A question we regularly get asked is how investors can find a good property deal in their local area. Due to the current economic climate, stamp duty percentages decreasing and the uncertainty of the housing market – now is the best time to find a great deal.
A member of the ML Property Venture team had a conversation with an investor turned landlord today, who was explaining that there are no property bargains for him to buy in Essex (specifically Grays) and he wasn’t convinced on whether the prices would increase much due to not being outside of London. We went through the stock we have on our books, but the investor wanted a non-investment property for a family member. We don’t charge for our advice, so happy to give any impartial knowledge on our local property market, without it being a conflict of interest to the deals that we’re currently working on.
Here is what we discovered about finding on-market bargains, should you want to look for a second family home or a non-investment property for your nearest and dearest. Essex has been an upcoming area for a while. Plenty of parts such as Basildon, Purfleet, etc are undergoing regeneration projects, which mean there will be a surge in prices over the forthcoming years.
A 3 bed semi-detached property on Highfield Gardens sold for £230,000 in September 2010. It then sold in September of this year for £415,000. Regardless of current climate, and rumours that ‘nothing is selling’ in the past 10 years it has increased in value by 80.4%. A property on Long Lane in Grays, previously sold for £370,000 in March 2015 and had increased by 48.6% by the time it sold for £550,000 in September of this year. Despite being on the outskirts of London, these are great market value increases on properties.
Finally, there’s a gorgeous 3 bed detached house, within walking distance to the nearest school and from Grays station which had sold for £220,000 in January 2011, but hit the market at the start of September this year for £400,000. Considering property values are uncertain, there are significant increases and is the perfect time to pick up a bargain, whether it be an investment property or otherwise. Prices will continue to increase as more people move out of London.
Whether you are an investor of ours or not, feel free to get in touch, if you would like any advice along your property journey.