Ringwood Property Sales

Did you know that over the last 12 months there have been 507 property sales in Ringwood. This is a 5% increase on the previous 12 month period. The average sales price was £361,126.

Two Speed Ringwood Property Market?

Even with the General Election on the horizon, property values in Ringwood are still 1.67% higher than they were 3 months ago, the diversion and ambiguity of an election typically makes house sellers who need to sell, price their property more realistically (although this only lasts a couple of months). Looking specifically at it from a Ringwood landlord’s point of view, the Ringwood properties favoured by investors are in short supply in many parts of the town because of a number of factors. One of the factors has been that we have seen the number of first time buyers coming to buy their first home increase over the last 12 months in Ringwood.  Another factor has been the fact that the banks have been pushing ‘let to buy’ (yes ‘let to buy’ is different to ’buy to let’) to homeowners (more of ‘let to buy’ in an up and coming article). Next, because of the banks, who are chasing low risk landlords with high deposits with very low mortgage rates- and the low risk landlords with high deposits tend to be attracted to the safer modern two and three bed town houses and semis in Ringwood.

As I mentioned a few weeks back, the pension rules are changing which means buy to let landlords can use some, or all, of their pension pot to buy a property.  It shouldn’t be forgotten there are tax implications taking more than a quarter of your pension pot out, so whilst many pension pots may not be able fund a suitably big enough tax free lump sum to buy the property outright, for most it will provide enough for the 25% deposit (required by most BTL mortgage providers). It shouldn’t be forgotten landlords that the interest paid on the mortgage is tax deductible against the rent, thus lowering your income tax paid.

In the last 12 months, I have noticed a particular uplift in interest from ‘50 something’ Ringwood people wanting to become landlords for the first time. In Ringwood, the highest returns for the lowest investment are at the lower end of the market eg the classic apartment . Unfortunately apartments , with one bedroom are coming to the market in smaller numbers than the larger four bed’s  in  top end sectors of the Ringwood property market. When looking at the actual numbers, in the later part of the Summer of 2014 in Ringwood, in one month alone 31 two one bed properties were on the market in Ringwood. However, in January this year, a notoriously excellent bumper month for properties coming on to the market, there were only 24 one bed properties on the market in Ringwood to choose from. Today, that figure stands at only 18 ..whilst the number of four and five beds has increased significantly ...  interesting don’t you think?

At that lower end of the property market in Ringwood, (ie where first time buyers and landlord investors compete with each other to buy those smaller properties), I believe throughout 2015, there will be a slow and steady tipping of the scales between supply and demand. In fact, from what I am seeing and hearing, early anecdotal evidence has suggested over the last few months (although we will need to look at figures later in the Spring once we have the data from The Land Registry), we are beginning to see a polarised Ringwood property market, where we have high demand but low supply at the bottom end of the property market, yet high supply but lower demand at the top of market .. and that can only mean one thing ... prices will go up quicker on the smaller properties than the larger ones in Ringwood, thus narrowing the gap for people looking to move up market!

Investment opportunity in Ringwood...

 

 

http://www.zoopla.co.uk/for-sale/details/36046771

... Just come across this apartment on Rightmove, on the market with Purplebricks for £159,950, in prime renter territory! It's not in bad condition, although the tiles in the kitchen are an acquired taste! 

This block of flats is located a short walk the town, ideal for commuting tenants, who can roll out of bed 5 mins before they need to get to the town. the 2 bed flats in this area rent in the region of £695 pcm as they also benefit from having allocated parking. 

If we do our sums based on these figures, you are looking at an annual gross yield of 5.21%, which for a property so close to the town is pretty good. 

We had a couple come into our office last week looking to invest in a buy to let property, they'd been left some money and wanted to put it somewhere where it will grow, (more than in the bank). We have managed to help them buy a 1 bed apartment just off Castleman Way, which will gross them 5.9% on their investment, without even taking into account capital gains! 

I'm happy to help answer any questions about the property market in Ringwood, if you would like to take advantage of this, pop in and see me in our office in the High Street.

Property values rise by £498 per week in Ringwood

Last week, a landlord who lives in St. Leonard’s came in to our office to discuss the rising property values in the Dorset area. He owns a varied portfolio of rental properties, primarily in Ringwood and Verwood with one in Wimborne, so it is interesting to compare the increase in property values around the area.

Over the last 12 months in Ringwood average property values have risen from £397,300 to £423,200 a rise of £25,900 or £498 per week. When I looked at some of the surrounding areas, Verwood has had a slightly lower than average increase in property values, at around £353 per week (as the average value of a Verwood property has risen from £291,200 to £309,600) , whilst Wimborne has had a slightly higher rise of around £409 per week (taking an average property in Wimborne from £332,600 to £353,900).

However, when one looks at the percentages, Ringwood has performed the best, rising by 6.5% in the last 12 months, compared to Verwood at 6.3% and Wimborne at 6.4%! It is, nonetheless, a rise in all the town’s average property values which suggests the market is increasing steadily in our area, but especially Ringwood– good news for home owners and landlords alike. 

However, back to Ringwood, long term property values which track peaks and troughs are more helpful to landlord investors. The questions I seem to be asked on an almost daily basis by landlords are:-

• “Should I sell my property in Ringwood, or even buy another?”
• “Is the time right to buy another buy to let property in Ringwood and if not Ringwood, where?”
• “Are there any property bargains out there in Ringwood?”

When considering this landlord’s buy to let portfolio, yields can be in the order of an average 3%-5% per year, depending where you buy, so combine that with steady rental growth, excellent increases in capital values of the properties themselves and it could be a good time to invest in the property market in Ringwood as property values start to rise.

If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market, do what a number of other Ringwood landlords do and visit the Ringwood Property Blog where I discuss the Ringwood property market, how Ringwood compares with its neighbouring towns/ rivals, and at the same time, I can hopefully answer the three questions above. I don’t bite, I don’t do hard sell, I will just give you my honest and straight talking opinion. If you ever passing, do pop in and see me at our office on High Street, Ringwood or telephone me on 01425 47 40 05.

Georgian Close Ringwood .. Great capital growth buy to let deal

Our friends at David Fells have just placed this beautiful 3 bed semi on the market. One for landlords that want decent capital growth (properties on this street have risen on average by 38% in the last 8 years) over high yields, its really nice inside. You will be in competition with buyers wanting to live it themselves though

Here is the link for the internal pics .. lovely in side  http://www.zoopla.co.uk/for-sale/details/35844798

On the market for £339,500.  Mark my words, don't hang about on this one, I don't think she will be on the market long

Kingfisher Lake area Bungalow - needs gutting!

With looks only a mother could love, this has to be the 'do-up' project of the month in Ringwood. The older generation will pay top dollar if its perfect. 

It has come on the market with an estate agent in Salisbury for £220,000 and is, in my humble opinion, very good value for money. ..  link here for more pictures over and above what is below .. http://www.zoopla.co.uk/for-sale/details/35626155  

I like this .. I like it a lot .. has anyone got a spare £220,000 they can lend me?

Lakeside 2 bed semi - needs serious consideration

This has been on the market a couple of months, this two bed semi, and if you can see through the plain roofline .. I think this would make a decent buy to let investment

On the market at £240,000 with emoov.

I like this a lot

http://www.zoopla.co.uk/for-sale/details/35212658