What to look for when buying in Oxford

I was talking to a couple of landlords recently and they asked me for my opinion on what to look for when purchasing a Buy to Let property. One piece of advice I was able to offer was that a good property should sell when you need to release funds. So, if you are a landlord considering buying a property to let out, you want to buy a property that is saleable.

You can work out how saleable the properties in a particular street are by comparing the number of house sales to the number of properties in that street. The higher the number, the more saleable the properties are.

So, in Oxford, the most saleable street is Venniet Close. There are 87 properties in the street and since 1995, there have been 153 property sales which is an impressive 175% sales to properties. Others in the top 10 include Rewley Road at 126%, St Thomas Street at 69.56%, Kennington Road at 72% and Marlborough Road at 92.54%.

Whether you are landlord of ours or not, feel free to pop into our office on Woodins Way for our opinion on what to invest in or not, as the case may be.

The price is nearly right!

BUSHY CLOSE, BOTLEY

Afternoon people,

So this one started life at £279,950, was reduced to £275,000 and then reduced again to £270,000 and apparently it is offers in excess of?! No, no, no. One more reduction or a reasonable offer and this one is definitely a winner.

This is a mid-terrace property. Nothing wrong with that but the last mid terrace property sold on this street was 22nd April 2013 at £215,000! Now we have moved on from this point and I appreciate I am calling on the annual Oxford averages here but with an 11% annual growth in this period my maths do not take me to £270,000.

That said it is a cracker at the right price. It will achieve £1050 (maybe more) on the rent with a yield of  4.8% based on £260,000. The current owner paid £177,000 for it in 2004, so I would be hopeful that an offer would be welcomed considering it has been on since the 1st August 2014.

A perfect couples home with the added bonus of a conservatory as well. It occupies a quiet residential location as well, so this could be the ticket folks.

Call me if I can help. I am off to continue my quest for world domination #Lettings!

A cracker in central Kidlington

HAMPDEN BUILDINGS, KIDLINGTON

Evening folks!

Before you all settle down for the 'who killed Lucy Beale' finale, I thought I send you this little beauty in Kidlington.

Currently on the market with Thomas Merrifield for £259,995 you can expect a rent of £995 per calendar month with no trouble at all.

It is internally sound and furnished nicely so there is little to consider regarding works. The double bedrooms are good doubles as well which will open your investment up to professional sharers which in turn opens up the chances of bigger rents.

Its location is perfect for those who want close to everything as well. Your nearest convenience is quite literally 10 seconds away and this will be a big draw for potential tenants.

Kidlington has always been a cracking place to buy for investment but not only does it offer you the chance to invest in this progressive area (new train line folks) but its also very cost effective when compared with some of the more expensive locations in our good town.

The only other advice I could give is to OFFER! but then I suppose thats a daft thing to say considering my audience. The last sale in this location was the 17th Sept 2014 for £239,950. This one is nice and maybe a little bigger than others but I am not too sure about another £20K?!!

Definitely worth chasing up though.

Best regards

SALES, SALES, SALES!!

RELIANCE WAY, COWLEY

So folks, not long after announcing Martin and Co's foray into the world of the Oxford sales market, I am pleased to announce this little beauty that our sales team have just taken on.

On for £317,500 this will fetch a rent of £1175 per calendar month which commands just under a 5% yield which is still very, very good considering Oxford property prices. Its not got a bad appreciation history either. Purchased in peak market at 250,000 it has commanded just short of a £10k per annum increase to present date.

This property is internally sound but a minor refurb would be a good idea to ensure you command the top rent.

We have been renting this property since its purchase and not once has it suffered a void. Nor should it. It sits right in the heart of things and is but a stone throw from Cowley's vibrant town centre.

Call our sales manager Paul Jarvis for more details.

Best regards

A bargain in Nursery Close, Botley

NURSERY CLOSE, BOTLEY

Hello all on this fine Friday. For my weekly round up of bargains I found this little cracker for you to look into.

2 bed, 2 bath ground floor apartment, still classing as new build having been built in 2009. Currently on the market for £275,000 this would fetch a rent of £1150 per calendar month and that puts you bang on for a 5% yield.

We let and manage 10 of these units and they are crackers. They appeal to sharers, couples or single professionals and never have I seen a void period for one of them.

In my humble opinion these sit in my top 5 locations for property investment in Oxford. They are that good folks.

Happy hunting or call me for more info.

Enjoy your weekend.

Best regards

Richard

Average rents in South East up 4.2% on a year ago

The autumn slowdown has not hit the rentals market - and doesn't look likely to.

HomeLet data shows that on average, rental prices are 4.2 per cent higher in the South East (that's us folks!)

Nine out of 12 UK regions have recorded higher rental prices in November 2014 compared to the same month last year, even accounting for a 0.6 per cent decrease in UK average rental prices since October this year. 

Regions that have experienced the highest growth compared to this time last year include Scotland, Greater London, and the West Midlands, with rental prices 11.7 per cent, 11 per cent and 8.7 per cent higher than this time last year, respectively.

Despite the strong annual comparison figures, the HomeLet Rental Index has recorded an ‘autumn dip’ in rental prices, with rents agreed on new tenancies falling in the majority of UK regions in September and October this year. This does not include Oxford however.

This month, that trend continues with all regions of the UK with the exception of Scotland, the East Midlands and the South West recording lower prices in November than in October 2014. Scotland recorded a monthly increase in rental prices of 8.7 per cent, with the East Midlands and the South West recording monthly increases of 1.5 per cent and 1.4 per cent respectively. 

The recent dip in prices reflects typical seasonal movement in the rental market and sits within the context of a market that remains strong. Annually, only three regions of the UK recorded lower rental prices in November 2014 compared to the same month last year: the North West dropped -3.6 per cent; the North East -2.5 per cent and Wales -2 per cent.

Best regards

Richard

Deal of the week folks!!

BROME PLACE, HEADINGTON

A man of many words on a Monday I am.............

£172,500 at a rent of £795 per calendar month, bringing home a yield of 5.5%. Nice inside as well.Pics included for you.

Tis rare to spot a bargain that needs little updating, but hey, thats what you have me for folks.

Best regards

Headington outperforms Abingdon on Buy to Let

A landlord with a small property portfolio came into our office on Woodins Way last week. He lives between Headington and Abingdon, and has properties in both towns. He wanted to ask our opinion on where he should his next Buy to Let property.

Looking at Headington, the average property price can be an impressive £379,068 and the average rent is equally high at £1295 per month. In Headington , an average property is £341,687 however the average rent is only £925 per month. The annual yield in Abingdon could be only 3.3% per year, compared to Headington where he could achieve an annual yield of nearer 4.2%.

It made me consider two other towns close by, Witney and Didcot. In Witney, it was no surprise to find property values are much lower than in Headington, with an average property price of £292,400. Interestingly thought they have an average rent of £1000 per month, which could achieve a yield of 4.1% which is very similar to Headington. The average price of a property in Didcot is £297,408, with rents of around £875 per month. This could achieve a yield of 3.5% per year.

It goes to show that Headington (representing Oxford ladies and gents) can be a good area for an investment property, but it is a decision that shouldn't be taken lightly. I stress these are only averages, so the yields for some small to medium sized properties in popular areas of Oxford can achieve yields of 5.5% to 7.5% per year. If you want to know our thoughts on property in Oxford , come into our office on Woodins Way or give me a call.

Best regards

A great opportunity in Reliance Way, Cowley

RELIANCE WAY, OXFORD

Evening all.

Well this one works!

£310,00 and fetching a rent of £1250 per calendar month I really cannot pick many holes in this one and the development in massively sought after for 2 beds.

Internally sound throughout (ok, so I am going by the pictures but still!) and with 2 double bedrooms and 2 bathrooms is ticks all the boxes.

Yield at 4.9% and growth of 8% from 12 months ago this represents a fantastic opportunity.  One thing to note is that there is a tenant in the property until August 2015 at £1200 per calendar month but hey, this is no bad thing especially if they are good tenants. A rent increase may be in order at some point though!

Call me for more.

Have a good evening.