The Hampstead Property Blog

Wednesday, 27 January 2016

Buy to let Investment - 2 bedroom flat Winchester Road NW3

Hello to all,

Another dull and gloomy day out there, though this 2 bedroom flat I've spotted for sale may just motivate you to reach for your coat and umbrella for a trip down to Belsize Park.

This is a decent size two bedroom located above commercial on a quiet street just round the back of Swiss Cottage tube making for a great location and a real hit with tenants as there are plenty of rentals in this pocket of NW3.

On to the flat then, its been renovated to a good standard, so don't worry about getting the builders in as its all been taken care of. There are two bedrooms of almost equal size, open plan living room with kitchen ,wood floors to boot and of course new bathroom- so just add people and possibly furniture.

Two bedroom flats are sound investments and there is good call for them throughout NW3. On the plus side for the investor, having that 2nd bedroom ,your target audience is wider, appealing to established singletons,couples, as well as sharers of course. So lets look at the figures............
I would suggest that you can expect a rental of £2166.67 per calendar month, based on the asking price that will give you a net yield of 4.27% to be precise. This flat was been listed in the not so distant past and has re appeared to the local market.....I'm not aware of the circumstances, but i know that everyone likes a quick sale ..............the owner might be up for a haggle.

On the market with our good friends and opposite neighbours Chesterton Humberts for £575,000

http://www.rightmove.co.uk/property-for-sale/property-54928925.htshowcase=true&premiumA=true

As i say to all my landlords and those who are with other agents, doing your research is crucial in order to be sure that the investment will work and that you enter the commitment with your eyes wide open. If you have an investment purchase in mind or would like to know more about the local lettings market, then feel free to give me a call at the office on 020 7435 0420.

How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact us to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based on Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. The kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

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Monday, 25 January 2016

2 bedroom buy to let - Finchley Road NW3

Hello Folks !

I've spotted this two bedroom flat that would make for a cracking buy to let deal that i couldn't resist. The flat is located just a moments from the tube and buses on Finchley Road with the shopping center just over the road, so you have practically everything on your doorstep.

The flat itself is located on the 2nd floor with two almost equal size bedrooms , wood floors and in decent all round condition. Whats more , there is a private terrace just off the living room and the flat comes with allocated parking for 1 car.

Finchley Road is in the commercial heart of the NW3 area and a haven for commuters so very popular with tenants. You can expect a rental of £2,1667 on this flat and based on the asking price of £500,000 that will give you a net yield of 4.96% .

It will no doubt get sold pretty fast, well worth a look round I'd say and it will start earning its keep from day 1. On the market with our friends at Greene and Co on Haverstock Hill

http://www.zoopla.co.uk/for-sale/details/3928031

If you are considering investing in the NW3 area, my advice to my existing landlords and those who are with other agents is to always do your homework so that you can be sure the investment will work for you. Email me the link to chris@ashmoreresidential.com and i'd be happy to express an opinion.

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Friday, 22 January 2016

Will the young people of Hampstead ever own their own home?

I had the most interesting chat with a mature couple (in their early/mid 50’s) from Child's Hill the other day, whilst viewing one of our rental properties. The property wasn’t for them, but their son, who wanted a second viewing with his parents to get the parental blessing. Now I know that isn’t the norm, but in this case the parents were going to act as guarantor. We got chatting about the Hampstead property market and how they had bought their first property in the area just after they got married in the late 1980’s when they were in their early/mid 20’s. Anyway, we got chatting about how the youngsters of the UK seem to rent more than buy nowadays and from that the conversation covered a number of similar topics. I want to share the highlights of that conversation with you today.

Their son, like many 20 to 30 year olds in Hampstead, desperately wants to own his own property and the parents said he had read in the Telegraph recently, when you compare house prices to earnings, the current 20 to 30 something’s generation have to spend more of their salary in mortgage payments than any previous generation. The demand for private rental sector accommodation in Hampstead is huge. There are in fact 31,419 private rental properties in the borough of Camden at the last count, impressive when you consider there are 22,517 council houses included in that figure. However, let us not forget 31,343 properties are owner occupied (14,712 with a mortgage).

Let us all be honest, private renting doesn’t have the stigma it had a few decades ago and it might surprise people that even though us Brit’s class ourselves as a nation of homeowners, roll the clock back 100 years and over 75% of people rented their own home (and it was all from private landlords as council housing only started to come in with the ‘homes for hero’s’ after the first World War). It might also surprise you to learn that at the time of the 1971 census, still more people rented than owned their own home.

Looking at the affordability issue, I have proved time and time again, it is in fact cheaper to buy a property than rent, when one looks at starter homes for first time buyers. 95% mortgages have been available to first time buyers for over four years and whilst you could certainly find better properties in better condition in better areas, flats/apartments can be bought for as little as the late £200,000’s just south of Hampstead Heath (meaning a modest deposit of £13,750 would be required).

When it came to affordability, I was able to tell them that when they bought their first house in Hampstead in 1988, the ratio of house prices to salary was 6.12 to 1 in Hampstead ... and here was the surprise for both of us, today’s ratio is still only 7.96 to 1!

I said I believed there had been a cultural attitude change towards renting property in Britain and that this quiet revolution was likely to be permanent. In the 60’s, 70’s and 80’s, saving for the deposit was everything and buying a house was everything. Youngsters today have considerably more disposal income today than people had in the Callaghan and Thatcher years, but choose to spend it to sustain their lifestyle; Upgrading their mobile phones every 12 months, the newest tablet or PC, the latest 50” LCD TV, upgrading their car every 18-24 months and two sun drenched holidays a year, than go without and save for a deposit.

Yes, there are horror stories of tenants living in rat infested properties with landlords who charge exorbitant rents and don’t repair their properties. But that is very much the exception as most tenants rent homes of a quality they couldn’t ever to afford to buy. Twenty years ago, if you said you rented a property, you were considered the lowest of the low ... but now it’s the norm.

So with mortgage affordability being well within the bounds of most first time buyers, the level of deposit required for a 95% being surprisingly modest (starting off at c. £13,750 in Hampstead as mentioned above) until we change our attitudes, the UK housing market is slowly but surely turning into a more European model, where people rent for long periods of their life, then eventually inherit their parents properties and subsequently become homeowners themselves, albeit later in life.

Hence, I cannot see the demand for decent, high quality rental properties ever dropping in the next 10 to 20 years, but only ever increasing as the population continues to soar. Just make sure you by the right property, at the price, in the right location.

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

NW3 Eye Candy - Property of The Week - Belsize Avenue NW3

Although we are are still only in January, here is an interesting flat to get you warmed up for what will hopefully be a long hot summer. Today we go over to Belsize Avenue, just south of Hampstead Village and to the west of Hampstead Heath. I've spotted this 3 bedroom flat on the ground floor with patio and driveway offering allocated parking for 1 car.

This flat has been tastefully decorated and is very well presented throughout. In typical Belsize Park fashion,there are generous room sizes on offer throughout the whole flat with an equally spacious living room that has plenty of space to dine. The decor has a well chosen colour scheme that sets off the main room with contrast that underpins its period roots and those superb wood floors and fireplace taking center stage.

The kitchen is separate and there is also space to sit and have breakfast, plenty of units, all the expected appliances and two large windows affording plenty of natural light. In the bedrooms, there is a similar theme with ample storage and two en-suite bathrooms that are the epitome of modernity and efficiency plus a third bedroom/study/guest room. The flat features a small but sunny patio, though is very fitting for an urban setting such as this, the owners have kept it simple given the modest dimensions, best not to over complicate things. Lastly,that all important parking space; this is something of a luxury in these parts which have very tight controls with priority given to residents,as most is on street.

I've always championed these 3 bedroom flats in NW3 as they provide a good compromise for young families who need to be in the area , but don't have the budget for what a house will command and still offer up a good amount of living space. For that reason, these tend to hold their own in the market place and often change hands to people in similar circumstances.

This one is offered for sale with Foxtons for £1,750,000

http://www.zoopla.co.uk/for-sale/details/38832533

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Wednesday, 20 January 2016

Buy to let investment - 1 bedroom flat, Finchley Road NW3

Back to the commercial heart of the NW3 area on Finchley Road. This is of course, the main shopping center for the area as well as a commuter heartland with 2 tube stations and a mainline station all within a half mile radius.

The Finchley Road area also offers, in my opinion, some of the better value for money property in the area with yields to match. I have spotted this one bedroom flat located on the first floor above commercial premises. Pretty spacious,coming in at just over 500 square feet and it has been renovated throughout,so it will save you time and money as the current owner has already gone to the trouble.

This flat will rent out pretty quickly with location being top of the agenda here. So, lets look at the figures; based on the asking price of £460,000 you can expect income of £1560 per calendar month, giving you a net yield of 4.1%. For sale with Central London agent Leo Newman

http://www.zoopla.co.uk/for-sale/details/39022944

There appear to be quite a few new properties coming to the market for sale in the local area, so if you have seen something that you like the look of and would like to know about the income potential, I'd be happy to express an opinion. As I've always said to my regular blog readers and clients, first rule of property investment- Do your homework- its very important so that you can be confident the investment will work for you. You can email me chris@ashmoreresidential.com

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Tuesday, 19 January 2016

Buy to let investment 1 bedroom duplex flat - Mansfield Road NW3

Hope you haven't all frozen over, here is an interesting one bedroom flat that may warm you up whilst reading this blog. Its located on Mansfield Road on the borders with Gospel Oak and Belsize Park with Hampstead Heath and local shops of South End Road within a couple of hundred meters walk.

The transport is also very good with the main line stations of Gospel Oak and Hampstead Heath as well as the tube at Belsize Park just a short walk away. This is an interesting flat arranged over two floors with outdoor space, a storage room and on site caretaker, overall internal area of 679 sq ft which is way above average. Its in decent all round condition and ready for letting, apart from the usual compliance checks to put in place, its all there.

This flat is good value for the area in terms of the sale price and prospective tenants who will pay £1625 per calender month for something link this. The size of the place is a big draw and will attract someone who is looking to settle for a good while. The net yield on this one will be just over 4%.

On the market with local agent Oliver's Town just up the road on Pond Street with an asking price of £455,000

http://www.zoopla.co.uk/for-sale/details/39210904

If you are thinking of investing in the NW3 area and would like to know more about the local property market,feel free to give me a call on 020 7435 0420 or pop in for a chat, I'm based on Heath Street, just 50 meters from Hampstead tube.

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Friday, 15 January 2016

Hampstead Landlords could be fined £6,957,000 per year

“Who would want to move to Hampstead in weather like this?”, was what one landlord said to me as we shook hands outside his property, the other afternoon. It was windy, cold, it had been raining most of the day and it was the last appointment of the day at 4.45pm. I will admit, as I had been out of the office all day, I was looking forward to getting home, putting the fire on, and watching telly with a big mug of tea.. but this landlord lived in neighbouring Holloway and this was the earliest he could do.

It turned out he had been self-managing the property himself over the last few years, but was worried with all the new legislation that had been introduced recently. He was particularly concerned about the up and coming ‘Right to Rent’ legislation, so as his tenant had handed in their notice recently, on this new tenancy he called us for our opinion.

For those Hampstead landlords that don’t know, landlords will need to check the immigration status of any new tenants moving into properties from February 2016 or face a £3,000 fine. It is called the 'Right to Rent' rules. However, tenants should also be aware that as well as traditional landlords, tenants who sub let rooms and homeowners who take in lodgers, must also check the right of prospective tenants to reside in the UK.

Our landlord from Holloway wanted to know how much of a real issue was ‘Right to Rent’ in Hampstead. I was able to tell him, the last available figures (from a couple of years ago) show that 2,319 people (whom were registered as Non-UK Born Short-term Residents) moved into private rented accommodation in the Camden Council area in one year alone. If all of those people weren’t supposed to be in the UK, that would be a fine of £6,957,000 to the landlords of the borough.

It doesn’t sound a lot when you think there are 220,306 residents in the Camden Council area, and of those, 126,691 people (or 57.51%) were born in the UK. However, Camden is a cosmopolitan borough as the country of birth of the residents can be split down as follows:

· UK 57.51%

· Ireland 2.37%

· Europe 13.59%

· Africa 6.02%

· Middle East and Asia 12.27%

· Americas and Caribbean 5.81%

· Australia and Pacific region 2.37%

However, it must also be recognised that landlords, by checking up on tenants, could potentially be accused of discrimination under the Equality Act. This is a real minefield for landlords, especially when you consider that not all of the 29,933 Europeans in the area necessarily have the right to live in the UK either.

In a nutshell, Hampstead landlords will need to check and retain copies of certain documents that show a potential tenant has the right to live in the UK. These include ....

· UK Passport

· EEA Passport/Identity card

· Travel document or Permanent Residence Card showing indefinite leave to remain

· Paperwork from Home Office stating their Immigration status

· Certificate of registration or naturalisation as a British citizen.

I hope the new law will target dishonest landlords who repeatedly fail to carry out Right to Rent checks by making it a criminal offence. This means they could face imprisonment for failing to check on their tenants. That is why more and more landlords are asking agents to manage their properties, so they can stay the right side of the law.

So what did our landlord do?

Well after our chat, he asked us to find a tenant and manage the property for him - he had been reading the Hampstead Property Blog for a while and because of the knowledge we impart to the landlords of Hampstead, we obviously know what we are talking about. Even better news for him, even though this would cost him agency fees, I was able to get him an additional £110 per month for his property (when we found him a tenant one week later). Now, together with the peace of mind we will keep him the right side of the law and put a stop to midnight phone calls complaining about dripping taps, it was a win-win situation for everyone.

How Much Is Your Property Worth? Click Here To Find Out For FREE

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

NW3 Property Blog and Chris Christodoulou

Hi and thank you for visiting this blog. I have been in the NW3 Property market since 2000, now owning and running with my excellent colleagues, the Ashmore Residential office in Hampstead.

I have always shared my thoughts on the local property market in NW3 with my landlords, but now I want to share this with everyone in the town.

This blog follows the property market in NW3 and the immediate surrounding area. You'll find tips, guidance, and analysis that relates specifically to the NW3 Property Market. I will talk about what is happening in the suburbs’ property market itself, even looking at specific streets or areas.

At other times, I will post what I consider decent buy- to- let deals in NW3 for the buy- to- let landlord. I like to look at the whole of market and give you, what I consider the best investment opportunities.

If you see a potential deal, and want a second opinion, without hesitation, email the Rightmove link to Chris@ashmoreresidential.com . I will always give you my honest opinion on the property and its investment potential. (both good and bad) .

Ashmore Residential

5 Netherby Gardens

Oakwood

EN2 7PA

Office 0208 366 9777

Office Email: info@ashmoreresidential.com

Linkedin http://uk.linkedin.com/pub/chris-christodoulou/32/310/2a0

Property Advice

Wednesday, 27 January 2016

Buy to let Investment - 2 bedroom flat Winchester Road NW3

Monday, 25 January 2016

2 bedroom buy to let - Finchley Road NW3

Friday, 22 January 2016

Will the young people of Hampstead ever own their own home?

NW3 Eye Candy - Property of The Week - Belsize Avenue NW3

Wednesday, 20 January 2016

Buy to let investment - 1 bedroom flat, Finchley Road NW3

Tuesday, 19 January 2016

Buy to let investment 1 bedroom duplex flat - Mansfield Road NW3

Friday, 15 January 2016

Hampstead Landlords could be fined £6,957,000 per year

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