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SUMMER BUDGET 2015: WILL IT STILL BE WORTH BEING A LANDLORD?
- Peter Littlewood
STUDENT RENTAL MARKET: ONLY THE PARANOID SURVIVE
- Tom Entwistle
do you really know what today's tenants want?
- Nick Gill
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wELCOME TO ThE sUMMEr IssUE OF LAnDLOrD InVEsTOr! Editorial Editor Tracey Hanbury editor@landlordinvestmentshow.co.uk Editorial Contributors Kate Faulkner Leaders Nick Gill Peter Littlewood Sandfords Simon Zutshi Steve Cox Susannah Cole Tom Entwistle Waterfords
The forecast has been very unpredictable this season, and we're not just talking about the weather! With the announcement of the government's summer budget, it leaves landlords and investors partly in the dark about their long and short term plans for property investment. But what does this mean for our readers? This month, Peter Littlewood aims to address the key issues that could potentially aect landlord and investors across the U.K by posing the question; Will it still be worth being a landlord?
COnTEnTs Industry Update L.I.S Update Student Accommodation Buy to Let Analysis Great Property Tips Industry Spotlight Investment Landlord Insurance Lettings & Management
06 14 18 24 28 32 36 38 40
This month we also ďŹ nd out the potential future of the student rental market as Tom Entwistle explores the transformation it has undergone in the past few years. In addition, Nick Gill is asking what today's tenants want and how "generation rent" has impacted what young renters are searching for when deciding on a property.
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INDUSTRY UPDATE
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Buy-to-let Tax cuts won't put landlords off Following the Chancellor’s summer Budget, in which he announced a substantial crackdown on mortgage interest tax relief, Brendan Cox of Waterfords says he does not think this will put people off investing in buy-to-let.
The amount landlords can claim as relief will, from 2017, be set at the basic rate of tax - currently 20 per cent, in a move which is said to 'level the playing field for homebuyers and investors'. Whilst some industry experts believe this will cool the buy-to-let market, making property investment less attractive, Brendan Cox, Managing Director of Waterfords which operates across Surrey, Hampshire and Berkshire, says he doesn’t feel it will have a substantial impact. He comments “I don’t think people will be put off. Buy-to-let investment still offers a good opportunity for people to make money from capital growth and most people consider the long-term gain over the immediate income. There are still some good yields to be had on a monthly basis, and granted, landlords aren’t going to be able to make quite as much money, but the gains are so big in others areas I would be surprised if this rocked the market very much.
July / August 2015
LANDLORD INVESTOR
In trying to cool the property market, the government may have created an even bigger problem for tenants because landlords may look to recoup some of the loss through rental income. In our experience, such is the shortage of properties available, that anything we take on the market is snapped up immediately therefore, landlords could probably add an extra 5-10% and still find willing tenants. Initially the increase in inheritance tax allowance won’t have much of an impact. The most notable difference will be that elderly people, who previously might have downsized to divide up their funds in advance, will now remain in their homes safe in the knowledge their offspring will not have to pay a large tax bill upon their death.” ⌂ For further information, please contact: Helen Evison Waterfords estate agent PR 01276 62201 or 07979537337
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INDUSTRY UPDATE
BUDGET: Will it still be worth being a landlord? Peter Littlewood Southern Landlords Association Peter Littlewood gives an analysis of the recent budget, and asks if this combined with all the other legislation changes makes being a landlord worthwhile.
1. Relief on property finance costs to be limited to the basic rate of income tax Whilst this is to be phased in over the next 4 years it will result in any landlord paying more tax if they are on the higher rate of tax (currently over £42,385 pa, rising to £43,000 next year). Will result in most landlords paying more tax. Will this be passed on as higher rents?
2. Loss of the 10% wear and tear allowance From April 2016 landlords will not be able to deduct 10% wear and tear on their furnishings. To be replaced with a system that will only allow for deductions for any costs actually incurred.
3. off-shore holdings to be targeted, especially the Nom-Dom status Mixture of reactions to this:
No details on this as yet.
• Knight Frank say that it will not affect the market ;
This was a handy little earner for landlords with furnished properties, but one that I would suspect had been abused, hence it has gone. Again, will increase tax bills;
• Jackson-Stops and Staff says that it will depress the market ; • Whilst BNP Paribas Real Estates believe this will enhance the market . In other words, no-one knows!
July / August 2015
LANDLORD INVESTOR
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INDUSTRY UPDATE
4. Small, resident landlords taking in lodgers will now be able to earn £7,000 pa before paying tax- previously £4,250 The Chancellors intention is to release the plethora of unused bedrooms – this is currently estimated as 19 million in England alone May well have a knock on effect on landlords letting rooms (HMO’s) as this is intended to persuade people to let out that spare room they have in their house, and don’t know what to do with it, thus possibly watering the market down or even flood the market (unlikely);
5. Social landlords will have to reduce their rents by 7. Welfare benefits frozen at low rate, no Housing Benefit 1% pa for the next 4 years for under 21's (new claims Potentially devastating for Social Landlords, as they will struggle to reduce their costs in line with this re- only) duction on their income. Might also reduce the value of social stock
Will further reduce rents for landlords taking benefits tenants, or they run the risk of rent arrears.
Not sure how this will affect non-social landlords. There may well be several properties coming on the market – this is because many social landlords borrowed heavily on the basis of a statement last year that social rents would be allowed to rise by the CPI for 10 years.
Critical for landlords to regularly manage their rental income;
6. Corporation Tax to be cut to 19% in 2017, then 18% in 2018. Set this against overseas rates varying from 0% (Tax Havens) to 40% in the USA; to 55% in United Arab Emirates - the European average is 20.24%. This makes UK a good place to set up a company, and all these potential employees will need housing. Perhaps now is the time to start paying yourself via a company – but huge caveat TAKE SPECIALIST ADVICE. There will almost certainly be Capital Gains Tax if you transfer properties to a company – I am not a tax expert, talk to someone who is;
8. Changes to student funding There is some talk of this reducing student numbers, especially for those from poorer families. However, there is always talk of the student population falling, and according to the HESA remains about 2.5m pa for the past few years
9. it will not be legal to stop Sub-letting - i.e. you won't be able to have a clause in your AST banning sub-letting Actually in the last Budget, not sure if this will survive, or gently die. Could make it difficult to control the behaviour of a sub-tenant, and what happens if your tenant goes and the sub-tenant remains. Whose tenant are they?
LANDLORD INVESTOR July/August 2015
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INDUSTRY UPDATE
De-Regulation Act An antithesis Act, i.e. an Act that does the opposite of its title. This Act brought in a lot more regulation than it de-regulated! The two main things for landlords are:
Tenancy Deposit Generally good news for landlords. It removes the need to re-protect the deposit when the AST changes from Fixed Term to Periodic; but retains the need to ensure the deposit has been protected before issuing a Section 21 – regardless of when the deposit was taken.
Section 21 (after Oct 1st 2015) A landlord won’t be able to issue a S21 for 6 months, where the tenant complains to the Council about repairs, and the Council issues an Improvement Notice (under HHSRS). A S21 will have a limited life scan of 6 months from the date of service – i.e. must be used during the 4 months after it expires. It will not be possible to issue a S21 during the first 4 months of the AST. (probably) the S21 will become a ‘Prescribed Form’ meaning the layout will be fixed, and the different forms will be combined doing away with the need to expire on the last day of a term, as currently; A minor change is that your Agent can now issue S21’s.
You will need to have the following in place for the S21 to be valid: Current EPC. Current Gas Inspection Record. And potentially an HMO Fire Safety Order could invalidate it.
July / August 2015
LANDLORD INVESTOR
Immigration Act Means that landlords (and agents) will have to check the migrant status of prospective occupiers (not tenants) before an offer is made, and potentially annually thereafter. £3,000 fine for getting it wrong, which will arrive in the post, and the landlord/agent will have to prove that they asked all the right questions at the appropriate time.
Existing Have to meet all the existing rules; regulations and laws. To long and complicated to go into here.
Summary There are a lot of factors that will be affecting landlords in future, and combined with an inevitable interest rate rise in the near future, possible even going to 6% in the next 6 years, means that landlords face rising costs and far more legislation. This means that only the well organised landlords, who don’t overstretch themselves, especially those gearing who remains relatively low, will stand a chance of staying afloat. Those who don’t treat their business seriously will struggle. And that is the nub of it – being a landlord is a serious business, and participants need to know what they are doing, or hand over to people who do. For too long now it has been a matter for ‘social jousting’, leading to people comparing their ‘Buy To Lets’ at dinners to vie who has the largest.
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I believe that landlords fall into groups 1. Know what they are doing, and try to do the right thing; 2. Don’t care whether they know or not, because they don’t worry about laws and rules. Often called ‘Rogue Landlords’ I prefer to call the ‘Criminals’ – although it has been pointed out to me that they are only criminals after being convicted – so we’ll call the Intending Criminals. Whatever we call them, the Private Rented Sector doesn’t want them; 3. Try to do the right thing, but don’t know what they are doing. This is by far the largest group, and urgently needs tackling by Government. I have always advocated landlord training, such as that offered by the UK Landlord Accreditation Partnership (originally LLAS) - www.londonlandlords.org.uk. I would certainly support mandatory training/accreditation for anyone wanting to be a hands-on landlord.
For those wanting to own, but not manage? They should only be able to use an accredited letting/ managing agent. It is amazing that anyone can still set-up, and run a letting agency. More power to Baroness Hayter whose badgering has finally lead to the Property Redress Scheme becoming compulsory – she continues to push for mandatory Client Money Protection for agents. So to answer the question will it be worth continuing to be a landlord? Yes, as long as their letting is run as a business; have proper, long term Business/ Financial Plans; audit their properties and business practices very regularly; and most importantly, i.e. communicate regularly with their important clients – their tenants – especially in matters of disrepair. In future carry out a full inspection before issuing a notice, and preferably get the tenant to sign that there are no disrepairs outstanding. ⌂
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INDUSTRY UPDATE
Those who:
This would help professionalise the industry.
InDUsTrY UPDATE
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whAT wILL ThE BUDGET ChAnGEs MEAn FOr ThE CAPITAL's PrOPErTY MArkET?
As George Osborne increases the inheritance tax threshold to £1m for married couples by 2017 and cuts mortgage interest relief on buy-to-let homes, Andrew Ellinas, Director of Central and North West London agency Sandfords, comments on what these changes will be mean for the Capital’s property market.
ChAnGEs TO InhErITAnCE TAx, ALLOwInG MArrIED COUPLEs AnD CIVIL PArTnErs TO PAss On AssETs wOrTh UP TO £1M InCLUDInG A FAMILY hOME, wILL BE VErY wELCOME nEws TO MAnY PEOPLE, PArTICULArLY hOMEOwnErs In LOnDOn AnD ThE sOUTh EAsT.
Since cutting the amount of tax relief landlords can claim is to be “phased-in” over the next four years, the impact of this will take some time to be realised. I believe it is possible we could see a number of landlords opting to sell up because they do not want to suffer the loss of the tax advantage, particularly in London where the average mortgage loan is likely to be higher. This, in turn, would however bring those properties back to the market place, supporting stock levels and freeing up housing for the owner occupier market.
Here, many people have seen the value of their properties soar in recent years fueling concerns over the amount of tax their estate would incur after their death.
Making buy-to-let less attractive will most certainly calm activity in the buy-to-let market.
On the whole, it will cause greater liquidity in the market. It is also possible much of the additional money (up to £140,000) children will receive on inheritance of their parents’ estate will often go back into the housing market as they choose to upsize or invest themselves.
July / August 2015
LAnDLOrD InVEsTOr
The changes are unlikely to impact wealthier landlords, but rather be most detrimental to those people who have perhaps bought one or two investment properties, with a view to funding their future retirement.
Abolishing permanent non-dom tax status is also an issue because with so many foreign buyers in London this is likely to have a negative effect at the top end of the market. ⌂ For further information, please contact: Holly Addinall Sandfords PR 01276 62201 or 07979 537334
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L.I.s UPDATEs
GLOwInG sUCCEss AT OUr EVEnInG rACEs On 2nd July 2015, the Landlord Investment Show hosted its first ever Landlord Investor Race Evening at the Epsom Downs Race Course. The evening was a glowing success attracting fivethousand attendees through the gates on the day! The race evening was a great opportunity for the thousands of landlords and investors to network, meet other property professionals and soak up the atmosphere of Epsom Downs Race Course. The races were proudly sponsored by Leaders, a South-East based letting & estate agents and HNF Property, who provide advice and expertise across the full property spectrum. Here's what they had to say about the evening: “Leaders were very pleased to be the sponsor of the recent Landlord Race Day. We have worked with the Landlord Investment Show on numerous occasions and always find the events a great way to connect with landlords and investors regarding the local market, investment opportunities and the ever changing legislation that surround the private rented sector. We have a number of investors whom we have met at these events who have gone on to make very successful investments through Leaders and are now making a profit from their properties as a result. This event was another success and we hope to soon be working with a number of the delegates that we met at the event.� - Kim Evans, Area Manager, Leaders
"HNF Property were proud sponsors of the Landlord Investor Race Evening, we made some great connections with Landlords, Investors and other Property Professionals and are looking forward to being involved in future events." - HNF Property
July / August 2015
LAnDLOrD InVEsTOr
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L.I.s UPDATEs
The Downs in
the evening
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The full La
ndlord Inv estment Show team !
for the finish The race to ning horse in Leaders' w
HNF Pr op winning erty present th e horse ow ners wit their aw h ard
The Duchess St and in the sunshine
Leaders present the winning horse owner with his award
n the Beth o tor stand s rd Inve Landlo
Busy
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LAnDLOrD InVEsTOr July/August 2015
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STUDENT ACCOMMODATION
Only the Paranoid Survive Tom Entwistle - LandlordZONE
"Only the Paranoid Survive", said Andrew Grove the Hungarianborn refugee and engineer who became CEO of the US Intel Corporation, and helped transform the company into the world's largest manufacturer of semiconductors. July / August 2015
LANDLORD INVESTOR
In his book of the same name Andy Grove argues that at some point in every industry new technologies, new approaches, new competition change the rules of the game. What he calls “strategic inflection points”, or put simply, major shifts in an industry, bring about changes which, if not responded to early, leave participants so far behind they can no longer compete and survive. It could be argued the student letting market is going through such a transformation. The student population has continued to increase despite the hike in tuition fees, and there’s a large influx of foreign students, but students are becoming more demanding than they were in the past. On the whole students now expect a higher level of service and quality from their accommodation suppliers. What’s more there’s an influx of corporate developers, builders of largescale student accommodation blocks, ready and willing to supply top quality accommodation and service. Where does this leave the traditional small-scale student landlord with one or two, or perhaps a few, older terrace properties he converted into student
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Things have been steady for years and he’s usually managed to fill all his accommodation each year quite easily, even though some of his houses are a bus ride from the campus, and a little worse for wear. Apart from the odd problem with mid-term changes of tenants and the usual end of year non-return of deposits because the state of the property, all’s been well. Returns have been excellent when you have 5 or 6 students crammed into his small terrace properties, and being in a high demand south-east university town it has become the norm to charge a full year’s rent. But more recently he’s noticed it’s becoming a little more difficult to fill-up. His profits have been going down because by the start of a new intake he’s had a few vacancies – never happened before. As Grove says, "Business success contains the seeds of its own destruction”, because previous “Success breeds complacency”. Complacency breeds failure, what worked yesterday may not work so well today or tomorrow - only the paranoid survive. A new report commissioned by Glide Utilities (Glide) in partnership with Accommodation for Students (AFS) entitled ‘What Students Seek’ * recently carried out a survey of students around the UK to try to determine what today’s students priorities are when they are looking for accommodation at universities and colleges. That fact that 15% of landlords now fear they won't be successful in letting all their properties by the start of the next academic year, not to mention that many student lettings have a lot to be desired today, says that Andy Gove’s pronouncements should be taken seriously here. Although the report identifies that around 75% of students are satisfied with the accommodation they are paying for, it also points to some changing priorities which landlords should be aware of. Glide and AFS intend to make the ‘What Students Seek’ survey an annual report that investigates what students look for in their shared accommodation, pulling together trends and insights for the benefit of landlords and letting agents, helping them anticipate the changing demands of students.
These are the main student priorities identified so far: A Fast Broadband Internet Connection This was by far the most popular preference on student respondent’s wish list, with 83% highlighting this facility as a must.
Inclusive Bills
74% say that all bills being inclusive with their rent payment is very important to them.
Double Beds
61% of students say they want double beds, I wonder why?
Large Communal Rooms
59% of students said they want large living rooms for social contacts.
Location Close proximity to their campus is a very important consideration to 55% of students questioned.
Transport Links
31% said they want convenient public transport links.
LANDLORD INVESTOR July/August 2015
STUDENT ACCOMMODATION
homes many years ago? Things are pretty basic, but it’s suited his regular band of students year on year with their beer soaked barbecues in the back garden, the kitchen sink full of dirty dishes and the wild parties into the early hours.
STUDENT ACCOMMODATION
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“Only 1 in 6 students reported having asked other students, suggesting that online searches are the most likely point of discovery.”
right market level and providing good evidence of costs, preferably all-inclusive pricing, will help students in their decision making process.
Students most commonly report using online search engines when asked which methods they employed when searching for their current accommodation, with Google (61% of students) and AccommodationforStudents.com (45% of students) being the most common methods used.
The report revealed that almost half of students, 49%, think their weekly rent represents good value for money, but 37% disagreed.
Going through the university accommodation office is the next most popular method, with 2 in 5 students having done this. There is some variation among international students and UK students when it comes to searching for accommodation, with international students tending to use online methods more and face-toface methods less. Clearly, landlords need to think about having a really impressive website and listings with online brokers such as Accommodation for Students, as well as close ties and communications with university accommodation officers. Having accredited status with the likes of Unipol /AFS, or local authority schemes will help here as well. An appropriate rent level is identified as very important, so it’s vital that landlords do constant research to find what the competition charges vis-à-vis what they providing, to determine what the market will stand. Currently, the survey finds, the national average weekly rent for a student is £95. Around 50 per cent of those surveyed thought this was a fair rent representing good value for money. The rent amount and costs are always a very important element when it comes to students deciding on accommodation. Therefore pitching the rent at the
July / August 2015
LANDLORD INVESTOR
Location is ALSO an important factor The report shows that students tend to prioritise their studies over socialising and travelling time as well as cost is an important decision making factor. Landlords should appreciate that proximity to the campus is very important for students: 55%, say it's very important to be close to the university; 31% highlight the need for good transport links; a further 13% were wanting to be in a well-populated student area, while 9% said 'good access to bar and clubs' as a very important factor. The report highlights the fact that increasingly, students are looking for more comfort when it comes to private rentals. 61%, said that double beds are important to them, and one-third said that en-suite bathroom facilities were something they would look for.
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STUDENT ACCOMMODATION
Fast Internet access This was by far and away the most important item mentioned, with 83% saying this is something they want. Good storage facilities also come high on the list at 72%, which was the second most popular response. These are things that landlords can easily remedy if they as missing, except perhaps for en-suite facilities in some properties, but landlords should be mindful of this when setting-up new student houses or during major refurbishments. Installing fast broadband and making sure students have plenty of secure cupboard and wardrobe space are relatively inexpensive additions.
Billing issues Billing issues and mix ups between students are causes of friction with 12%, of students reporting they have been left paying someone else's bill. All-inclusive billing with services included in the rent is one way landlords and agents can make student’s lives simpler and stress free. 74% of students rated inclusive bills as either an essential or a very important factor when choosing a property and 58% thought that the fast broadband facility along with all utilities should be a part of the all-inclusive package.
Management of the property This was highlighted by 66% of students as being problematic saying 'lack of communication' was the biggest issue for them. 21%, said they found intrusive or unannounced visits and inspections irritating and 39% highlighted a lack of response on maintenance issues, while 28% said the poor state of the property and upkeep was an issue. Over half, 59%, of students said they wanted a large and functional communal room and many said that having too many students in the house was a problem for them. Whilst four or five students to a house is the norm, it is significant that respondents were indicating three as their preferred house group. Consequently, it may well be worth landlords considering converting that extra bedroom back into a communal living room. The main findings of this survey should be very helpful to student landlords as they highlight exactly what students are seeking for their private rented accommodation – it should help landlords and agents make
sensible changes to properties without is costing a fortune. Money invested now will be saved long term by ensuring voids are minimal in future. Despite students being overwhelmingly satisfied with their accommodation in the survey (75%), landlords should not ignore Andy Grove’s advice and the fact that this figure is gradually falling. This is not necessarily down to conditions deteriorating, but because student expectations are rising. With increasing competition from large-scale accommodation providers such as Unite Group PLC and the Select Property Group among others, landlords need to “bite the bullet” and develop a strategy of giving more not less. Landlords need to be prepared to invest and make changes to keep attracting students. Most of the changes identified here, which are needed to meet current student requirements, are not all that difficult for existing student landlords to meet. Location may be more of a problem for some, at least in the short term, but it can be fixed with longer term development. Generally up-grading the standard of their accommodation will undoubtedly involve spending money, but this can be done gradually.
Demographics 772 respondents completed the Glide / AFS online survey between late March and early April 2015. 79% of the respondents were British and 21% were international students. There were 319 first year students in the sample, 267 second years, 121 third year and above undergraduates, 26 postgraduates, 31 study abroad/placement students and 8 others. 14% of the respondents were living in private halls when surveyed, 30% were living in university halls, 51% in a privately rented house or flat, and 5% were either living in temporary accommodation, with parents, in their own home, or otherwise. ⌂
LANDLORD INVESTOR July/August 2015
deposit protection
6 great tips for renting to student tenants
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Renting to student tenants is an attractive prospect for many landlords, but it comes with its own challenges. Here’s 6 top tips from my|deposits on how to get it right.
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1. Choose the right tenancy agreement Decide if you’re going to issue a Single or Joint Tenancy to your tenants as each has different liabilities and responsibilities.
4. Include the right clauses in the agreement Outline clauses on anti-social behaviour that may cause damage or inconvenience to you or your neighbours.
2. Conduct a detailed check-in
5. Furnish the property appropriately
Conduct a robust check-in report and invite your tenants to attend. Ask your tenant to sign the check-in report or inventory documents.
Provide strong furniture and be prepared for fair wear and tear.
3. Outline your policy on smoking The Smoke-free Regulations 2007 means it’s an offence to smoke in shared parts of residence. You may also need to claim deductions to the deposit for smoking so it’s important to highlight.
6. Discuss deposit deductions Communication is key. Ensure your tenants are aware of why you may need to make deductions to the deposit at the end of tenancy.
Read the full guide from my|deposits now, for free.
Get your FREE guide on renting to student tenants now. Visit: www.mydeposits.co.uk/6-tips-for-student-lettings
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BUY TO LET ANALYSIS
Are the days of DIY property investment over? Kate Faulkner - Propertychecklists.co.uk
For anyone who invested before 2004, it wasn't difficult to make money from property. In 2000, property prices in London increased in just one year by 30-40% depending on which borough you invested in. By 2003, this growth in property prices had spread to the rest of the UK, which, although they didn’t grow by so much, still increased in one year by 20-30%. However, we haven’t seen this kind of growth since then – bar a few London boroughs.
July / August 2015
LANDLORD INVESTOR
In fact quite the opposite. Although the media have been talking about ‘house price growth’ over the last year or so, what they often fail to mention is prices may be up year on year, but many are still recovering from price falls seen before the crash in 2007/8. Prices recovering from falls and increasing are two completely different measures. LSL Property Services which includes Your Move and Reeds Rains have some fascinating data (see www.lslps.co.uk/) which shows that many regions since 2004 haven’t actually kept up with inflation rises. London has of course, but in areas such as the East Midlands, if you bought a property for cash for £100,000 it would be worth around 15% less, in real terms.
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Tax is taxing, so get help!
Meanwhile, lots of property investment ‘gurus’ are still telling you that property prices ‘double every 10 years’. Well they would find this difficult to prove over the last decade, they are mostly taking historic data and telling you property prices will perform the same in the future as they have in the past and there is no guarantee of that. So what do you do if you are an investor? Basically don’t rely on the market to make you rich. The trick to long term property investment success is to approach it like a business and like any company, secure real expert help.
Be wary of property sourcing companies, find a local expert instead I must get offers daily for properties which are ‘below market value’. I work with lots of great agents and just forward them on to a local expert for their independent view. I have done this many times. Everyone has come back as ‘over-priced’ so far.
Secure great legal advice Unfortunately when you invest in property, life will sometimes get in the way. Things like divorce, debt and death can be horrible to deal with, but if you have a portfolio, it makes life a lot harder. A good legal agreement and will, produced ideally by a member of the “Society of trust and estate planners” helps to make sure your portfolio is taken care of in good times and bad. If you are investing in buy to let then it’s virtually impossible in my view to keep up to speed with the legals of letting yourself. You either need to join a landlord accreditation scheme such as the Residential Landlord Association and/or the London Rental Standard. Alternatively you need to work with a letting agent who is a member of ARLA, NALs or RICs who have to be up to date with legal changes and offer you ‘client money protection’ which protects your rent if they go bust or someone runs off with the money!
A local property expert that knows what’s happening to prices and rents in the area that wants to retain you as a client for the next 20 years or more is a lot more likely to help you than someone who is motivated by thousands of pounds for selling an investment they then walk away from. If you are looking to invest in an area you don’t know, then do contact me first and we’ll find someone local to help you.
LANDLORD INVESTOR July/August 2015
BUY TO LET ANALYSIS
There is one reason the rich stay rich – they have very good tax advisors! Many investors I talk to don’t think they are ‘rich’, but if you own just one more property, then you are ‘rich’ compared to most and need seriously good property tax advice. A good tax company can help make sure your inheritance bill is minimised and both you and your family can hang onto as much of the money as possible, legally. Don’t forget too HMRC are determined to clamp down on many tax evaders, whether intentional or not, so good tax advice ie not just an accountant can help make sure you stay on the right side of the law.
BUY TO LET AnALYsIs
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knOw YOUr InVEsTMEnT nUMBErs
What’s much better is to rely on local experts who want a long term relationship and then build an experienced business support network around you.
Buy to let and property investment is a business like any other and you need to know how the numbers stack up before you buy. If you want to renovate for profit, a 10% margin is unlikely to work for you. If you want income from a property, a yield of 5% or less is likely to leave you with very little, if any, income when geared. And for those who invest in cash, that’s fine to get a deal at the start, but holding property in cash long term isn’t necessarily a good idea. One of the reasons property works as an investment is the ability to ‘gear’ through a mortgage and holding with cash can reduce your returns.
hOw DO YOU ChOOsE ThE BEsT COMPAnIEs TO wOrk wITh?
To find out more about your investment numbers, visit my ‘calculation page’ (link: www.propertychecklists.co.uk/articles/kate-faulkner-property-calculations)
GET GOOD FInAnCIAL ADVICE, On-GOInG Trying to organise a mortgage yourself is possible, but the market is more complex than it has ever been and for me, I make sure I have a good broker that understands buy to let and property investment. Chatting to banks who often drop in and out of the market and talking to someone about getting the best rate isn’t enough in my view. Having an experienced broker who has worked with many other investors can really help dig deep to find the right mortgage for you based on the time you intend to hold the property; your personal circumstances and what you want from the investment.
DOn'T GO IT ALOnE! In the past is has been possible to make and keep it without much ‘outside help’. However we are now in a world which is increasingly complex property wise, financially and legally. Unfortunately the property investment market is full of companies and individuals that come and go who tell you they can make you rich. Some may work, but I’ve met a lot of people who just ended up losing thousands.
July / August 2015
LAnDLOrD InVEsTOr
I set up www.propertychecklists.co.uk for two reasons. Firstly to help people understand the key steps to take to invest in property and secondly to make sure you have the right team around you. People you can trust. If you need help finding or funding a property, fixing one up, getting good tax and legal advice as well as a great surveyor to help make sure you know as much as you can about the property you are looking to invest in, all you need to do is contact us. Our service is free and independent, we don’t take commission from the companies we work with, they sponsor our checklists for a fixed fee or we just think they are a great company to recommend. For more help, call us on 01652 641 722 or email enquiries@designsonproperty.co.uk ⌂
FOr MOrE ABOUT hOw TO MAkE MOnEY FrOM PrOPErTY In LOnDOn In ThE FUTUrE, COME TO MY PrOPErTY sEMInArs AT ThE LAnDLOrD InVEsTMEnT shOws ACrOss ThE COUnTrY:
nOrTh LOnDOn/hErTs sEPTEMBEr 24Th MAnChEsTEr OCTOBEr 1sT MAIDsTOnE OCTOBEr 22nD sOUTh COAsT nOVEMBEr 4Th LOnDOn OLYMPIA nOVEMBEr 19Th www.landlordinvestmentshow.co.uk
Download all the FREE checklists a Buy to Let Investor will need Independent expert advice on: • Property prices, rents, returns and forecasts • Analysing your buy to let • How to buy property below market value • How to choose the right buy to-let services
SEE OUR CHECKLISTS FOR ALL THE BUY TO LET HELP YOU WILL NEED www.propertychecklists.co.uk
T: 01652 641 722
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GrEAT PrOPErTY TIPs
whEn Is A PrOPErTY DEAL, A DEAL? Susannah Cole The Good Property Company Here at The Good Property Company, we are experienced in evaluating deals having sourced 170 property deals in 4 1/2 years, at an A1 value of £32 million with a purchase price of £21 million.
wE ArE PrOUD TO sAY ThAT wE ArE VErY rArELY UnDErVALUED BY sUrVEYOrs Or BY A PrOjECT sELLInG FOr LEss ThAn wE IDEnTIFIED. This is because we think and evaluate deals like an investor, building in safety in our valuations. In practical terms, that means that we intentionally value the end figure on the low side, to add extra safety in the deal.
July / August 2015
LAnDLOrD InVEsTOr
CAsE sTUDY OnE Osborne Road Purchase Price £203,000 Refurb Cost £41,000 We said in our report, end value of £285,000 RICs valuation, 6 months later £330,000 I will go through how we evaluate deals, then show you what we look for in the analysis of a deal (information I would have loved when I was starting out). Then we’ll put those figures together to ensure there is always a Plan A and a Plan B for each project, both passing my financial guidelines.
rEAL LIFE DEAL EVALUATIOn As a sourcing business, we do this frequently – as our run rate is over 50 deals a year we are successfully passing deals through this evaluation on a weekly basis.
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GREAT PROPERTY TIPS
Property Value Assessment
Case Study Two
Essentially we are creating a Market Research brief for each property, with a number of tasks.
Albion Street Purchase Price £120,000 Refurb Cost £15,000 We said in our report, end value of £165,000 RICs valuation, 6 months later £180,000
By using a large number of market comparables (45 pieces of research tends to pop out a statistically clear picture of value when researching any one house) we reduce the chance of getting the valuation wrong. It also helps reduce the classic property investor wishful thinking of hope over experience. I am a sunny side up optimist myself, but in property, I want to know the downside with the lowest likely valuation for sale or for refinance, so that my world stays sunny long term. No financial rain clouds for me please!
Desk Research Task One; Solds Task: Identify 20 comparable solds, within a very tight and physically, economically and socially similar area within the last 2 years. Tool: Land Registry Sold Prices
How to Research Market Value
Portal: Mouseprice or others
The work in evaluating the value of a property is really a piece of market research. So if we treat it professionally, and identify the data needed and the tools to use, we get professional results.
Valuation: Average value of data collected
Research Brief: To establish the current market value of a property, once renovated to good condition Methodology: Desk Research & Telephone Interviews Timeframe: Half a day to start with reducing to an hour once you are experienced. I break this research into three pieces from different sources. By doing so we can triangulate the data, meaning it is more robust and more likely to be right. This reduces your risk when undertaking an expensive project. I’ll briefly outline how we come to our valuation conclusions and the tools we use to do so.
Method: List address, type of property, date sold and selling price into spreadsheet
Desk Research Task Two: On Offer Currently, or Sold Subject to Contract (SStC) Task: Identify 20 comparable current properties, on the market or sold STC, within a very tight and physically, economically and socially similar area within the last 2 years. Tool: Right Move, Zoopla, others… Method: List address, type of property, date sold and selling price into spreadsheet, with picture Valuation: Average value of data collected
LANDLORD INVESTOR July/August 2015
GREAT PROPERTY TIPS
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Research Task Three: Interview the Experts Task: Identify market value as perceived by the experts in the market place: estate agents, of a particular property rather than an average Tool: Telephone Method: Call 5 local agents, who are not selling the property, ask for their ‘A1’ done up valuation range, (cream walls, beige carpets) and what you would get if you sold it now, done up, what market is doing Valuation: Average value of data collected So now, you have 45 or so pieces of information, from which to draw a conclusion.
Research Conclusion Task: Identify market value from 45 pieces of information for a specific property. Tool: Calculator! Method: Average valuations for each category. Then take average, for overall valuation, taking into account your level of experience of a specific property area, to give valuation Summary: Take the valuation, * 0.75, and consider builder costs. Do you have a deal? Is there a gap between the end value and all your costs? If so, is that gap worth it to you?
Deal Evaluation There is now a second stage to the deal evaluation, which is around the return the deal will bring, in terms of profit, Return on Capital Employed, Payback time and Rental Yield. These are formulas that investors use to measure the financial efficiency and profitability of a deal. It helps to be able to compare properties like for like, rather than the rather rough and ready question of ‘how much cash do I get at the end of the month’. To improve your overall delivery from your portfolio you can use these equations to evaluate and identify which properties to keep long term and which properties you may dispose of. It also helps you analyze a property prior to purchase, so you know your likely results before you even begin.
July / August 2015
LANDLORD INVESTOR
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GREAT PROPERTY TIPS
Buy to Sell Rules (Plan A)
Buy to Keep Rules (Plan B)
Profit Margin Rule
In analyzing Buy to Sell, you’ll soon find out that though we have the same broad calculations, property investors mean different things in discussing formulas like ‘Yield’.
I always look for a 20% profit margin on a Buy to Sell project, after all costs. The obvious costs are the purchase price and the refurb. Some other costs may not spring to mind – immediately – the finance interest costs, council tax, water rates, gas, electricity, the cost of the cleaners, gardeners and other maintenance people servicing the property to keep it in tip top condition after it has been refurbed. Don’t forget the estate agent commission, and if you are using furniture to stage the property, the cost of the removal people and odd job men to transport, make up and take down the furniture. I nickname all those unseen costs ‘crud and corruption’, as my uncle John would say. Ideally you would achieve a full 20% profit margin. However that profit ‘rule’ also helps keep you safe – if the property has a problem, say a roof needing work, rot is discovered, or it takes longer to sell than you anticipated, the large margin built in helps cushion the financial implications, and usually should still allow you to come out ahead, and in profit. So it is both profit target and safety helmet! Return on Capital Employed A second good measurement for your Buy to Sell projects is to measure the return on your Capital employed. This is often why developers will bring in funding from bridging companies, despite interest costs and fee rates. It is because by using leverage you use less of your own cash, and so the return on the cash used will be greater. I like to look at the ROCE and then move it to an annualized figure, so that I can compare projects with each other. Though this is an imperfect calculation, the reality is that projects do not beautifully follow each other, and there is often some down time for your money in between projects.
For me, I look for 2 things. 1) ROCE of 20% or above, looking at the return on any cash left in. 2) I want a clear net yield of 10% or above, or I would not buy the property. To get to yield, I take the annual rent, minus any utility bills I need to pay for, if it is a shared house, and divide that by the cost of the house plus the refurb cost, and make it a %. Got that?! Let me put it into a visual calculation for you… Annual rent (- bills)/(purchase price plus refurb cost * 100 Those are my formal calculations, which I can use to compare apples with apples, despite my houses being all shapes and sizes. I hope that jaunt through a number of techniques to analyze both the value of the deal and then the performance of the property was fun – at least for the property geeks amongst us. I wish you every success in your property journey. ⌂
Find content here: www.youtube.com/user/goodpropertycompany Or contact us at: info@thegoodpropertycompany.co.uk and call 0117 942 8914
LANDLORD INVESTOR July/August 2015
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INDUSTRY SPOTLIGHT
Do you really know what today's tenants want? Nick Gill - Intus Lettings It’s almost old news: Whilst Britain faces a chronic housing shortage its population is simultaneously continuing to grow, so it is no surprise that renting in and around city centres is increasingly becoming the norm.
Newspapers have called the phenomenon of an ever-growing proportion of the public renting in the private sector "Generation Rent". Nowadays people are simply not able to get onto the property ladder as they can’t afford the high deposits and higher-than-average mortgage rates. It is no surprise then that savvy investors are now more than ever capitalising on the growing private rented sector. The number of private landlords has grown massively in the last decade, with many now owning a large and diverse portfolio of high-yielding properties.
July / August 2015
LANDLORD INVESTOR
As more people rent and prices continue to gradually increase, people’s expectations are also getting higher. But what exactly do the young renters want from their home? And more importantly: does your property actually meet these expectations? First things first: Location obviously remains a deciding factor for many renters – the need to be in the midst of city centres surrounded by excellent transport links. Next on the list are first impressions. Surveys have shown that young professionals are looking for something that straight away makes a neat, clean and modern impression - or in other words, properties need to be move-in ready.
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A study by property management company Savills has shown that one of the most cited reasons for ending a tenancy is because of poor management. In fact, reasons such as slow turnaround for fixing maintenance issues, lack of communication between tenant and landlord, and only making cheap or quickfix repairs are very common motivations behind the termination of contracts.
Alex Povey, a young professional residing in Manchester’s private rented sector is a prime example of the effects of “Generation Rent”. When interviewed about his views on being a tenant he commented: “What’s really important is a property’s specification. You want it to be as good as it gets: modern, high-end and well laid-out. Fixtures, fittings and furniture really add to the overall appeal of a property. Especially when you’re at a viewing and the apartment is not on top form, it makes you really question the landlord. When I move into a new home I want it to be simple and hassle free.”
When asked about what is most important to him from a landlord or management company, Alex answered: “Responsiveness of a landlord or management company is absolutely key! When issues come up, I want them to be sorted out as soon as possible because you simply don’t want to have to chase your landlord all the time to fix something that is broken. But I think the most important thing for management companies and landlords to remember is to make sure they don’t treat a tenant as a tenant, but as a customer.”
The aesthetic element of a property really is pivotal. Even if your property is relatively small, the main thing is that it looks spacious. An open floor plan often achieves exactly that. A property that comes fullyfurnished including modern, functioning appliances also comes a long way in further enhancing its image in the eyes of potential tenants. Long gone are the days of out-dated kitchens and old-fashioned bathrooms. In fact, it is often exactly these features that can make or break the desirability of your property. Additionally, off-street parking, outdoor space (in the form of balconies or gardens), large windows and technological aspects such as existing BT or Sky connections can act as unique selling points, further increasing a property's appeal.
LANDLORD INVESTOR July/August 2015
INDUSTRY SPOTLIGHT
Essentially, people are looking for the same standard in a rental home that they would look for in their dream house. It is not only luxury they’re looking for, they want to find a place to call “home”.
INDUSTRY SPOTLIGHT
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As a landlord it can be quite easy to forget what life is like on the other side of the tenancy agreement, which can lead to mutual respect and effective communication becoming redundant. Making sure your tenant has the best possible experience in your property is a must, so responding quickly and efficiently to any impending issues is a way to ensure this. However, as a landlord with a more extensive portfolio, it is hard to keep in touch with all of your tenants. That’s where Intus Lettings, a premium Manchester-based lettings company, comes into play. A management company such as Intus Lettings will advise landlords from the very beginning how to market your property effectively, starting with preparations for the vital first viewing. Intus Lettings’ manager Nick Gill emphasises the importance of conducting a successful property viewing: “When viewing a prospective home, people want to be able to envision just walking in there with their bags and start living there. Really, they decide within about a minute if the property is right for them or not.” But that is not all. At Intus Lettings, you will get all the help you could possibly need: from marketing your property online, arranging successful viewings and finding the right tenants, and later fully managing both the tenants and the upkeep of your property. Research has found that properties that are well presented and managed by good management companies tend to be let quicker and generally at a higher price.
July / August 2015
LANDLORD INVESTOR
There is a lot that comes into play when you aim to successfully let your properties, but finding the right tenant is perhaps the most important task. Nick Gill says that “essentially it is all about sourcing the right tenant from the beginning and keep up a good level of communication with both the landlord as well as the tenant.” With Intus Lettings you can be sure that this will happen. From as early as the first viewing, potential tenants will be evaluated carefully to ensure their perfect fit. Once moved in, they will then be actively managed, focusing on continuous contact with them as well as you, to ensure that both tenant and landlord are happy at all times. Communication does not only reassure tenants that they are being cared for, but regular updates of the progress of the tenancy will keep you in the loop of what’s going on and give you that peace of mind, knowing that you, your property and your tenant are being well looked after. Looking for help letting your property? Simply get in touch today to see how Intus Lettings can help you make the most of your portfolio. ⌂ Website: www.intuslettings.com Tel: 0330 134 0155
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SERVICE
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Call us on 0161 933 7150 visit www.auctionfinance.co.uk Auction Finance Limited. Registered in England and Wales. Company Registration No 04949929. Registered office: Lake View, Lakeside, Cheadle, Cheshire SK8 3GW
MM9558_AF_Service_A5L_01 - new number.indd 1
05/06/2015 12:17:47
LAnDLOrD InVEsTOr July/August 2015
INVESTMENT
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PROPERTY MAGIC How to build your property portfolio with other people's time, money and experience The updated and revised 5th Edition of this amazon.co.uk property best seller is now available, and we have spoken to Author Simon Zutshi to find out what is covered in the latest edition of this best selling property book.
Property Magic explains how you can pay less for every property you purchase by finding and helping motivated sellers. These are people who need to sell their property quickly and so the speed and certainty of sale is often more important than the amount of money they sell it for. It is very important to understand that we want to help these people solve their property related problems by finding an ethical win/win solution. Property Magic was first published in 2008 and became an instant hit. The property market has changed dramatically over the last seven years and so Simon has updated the book several times to ensure that it is up to date and topical for the current market conditions.
July / August 2015
LANDLORD INVESTOR
The 5th edition of Property magic includes the following: •
• •
Why would someone sell a property for less than it is worth? Understanding and finding motivated sellers
How to find an ethical win/win solution that will make you money
5 questions to ask Estate Agents to get them to bring great deals to you.
• •
How to buy property at auction the correct way
•
• •
• •
How to find other people’s money to use for your investing Alternative ways of financing your purchases How to use Momentum Investing to recycle your deposit quickly The only 4 times you should sell a property
How to maximise the monthly positive cash flow from your property
How to legally minimise the tax you pay on your property
How to profit from property without having to get a mortgage
• • •
How to get other people to help you
⌂
Now available on amazon.co.uk
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LANDLORD INSURANCE
Landlord insurance and rent defaulters: what you should know Steve Cox - Alan Boswell Group Your landlord insurance package will cover you against the common risks of managing a buy-tolet property; however, as a landlord one of the biggest risks, is your tenants defaulting on their rent. Steve Cox, Property Insurance expert from Alan Boswell Group, discusses the effects of nonpayment, what ‘loss of rent’ actually covers and what landlords can do to protect themselves.
Whether they fall into arrears accidentally or they deliberately default, a tenant not paying rent Loss of Rent v rent protection instantly wipes out your Some insurance policies will include 'loss of rent,' but landlords are often surprised that this doesn't income on a property actually cover you for simple non-payment by a tenant. Instead, it's designed for reimbursing lost rent and with each month during a period when a property is uninhabitable, for due to fire, flood or vandalism. To protect that passes the situation instance against loss when tenants go into arrears, you will need specialist rent guarantee protection. This grows worse. ensures a landlord is paid if the tenant(s) default. If This can then have a knock-on effect on your mortgage payments. Of course, non-payment of rent is grounds for you to demand that they quit the property but this will take time. Once they have gone a new tenant has to be found and that creates a further delay. By the time you've gone through this lengthy and unpleasant process a substantial amount of financial damage has already been done.
July / August 2015
LANDLORD INVESTOR
the tenant is having temporary problems meeting their rent that can be resolved in the short term, insurance cover provides the landlord with the option of opening a dialogue to resolve the difficulty. This is always preferable than having to immediately press for eviction. Even in the case where eviction is necessary, at least landlords are financially protected throughout that period.
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LANDLORD INSURANCE
Meeting the requirements for rent protection insurance Guaranteed rent protection needn't be expensive and can be bought as an add-on to your standard landlord insurance or as a separate policy. At Alan Boswell Group we ensure that you meet all the requirements for this policy and will help you choose the most appropriate insurance cover for your needs. Requirements generally include having an Assured Shorthold Tenancy Agreement in place and carrying out credit and reference checks on a potential tenant. The landlord will also need to take a deposit and keep it protected and must inform insurers immediately if the tenant defaults. Bear in mind that the rent is only payable whilst the tenant is still occupying the property (i.e. no cover if they simply leave) and is payable for up to a maximum of 12 months. For further advice contact Steve on: Alan Boswell Group offers a comprehensive tenant referencing service which we will be happy to discuss with you or if you’d like a free, no-obligation online quote for your landlords’ insurance contact Steve Cox.
T: 01603 218031 M: 07766 715654 W: alanboswell.com/landlords E: scox@alanboswell.com Alan Boswell Insurance Brokers Ltd offers a range of other services including business, home, travel and car insurance.
LANDLORD INVESTOR July/August 2015
LETTInGs & MAnAGEMEnT
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OPTIMIsM hIGh In sUrrEY rEnTAL MArkET Buy-to-let is enjoying a surge in popularity among investors, with two-thirds of landlords preparing to invest in property by the end of 2015 and an increase in the number of investors expressing optimism about the market. Ben Heath, branch manager of Leaders in Epsom says: “Optimism is particularly high in Surrey where the rental market has been performing strongly for many years. Demand for rented homes has been steadily rising and good-quality properties rarely remain empty for long. “The market is being driven by people relocating to make the most of job opportunities and high demand has led to a shortage of available property and rising rents. This paints a very stable picture for landlords.” If you are thinking of investing in buy-to-let for the first time or are considering expanding your portfolio, now is the ideal time, according to Leaders. There are some great opportunities for landlords across Surrey, offering both enticing yields and good potential for capital appreciation over the medium to long-term. “Every landlord has different priorities, budgets and expectations, all of which will impact on the decisions they need to make,” says Ben. “It is important to identify these early on so you can make the right choices from the beginning. At Leaders we take the time to get to know you and your priorities and then use our in-depth local knowledge of the market, rents, demand and property prices to help you make the right decisions for a successful investment.
July / August 2015
LAnDLOrD InVEsTOr
“The most important factor is, of course, location. You need to identify a prime rental spot which is attractive to tenants, of which there are many across Surrey. These are areas with excellent transport links; close proximity to employment opportunities; good schools, colleges and universities; and a range of local amenities such as shops, leisure facilities, parks and restaurants. You won’t find a Leaders branch in any area that doesn’t have a thriving rental market and excellent potential for landlords. “Once you have identified your location, you need to consider the property type. This will vary depending on the market you’re aiming for. Two bedroom apartments close to town centres and railway stations are always popular with young professionals; three bedroom homes with a garden suit families, and houses with four or five bedrooms are ideal for students.” With so many variables to consider when identifying the right buy-to-let, the experience and advice of a local property specialist is invaluable. “Because we know the area and property market so well – property prices, rental values, areas of high demand, less popular streets or blocks of flats, and much more – we can guide you through all the key decisions,” says Ben. Our advice is free and completely impartial, based on over 30 years’ experience of the local property market. Whether you are new to buy-to-let or an experienced landlord, we can help you get the most from your investment.” ⌂
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July / August 2015
LANDLORD INVESTOR
Landlords – we know you’re busy. That’s why we don’t hide any nasties in our small print. No hidden fees or renewal commission, in fact no nonsense at all. One small transparent and fair fee is all you’ll need to get your property let. So why pay more?
RESIDENTIAL | COMMERCIAL
Source: The Guardian 2014, but as 97% of statistics are made up, don’t quote us on this. There really isn’t ever anything nasty in our small print, but if you’re one of the 7 % who reads it anyway, then thanks. In case you now feel like you’ve wasted your time reading this, here’s a genuine bonafide fact: sea otters hold hands while they’re sleeping so they don’t drift away. Cool, huh?
The UK’s Leading Independent Regional Land & Property Auctioneers
C
live Emson Auctioneers provide a professional and effective land and property auctioneering service across southern England. Entries are invited for the following Sales 16-22 September
Closing date: 19 August
2-6 November
Closing date: 5 October September Catalogue Available from Friday, 3 July E-catalogue, download or post
Suitable Lots Include
> Freehold/Leasehold ground rents. > Unusual lots such as Martello towers; nuclear bunkers; churches; theatres and even sea forts! > Any property where there is potential to add value.
Two Parcels of Greenbelt Land
SOLD: £8,250
Plots 40 and 42, Phase Two, Abridge Road, Theydon Bois, Epping, Essex
Four Houses for Investment
SOLD: £750,000
Maisonette for Improvement
SOLD: £143,000
Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
Outline Planning for Three Bed Dwelling SOLD: £93,000
CANTERBURY, KENT
Ordnance Survey © Crown Copyright (2015). All Rights Reserved. Licence Number LIG1016. Plans are for location purposes only. 75m
PLUMSTEAD, SE18
THEYDON BOIS, ESSEX
Abridge Road
BRAINTREE, ESSEX
> Garages.
50m
N
HERNE BAY, KENT
> Farms and smallholdings, woodland, grazing & leisure land.
25m
RAINHAM, KENT
> Tenanted properties (commercial & residential).
0m
Closing date: 16 November
Recently Sold Lots include ...
> Houses, flats, bungalows & cottages for improvement.
> Vacant commercial premises, building plots, development sites & conversion projects.
14-18 December
Statutory Investment Let at £5,772 p.a SOLD: £185,000
Residential Investment Let at £8,340 p.a. SOLD: £148,000
> Buckhurst Rd, Bexhill-on-Sea ... Vacant Commercial Premises...SOLD £252,000 > Chapel Park Rd, St Leonards-on-Sea ... Freehold Ground Rents...SOLD £34,000 > Saltash Road, Plymouth ... Residential/Commercial Investment...SOLD £164,500 > Potton Road, Gamlingay ... Freehold Residential Investment...SOLD £97,000 > Wimborne Road, Bournemouth ... Vacant Lock-up Garage...SOLD £7,200
cliveemson.co.uk Tel. 0345 8500333
... Plus much more
auctions@cliveemson.co.uk Follow us on