Investment | Beverley Property Guide

Is Buy To Let Looking Rosy?

Jan 202011

The Buy to Let market looks set to hot up over the coming months, with tenant demand growing dramatically whilst the number of available properties decreases. And this looks like being the situation over the medium term as well. According to a report from Capital Economics, an organisation that predicted house prices would fall four or five years before they did, it is likely that, by 2015, 17% of households will live in privately rented accomodation, up from today’s level of 14%.

The current economic climate has changed the way that many people think about renting property and it is rapidly becoming a serious alternative to buying. With the requirement for larger deposits and low loan to value restrictions, many would be home owners are realising the benefits and flexiblity that renting brings.

And with pension funds dwindling, property could provide a better long term performance than other investment forms, particularly when considering the current level of house prices. Professional investors are seeing rental yields far ahead of interest on savings and, for many, it is an ideal time to grow their portfolios

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Property still a top performing investment!

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Jan 202011

One of the most fascinating things about residential property is it’s ability to outgrow the other investment asset class decade after decade. You look in history and compare the main asset classes, Property, Commodities, Cash, Equities and Fixed Interests… and the only one that comes close to competing is commodities. Investing in UK’s residential property is still proving to be the most profitable investment. Here’s why….

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BARRATT SHOWHOMES OFFER GUARANTEED SEVEN PER CENT YIELD TO INVESTORS

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Jan 202011

Barratt Yorkshire East is unveiling a major initiative to sell Showhomes at its developments to buy-to-let investors– as investor buyers’ return to the Yorkshire property market in significant numbers for the first time in four years.

The housebuilder says the return of investors may be an early sign that the local property market will outperform other areas of the country in 2011.

“We have not seen this level of demand from investor buyers outside of Yorkshire since the downturn of 2007,” said Paul Hogan, Sales Director at Barratt Yorkshire East.

“That is why we are today unveiling a deal called Showhome leaseback, which comes with a guaranteed yield of seven per cent.”

“Buyers have the opportunity to buy the Showhome at selected developments in the region and then immediately lease it back to us for up to five years to use as a marketing suite.”

“Rather than have to worry about untidy tenants, the investor knows that we will maintain the property in pristine condition. Barratt is also the only major housebuilder which guarantees internal fixtures and fittings for a full five years.”

Rents in Yorkshire are rising rapidly which means that rental homes are increasingly in demand. Whereas investors were primarily interested in flats before 2007, today they are looking for high-quality new houses.

“They take the view that the direction of house prices in the medium term is up,” added Paul Hogan. “So they expect to be sitting on a tidy profit in three to five years’ time.”

“We expect high demand for this product and have set-up a new section of our website at www.barratthomes.co.uk/showhome to provide full details to interested investors.”

For further information on investment opportunities please call central sales on 0800 590733 or visit www.barratthomes.co.uk

Caption; Barratt’s beautiful showhomes offer a guaranteed seven per cent yield to investors.

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GREEN ENERGY EVENT FOR LANDLORDS

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Dec 142010

Landlords from across the East Riding, Hull, North Lincolnshire and North East Lincolnshire are to be offered the opportunity to receive free impartial advice from experts on how to make money by producing green energy.

Installing renewable energy technologies, such as solar panels, is not only good for the environment, but it can also be an investment. Under the Government’s Feed-in-Tariff scheme, a typical three-bedroom property with a two kilowatt solar panel installation could earn around £800 per annum, as well as make an £120 per annum saving on fuel bills. Payments are made to the property’s owner for 25 years, paying off the initial installation costs and providing a guaranteed income for the future.

At the event, to be held on Thursday January 27th 2011, interested landlords will be given information on the Government’s incentives, what renewable technologies are on the market and easy ways to make properties more energy efficient.

Organised by the Humber Housing Partnership in association with the Energy Saving Trust, the half day event, at the Rope Walk in Barton-upon-Humber, is free to attend and will run from 9.30am to 12.30pm, followed by a buffet lunch.

“We want as many landlords as possible in the Humber to benefit from the Government’s incentives ” said Councillor Jane Evison, Chair of the Humber Housing Partnership. “This event will provide an opportunity for local landlords to put questions to experts and find out what they need to consider before installing renewable energy technologies”

If you are a landlord and are interested in attending this event or would like more information contact Matt Lewer on 01482 396115 or at matt.lewer@eastriding.gov.uk. Spaces are limited so book early to avoid disappointment.

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NEW CAREERS AND NEW HOUSES IN THE EAST RIDING OF YORKSHIRE

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Sep 302010

An ambitious programme to build 331 homes throughout the East Riding of Yorkshire is helping to create jobs for people from the area.

Local contractors are being used on schemes in towns and villages throughout the East Riding as part of the £46.5m programme – funded by East Riding of Yorkshire Council, and the Homes and Communities Agency, which has contributed £20.16m to the project.

The programme has also helped to find work for 16 new apprentices who are keen to get a start in the construction and housing management sectors. Of these 10 are hosted by the council but work on a day to day basis with the construction companies, a further four are employed directly by contractors.

Two have also been employed in more office-based roles to help manage the allocation and management of the new build programme.

Whether they have just left school or are looking for a new career, the skills they learn and training they will be given will be an invaluable boost to their CVs.

Nicole Williams, 16, from Beverley became an apprentice joiner, as a direct result of the affordable housing programme, with the council as soon as she left school.

She is now helping to construct buildings as part of the council’s affordable housing scheme, working on the framework of the buildings as well as more visible pieces of work including floor joists, architraves, skirting and doors.

She said: “It’s my first time building properties and I fancied a bit of a change. It’s interesting doing something a bit different. When the buildings are finished I will be able to look at them and say that I was involved in that.”

As part of her apprenticeship Nicole is being sponsored on an NVQ, which she hopes will boost her CV and make her more employable in the future.

She said: “The NVQ is quite highly looked upon by employers, more than other qualifications.

“I hope it will lead to other jobs in the future. I’d like to stay with the council or become self employed in the future.

“I’m quite lucky to have this job. I don’t really know what I would have done if I wasn’t doing this. I’d have looked for something hands on.”

The project will create high quality affordable homes in the areas where they are most needed in the East Riding. New homes will help to reduce the number of people currently on the council’s housing waiting list.

Those who are now living in homes which are too large for them will also be given the chance to trade them in for a more manageable property in a location which is right for them. This will free up larger properties for families.

Leader of East Riding of Yorkshire Council, Councillor Stephen Parnaby, OBE and Helen Williams, investment manager at the Homes and Communities Agency will be visiting the site on Monday, 4 October, where they will meet Nicole and the contractors to see the work which is happening on site.

Cllr Parnaby said: “This exciting project will see high quality homes built by the council for the first time in more than two decades. By offering these newly built homes to people who can benefit from them we hope to make a real difference to improving their quality of life.

“These homes are being built to a very high standard and with energy efficiency in mind which will not only help the tenants to save money, it will also help the environment.”

Helen Williams said:

“I am delighted to meet Nicole and see the real people who are benefiting from our investment.

“It is excellent that our funding is providing not only homes that people want in their local communities at the same time as creating and protecting jobs for people like Nicole.”

Jason Papprill, managing director of Hobson & Porter, who have built several of the schemes for the council, will also be at the site on October 4.

He said:

“We were delighted to be asked by East Riding of Yorkshire Council to work on these projects and to deliver much needed affordable accommodation in the area.

“The houses completed and currently under construction have achieving high standards of quality and energy saving design which will benefit local residents and the wider public in East Yorkshire.

“We are also very pleased to be working in partnership with East Riding of Yorkshire Council, YORbuild and the HCA in providing construction skills training to apprentices and the construction team as part of our ongoing commitment to personal and professional development within the industry.

“The construction sector has suffered a huge loss of jobs and skills during the recession and we are determined to ensure these skills are maintained and carried forward to the next generation.”

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EMPTY HOMES BACK IN USE AND ON SALE TO FIRST TIME BUYERS AT DISCOUNTED PRICE

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Jun 292010

An innovative scheme aimed at bringing empty homes back into use has led to three Goole properties going on sale at a heavily discounted rate to help first time buyers get on the property ladder.

The Homesteading scheme forms part of East Riding of Yorkshire Council’s Advance Goole regeneration programme and also reflects the aims of its Housing Assistance Policy. The idea is to improve the standard of private sector housing in Goole and make it possible for more people to own and live in their own homes, as well as ensuring that privately owned homes are not left to stand empty for long periods of time.

The three properties that have recently gone on the market are located on Newport Street, Heber Street and Sutton Street, and are offered for sale with a 25 per cent discount off the final purchase price. For example, if a would-be buyer was to offer £48,000, the final purchase price (with the discount) would be £36,000.

To qualify for the special discount, you will need to be an existing Goole resident and must live in the house for a period of ten years, rather than using it as an investment property by quickly selling it on or letting it out for a rental income. If the properties are sold within five years, the discount must be paid back. Grants to help cover the cost of repairs and improvements may also be available.

To apply to buy one of the houses, potential buyers must submit a completed ‘application to purchase’ form; an estimated price for repairs (subject to future production of a priced schedule of work); and a letter from their lender confirming that they have a mortgage agreement in principle.

Councillor Jane Evison, portfolio holder for housing, said: “All three houses had stood empty for some time and it’s really pleasing to see that work carried out behind the scenes to bring them back into use has paid off, and we can now offer them for sale to first time buyers in this way. It’s extremely difficult for many young families to get a foot on the property ladder and this should give three households a much-needed helping hand.

“It’s great news for first time buyers and also for the communities in which these properties are located as empty properties are all too often neglected and can have a negative effect on their surroundings.”

Anyone interested in purchasing the properties can contact Rachel Urwin, assistant valuation and estates surveyor, on (01482) 393933.

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PLANS SUBMITTED FOR AN EXCITING NEW CULTURE AND BUSINESS CENTRE FOR HORNSEA

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May 212010

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Plans have been submitted by East Riding of Yorkshire Council to build a new venue in Hornsea at a cost of just over £5 million, offering brand new theatre and conference facilities as well as business space. The new venue will replace the outdated Floral Hall, whose facilities no longer meet the needs of the community.

East Riding of Yorkshire Council has committed around £3 million to the scheme and is seeking the remaining funds from Yorkshire Forward, the regional development agency. The plans must receive planning permission before a final funding application can be made to Yorkshire Forward.

Plans include a 300 seat auditorium and stage area; dressing rooms; function room with views out to sea; two additional meeting rooms; three workshop studio spaces which will be targeted at cultural industries; and a brand new shared entrance lobby between the existing leisure centre and the new cultural centre, including a reception, café and exhibition area.

Designs have been developed by the council’s architects, who redeveloped Bridlington Spa, in collaboration with artist Chris Tipping and through consultation with professional touring theatre company Hull Truck and local amateur theatrical society HATS who are regular users of the existing Hall.

The new venue will be a high quality addition to the other award-winning seafront schemes, which have been developed by East Riding of Yorkshire Council and Hornsea Area Renaissance Partnership, including the boat compound, central promenade redevelopment and the Trans-Pennine trail gateway.

Councillor Jane Evison, portfolio holder for housing, public protection and cultural services, said: “The new building will offer much needed upgraded facilities for Hornsea and the surrounding area, enabling it to attract a wider range of cultural events and meet the need for conference, meeting and function venues in the town. The centre will become a focal point of cultural, business and community activity and attract more visitors to the town.”

Councillor Barbara Jefferson, chairman of the Hornsea Area Renaissance Partnership, said: “We are very glad to see this scale of investment coming into Hornsea where it will provide significant regeneration to our seafront. This will be the first step in creating a vibrant central hub which will reconnect the seafront to the town centre. This new facility will be beneficial to both residents and visitors.”

To view the plans visit the East Riding Planning Portal at: http://www.eastriding.gov.uk/myarea/disclaimer.asp

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£49,995 : 2 bedroom house for sale : Sigston Road, Beverley

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May 122010

Ideal investment opportunity, a two bedroomed mid house in need of total refurbishment. Comprising entrance hall, lounge, kitchen. 2 bedrooms and bathroom. Front and rear gardens.

Marketed By Intercounty, Cottingham

Telephone: 0843 315 4078

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Contact agent

| Save this property to your shortlist

Added on 12/05/2010

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400 MORE HOMES LOOK SET TO BENEFIT FROM CHANGING STREETS

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Mar 312010

Up to 400 more homes could benefit from the Advance Goole regeneration programme after a package of additional improvements was announced.

More than 600 homes across the town have already been given a free face-lift during the first four phases of the Changing Streets project and now initial surveys are to be carried out on a further 236 homes in the Poet’s Corner area of the town in preparation for a fifth phase of work to potentially begin.

A free loft insulation scheme, which also forms part of the Changing Streets project, will also be extended to incorporate another 143 homes on Hilda Street, Adeline Street and numbers 1 to 45 on Centenary Road.

To further enhance the effects of work currently being carried out on Moorland Road in Old Goole, the Advance Goole team has announced that it will apply an insulating render to the gable ends of properties located next to the narrow alleyways. This will help to improve the energy efficiency of these properties by preventing unnecessary heat loss, saving the occupants’ even more money on their heating bills.

Peter Jackson, private sector housing manager for the council, said: “Changing Streets has been one of the most popular elements of the Advance Goole regeneration programme and we’re always looking for ways to maximise the benefits for local residents.

“We’re currently giving a number of properties on Moorland Road and other streets in Old Goole a free face-lift, but we realised that homes on either side of the narrow alleyways off Moorland Road would be losing heat through their gable ends. As we’re applying the insulating render to the front of people’s homes, it made sense to apply it to the sides too.

“We’ve found the loft insulation element of the project a really effective way of improving the energy efficiency of people’s homes and helping them to save money on their heating bills, so we’re extending the current programme of work to include homes on three more streets.

“Although no start date has been set for a fifth phase of Changing Streets, and it will be dependent on us securing the additional funding required from the government, we wanted to start the ball rolling by making contact with homeowners in the Poet’s Corner area, with a view to carrying out the initial surveys on their homes. That’s the first step towards identifying what sort of work we will need to carry out and how much it will cost to make people’s homes warmer and improve the appearance of their streets.”

Homes on 17 streets across Goole have already received free improvements thanks to Changing Streets. The improvements have included the replacement of timber front doors and windows with upvc, and the application of an insulating render to the exterior of the properties. Research shows that this investment has not only improved the appearance of individual properties and whole streets, it has also made people feel safer, happier and more proud of where they live, as well as reducing their heating bills.

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TLC for Landlords, Please Darling

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Mar 222010

Next week’s Budget should be firmly focused on housing and changing the tax system to encourage further investment in private residential accommodation, according to the National Landlords Association (NLA), the leading representative body for private landlords in the UK.

Recent Government figures* showed that between 2001 and 2008 the number of people renting increased from 2.1 million to 3.1 million. However, the current tax system actively discourages investment in rental accommodation by landlords.

The NLA is calling on the Government to acknowledge the growth in the private-rented sector by making changes to the tax system in the forthcoming Budget that will increase the availability of privately rented accommodation. By addressing the following five areas, the Chancellor could provide much needed stimulation and investment as well as increase the overall quality of housing stock.

1. Capital Gains Tax (CGT): Landlords should be entitled to utilise ‘roll-over’ relief to encourage reinvestment of released capital gains. The current exclusion of residential property from access to this relief discourages landlords from reinvesting and from long term business planning. Released gains could also be used for renovating and modernising housing stock.

2. Stamp Duty Land Tax (SDLT): The ‘slab system’, whereby tax is calculated according to fixed rates in arbitrary price bands, should be immediately reformed. Unlike most taxes, SDLT is neither regressive nor progressive and leads to inevitable distortions in property prices. In addition, where landlords make multiple transactions, each property should be treated individually for the purposes of Stamp Duty and not, as in the current system, as one bulk transaction.

3. Value Added Tax (VAT): The VAT rate for renovations and home improvements should be reduced to the lowest possible rate of 5 per cent. Social landlords already benefit from significant funding provisions in order to meet targets for the provision of decent homes. Cost barriers should be removed which discourage landlords from modernising housing stock.

4. Council Tax: The way in which Council Tax is assessed for multi-occupancy dwellings varies greatly across the country. It causes unnecessary uncertainty among landlords and often leads to a failure to maximise affordable and much-needed accommodation. The NLA is calling for immediate Government clarification to ensure consistency across local authorities.

5. ‘Rent-a-Room’ Scheme: The tax-free threshold for homeowners taking in lodgers should be extended from £4,250 to £9,000 per year in order to keep up with current rental prices. The NLA fully supports the Spareroom.co.uk ‘Raise the Roof’ Campaign which argues that the prospect of completing a tax return has become a major disincentive to homeowners who could provide much needed accommodation.

David Salusbury, Chairman, NLA, said:

“Given the current housing shortage the Chancellor should use the upcoming budget to make investment in property easier and the management of a residential portfolio more cost effective.

“None of the changes for which we are calling would put significant pressure on public funds or reduce tax income to any great degree; in fact most should encourage increased economic activity.”

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