46966468.html
I came across this new instruction today which is on the market with Haarts and thought that this would make a great buy to let investment. Its a two bedroom ground floor flat located on Constable Avenue on the popular Cann Hall development.
Internally the property is well presented with a very modern interior and offers a residents parking area along with communal garden area.
This apartment is being offered with a Guide Price of £100,000 and I feel the property could achieve a rental figure of £595 PCM, so you could potentially look at an annual return of 7.1% before any service charges ect.
Check out the link below!
http://www.rightmove.co.uk/property-for-sale/property-50270216.html
