Another cracker in Cowley!

Morning all,

You may recall that I have cast my eye over this development in the past and here I go again. what was true then is no different today with this development offering good prices (for Oxford!) Vs good rental achievements and invariably the number always tend to work.

Situated in Lizmans Court on Silkdale Close, this property is currently on the market with Chancellors, Cowley office.It is currently on the market for £240,000, so putting Inspector Gadget hat on her are my thoughts and findings........

This property will command a rent of approx £1050pcm . I watch these rents with a cautious mind as they have tended to vary (depending on agent) quite alot. For example there is currently one on the market for £950pcm whereas another agent would have you believe they will achieve £1150pcm on one that is currently advertised.

There is an easy way to cut through varying opinions which is to review what they have actually rented for rather than what an agent 'thinks' they can get for them.

The 3 most recent lets have gone for £1000pcm and £1050pcm. When marking your price the location and condition of the apartment should be taken into consideration. It is fair to say that there will be subtle differences in the rent based on this criteria. Interestingly the property rented for £1000pcm was reduced from £1045pcm and the property rented for £1050pcm was reduced from £1100pcm.

These reductions were only necessary based on the original rental projection from agent or landlord rather than a negative trend in this development. After all we have all of the required evidence dating back to 2006 which demonstrate no voids for the properties let in Lizman Court. It is merely about projecting the price accurately rather than ambitiously.

£1000pcm based on asking price gives you a 5% yield which is your golden figure and any price negotiated below that makes this an even better investment.

The price is not far off the mark. The two most recent sales in this location went for £235,000 on the 18th March 2016 and £235,000 on the 31st July 2015. £240,000 is about right but naturally I would still be wanting a deal.

#neveroffertheaskingprice!

Call me for more.

Best regards

Richard