Clifton Road, Nuneaton- star buy of the week.
I was reading the Sunday newspapers last weekend over a cup of coffee, when I spotted an article in the financial pages. It was announced UK inflation had increased to its highest level in a year. Inflation, as calculated by the Government’s Consumer Prices Index, rose by 0.3% over the last 12 months. The report said it had risen to the those ‘heady’ levels by smaller falls in supermarket and petrol prices than a year ago. If you recall, in early 2015, we had deflation where prices were dropping!
So what does this mean for the Nuneaton property market … especially the tenants?
Back in November, the Office of National Statistics stated average wages only rose by 1.8% year on year, so when adjusted for inflation, Nuneaton people are 1.5% better off – in ‘real’ terms. Great news for homeowners, as their mortgage rates are at their lowest ever levels and their spending power is increasing, but the news is not so good for tenants.
Morning Readers, I feel its time to do another town to town comparison report on what is available for all you investors out there looking to invest.
As I have spoken about many a time before, Nuneaton this year seems to be slowing down on properties that are being sold that would be ‘ideal’ buy to let opportunities. When I say ideal im talking about the 2/3 bedroom terrace houses in the town centre/attleborough location which you can buy for £95,000 maybe give it a lick of paint and a new carpet then pretty much rent it out straight away.
So…why not look further afield, areas such as Bedworth. I know from doing property lettings that a rental property that goes on the market in either Nuneaton or Bedworth will get snapped up pretty much straight away, and this is because the demand for rentals far exceeds the availability. This is nice for us landlords because it gives us the option to pick the most suitable applicant of course, but if we want to buy more in order to ‘help’ house these ideal tenants we’re pretty much snookered in the current market. Continue reading “How do Nuneaton properties compare to those in Bedworth?”
Check out this weeks star buy on Snowdon Close in Nuneaton….
Do you remember the ‘Right to Buy’ scheme my Nuneaton Property Blog readers? The ‘Right to Buy’ scheme was a policy introduced by Maggie Thatcher in 1980 which gave secure council tenants the legal right to buy the Council home they were living in with huge discounts. The heyday of Council ‘Right To Buys’ was in the 80’s and 90’s, when 1,719,368 homes in the country were sold in this manner between October 1980 and April 1998. However, in 1997, Tony Blair reduced the discount available to tenants of council houses and the numbers of properties being bought under the Right to Buy declined.