Versatile 3 bedroom Mid Terrace in Millfield (6.6% Gross Yield)

This 3 bedroom modern mid terrace has been well maintained to a high standard so with it's location close to the City Centre, Sunderland University and Millfield Metro, will appeal to a wide range of tenants

Based on renting it to a couple or a family (rather than on a room-by-room basis to students or nurses etc) it will achieve £550pcm rent and return 6.6% Gross Yield based on paying the £99,950 asking price



Click here for details http://www.zoopla.co.uk/for-sale/details/35793403?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#rKytAoDGD9jxLx1w.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

'Ready to Let' 2 Bedroom Farringdon Semi (7.1% Gross Yield)

This 2 bedroom semi looks to be in a decent condition, with neutral decoration & flooring that means it can be let straight away to Good Tenants with no need for further investment

Based on paying the £79,950 asking price and an achievable £475pcm rent it will return 7.1% Gross Yield

Click here for details https://www.onthemarket.com/details/1072854 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

2 Bedroom Ground Floor Flat in Roker (7.2% Gross Yield)

This 2 bedroom ground floor flat in Roker has been refurbished to a bright and clean rental standard and also has the benefit of a basement for storage (lack of storage being a common issue with converted flats) and secure parking in the rear yard

It's on the market for OIRO £75,000 and based on paying this and an achievable £450pcm rent,  it will return 7.2% Gross Yield



Click here for details http://www.rightmove.co.uk/property-for-sale/property-50128454.html

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

'Ready to Let' 2 Bedroom Town End Farm Semi (7.6% Gross Yield)

This 2 bedroom semi in the popular Town End Farm area is 'Ready to Let' so investors can start earning a rental income straight away

It will be popular with a range of tenants but we find this type of property tends to attract young couples or families with young children, typically from the surrounding area (which is good news as they tend not to want to move too often)

Based on £450pcm rent and paying the £74,995 asking price it will return 7.2% Gross Yield

Click here for details https://www.onthemarket.com/details/1046925/?utm_source=property_alert&utm_medium=email

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information 

5 x Echo 24 Apartments For Sale by Receivers (9.75% Gross Yield)

Five 2 bedroom Echo 24 apartments are being offered by the receivers & will be auctioned on 12th February 2015 (as 5 individual lots, not as a portfolio)

When you consider that one of them being offered now was bought new for £187,000 in 2007 and they rent out for between £650 - £700pcm it's not hard to see why the receivers may now be involved...

What doesn't work as an investment if you paid nearly £190,000 is a very different prospect for £80k...

Around £80,000 is the going rate (there have been 7 sales since 2009, all last year and all with prices ranging from £78,000 - £85,000) and based on this and a conservative £650pcm rent you'll achieve 9.75% Gross Yield

Four of the five are currently tenanted and the annual rental amounts quoted on the sales particulars are roughly in line with the above

Before bidding you'll need to know and accept that you'll be renting to International Students with all the Pro's and Con's this entails, that the service charges are ludicrously high and not content with that, the communal managers are now finding innovative new ways to separate apartment owners from their rental incomes (recently introduced change of tenant/renewal fees, annual services on electric boilers...!?) so the Net Yield will be significantly lower

Click here for details http://www.zoopla.co.uk/for-sale/details/35760137?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#2xCKhGfXdwIhxgKK.97

Call me on 0191 567 8577 if you think you're even a little bit interested as unless you're a current Echo 24 owner I would advise it will be worth a frank discussion before going any further - there is clearly a return to be made but this is not going to be everyone's cup of tea and given we manage a number of Echo 24 apartments I'll be able to give the 'warts & all' lowdown to allow you to make an informed decision 

Reduced by 10% 'Ready to Let' 3 Bedroom Grindon Mid Terrace (6.6% Gross Yield)

This 3 bedroom mid terrace in the popular Grindon area is in a neat and tidy condition with a couple of features that not all Grindon properties can offer, such as front & rear gardens and off street parking

It was first listed at £100,000 in October 2014 and at that price was not going to be of interest to investors but it's just been reduced by 10% to £90,000 which changes things somewhat

At that price it would return £6.6% Gross Yield, based on paying the above and a very achievable £495pcm rent

This is a popular area likely to attract long term, working tenants - it's often a little more expensive than the other ex-council areas we recommend but it's always worth looking out to see if you can get a bargain (especially if in this case you can negotiate the price down further...)

Click here for details http://www.zoopla.co.uk/for-sale/details/34939178?search_identifier=8f7431ca37808fc083d72077e81bc6c4#o6Fbhr3dMfR6cDfk.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Sunderland Selective Licensing To End in 2015

I don't normally post about the 'nuts & bolts' of letting in Sunderland or go into the technicalities of legislative changes but this is quite important and more importantly could affect Sunderland Landlord's investments, so it's worth sharing

From 1st July 2010 all landlords wishing to rent their property in the Middle Hendon & Long Streets area had to apply for a License as part of the Selective Licensing powers given to the Council

The Selective Licensing scheme had a 5 year lifespan, meaning it is due to end 30th June this year

I was not alone in assuming that it would continue beyond that date, however during a conversation with Sunderland Council Housing Office this week I've learned that when the scheme ends later this year it will not be renewed - instead the council are keen to promote their Accredited Landlords Scheme (which is not compulsory)

This means that anyone who currently holds a License will not be required to renew it when it runs out (they last 5 years) and that anyone looking to rent their property in the affected areas after 1st July 2015 will not have to apply for a License

As I'm currently dealing with such a case, I'm waiting to hear back from the Council as to what happens with new Landlords who wish to rent their property between now and the Selective Licensing end date in June but I'm hoping common sense will prevail...

3 Bedroom First Floor Flat in Roker (6.6% Gross Yield)

This spacious 3 bedroom first floor flat will be of interest to a range of tenants due to the location close to Roker Park, the Marina & the Sea Front

It's in a good, lettable condition, requiring only a lick of paint to freshen it up

It should easily rent at £495pcm and based on paying the 'Offers Over' £90,000 will return 6.6% Gross Yield - given decent rental accomodation is in short supply in the SR6 postcode, tenant demand should be strong and being a sought after residential area there should be no problem when the time comes to sell

Click here for details http://www.rightmove.co.uk/property-for-sale/property-48197477.html 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

1 Bedroom Ground Floor Flat (7.9% Gross Yield)

This 1 bedroom ground floor flat in Downhill (SR5) will appeal to a range of tenants and looks to be a decent low cost investment

It's priced at £47,950 and given there are no internal pictures, although the sales particulars mention a modern kitchen and bathroom it would be best to assume it will need at least decoration & flooring - so it makes sense to allow a further £5k for improvements

Based on a total investment and a realistic rent of £375pcm (depending on the condition £395 may be possible) it will return 7.9% Gross Yield

Click here for details http://www.zoopla.co.uk/for-sale/details/35688423?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#Li7Q4cMhvuofZ8K8.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

2 Bedroom, 2 Reception Room Terraced Cottage (7.2% Gross Yield)

According to the Estate Agent this 2 bedroom Millfield cottage will achieve £500pcm - that's too high but even based on a more realistic £450pcm it will return 7.2% Gross Yield

This is based on paying the Offers Over price of £75,000 and at worst needing a lick of paint & flooring in the 2 bedrooms (it generally looks OK with a decent kitchen and bathroom) 





Click here for details http://www.zoopla.co.uk/for-sale/details/35686108?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#3QLE8pb3PsUtGJ0Z.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information 

'Needs Work' End Terrace in Popular Roker Location (6.3% Gross Yield + Captal Growth Potential)

This end terrace in Moreland St, Roker will be popular due to the location (we know this as we've managed a property in this street for a few years and it's never been hard to find decent tenants)

The sales particulars state it's got 2 bedrooms but looking in more detail there's a downstairs double bedroom at the front and 2 smaller rooms in the eaves (loft conversion), so in my book that makes 3 bedrooms! 

It's all a bit odd, as if planning permission hasn't been given for the loft conversion then surely the 2 upstairs rooms must be discounted so it's only got the 1 downstairs bedroom ...and should be priced accordingly? 

Anyway, it's worth investigating as based on a 3 bedroom rent of £550pcm it will return 6.3% Gross Yield - this is based on the £89,950 asking price plus £15k for improvements (it needs full redecoration & flooring and a new kitchen and bathroom)

What's more, given the above confusion over the number of rooms (which may mean you can strike a hard bargain), the 'Needs Work' condition and the location there's scope for decent capital growth

Click here for details http://www.zoopla.co.uk/for-sale/details/35688420?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#FThIIuu7MmYp3rym.97 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

'Ready to Let' 3 Bedroom Seaham Terrace (7.9% Gross Yield)

This 3 spacious bedroom terrace is in good internal condition with a modern kitchen and bathroom, garden & off-street parking

It doesn't look like it needs any work prior to letting & it's realistically priced

At £75,000 could appeal to investors given it will return 7.9% Gross Yield based on a very realistic £495pcm rent


Click here for details http://www.zoopla.co.uk/for-sale/details/35635539?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#EJbyoR7yo9HlhJHI.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more details

One Bedroom Bungalow in Dalton-le-Dale (6.6% - 7.4% Gross Yield)

With an ageing population and an increase in home-owners selling up to fund their retirement (due to a lack of private pension) properties that will appeal to older tenants will have good long term prospects for investors

This 1 bedroom end terrace bungalow probably needs work internally (there's only external pictures shown) but the semi-rural location is good and this is likely to be popular property

Based on £400 - £450pcm rent and £10k for improvements on top of the £62,500 asking price, it will return a healthy 6.6% - 7.4% Gross Yield but given this is likely to attract long term tenants, the long term return should be better than a property where there is more tenant churn / voids etc

Click here for details http://www.zoopla.co.uk/for-sale/details/35649107?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#BmRIZC6dCvgMRutJ.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Another 'Needs Work' Millfield Cottage (7.7% Gross Yield)

This 2 bedroom is very similar to the recent post in that it is priced at a level that will make it worth a look for those happy to spend additional funds if in doing so they add value and it will allow them to attract decent tenants

Adding £10k for refurbishments to the £59,950 asking price will return 7.7% Gross Yield based on £450pcm rent

Click here for details http://www.zoopla.co.uk/for-sale/details/35622828?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#sg4jKPoLSzZOr5IK.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

"Full Refurb" 2 Bedroom Milfield Terrace (7.2% Gross Yield)

This 2 bedroom terraced 'cottage' needs a full refurb throughout but at £64,950 there's scope to budget for this work and still deliver a decent return

It realistically needs a new kitchen and bathroom and following this, full redecoration & new flooring throughout

Given it's not the biggest property, budgeting £10,000 on top of the £64,950 asking price should suffice and it will then return 7.2% Gross Yield based on £450pcm rent 

Click here for details http://www.zoopla.co.uk/for-sale/details/35604389?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#I9CxoRWyYWvRo8gq.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

'Ready to Let' 2 Bedroom End Terrace in Murton (7.4% Gross Yield)

This 2 bedroom end terrace has been significantly improved by it's current owners and is in a great condition that's likely to appeal to a wide range of tenants

Based on achieving a very realistic £400pcm and paying the £65,000 asking price it will return a healthy 7.4% Gross Yield

Click here for details http://www.zoopla.co.uk/for-sale/details/35600924?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#i1bbI2TERBoXyjzH.97 

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

Tenanted 2 Bedroom Ashbrooke Flat (6.6% Gross Yield)

This spacious 2 bedroom ground floor flat in a converted Victorian terrace in Ashbrooke is being sold by an investor with a long term tenant in-situ

Based on the £495pcm currently being paid and a purchase price of £90,000 it will return 6.6% Gross Yield

It's not currently on the market with any estate agents so click below for archived details from when it was last on the market http://www.zoopla.co.uk/property-history/4-claremont-terrace/sunderland/sr2-7lb/763926

If you're interested please get in touch by calling 0191 567 8577 or emailing neil.whitfield@belvoirlettings.com and I'll put you in contact with the owner direct

Two Bedroom Millfield Terraced 'Cottage' (8.3% Gross Yield, Apparently...)

This 2 bedroom terraced cottage is so new to the market there's only an external shot, which means there's no way of telling if it's going to need a lot of work inside

Outside looks tidy and well kept so let's think positive and assume it's not going to need much more than a lick of paint

The Estate Agent particulars claim it's currently let and getting £450pcm rent - to get that it really will need to be in great condition and even then I'd say £400 is more realistic for the area

So based on this super-optimistic view it will return 8.3% Gross Yield based on £450pcm and just paying the £64,950 asking price, with no need for any further spend on renovations

Based on a more realistic scenario, adding £10k for improvements onto the asking price and lowering the rent to £400pcm will deliver a more modest 6.4% Gross Yield (but that's still much better than you'd get in many parts of the UK!)

Click here for details http://www.zoopla.co.uk/for-sale/details/35551997?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#RQ6XkzPZfhmvHEWw.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information

What Type of Property Sells Best in Sunderland?

Knowing how saleable a property is going to be before you buy it is vital when considering what to buy for your next property investment...because one day you will want to sell that property

If you go into the purchase with open eyes, knowing how strong the market is likely to be, you'll know most of the risks and can barter the price accordingly if you have to

Bearing this in mind, last week, a couple from Cleadon popped into our offices to ask about investing in their first local property. They were concerned that if we have another property slump (and we will have another slump, and another...because that is what's happened to the British property market ever since the 1950’s), if they did need to sell, what type of property would be the easiest to dispose of? 

Nowadays pretty much everything sells, even during a slump, as long as the price is right...but I did some research and followed up their query – I was actually quite surprised with the results

A good guide to judge the 'saleability' of property is the number of properties for sale, compared to the numbers that are sold, subject to contract (STC)

There are 119,758 households in Sunderland there are currently 1,224 properties on the market for sale. Of those 1,224 properties, 1,117 properties are fully available on the open market waiting for a buyer and only 107 are shown as having buyers and are sold subject to contract 

That means only 8.7% of property on the market has a buyer in Sunderland (interestingly in Newcastle 20.4% of properties are shown as sold STC and in Durham it's 18% of a much smaller pool of only 283 properties)

I'd imagine all of these figures are low due to the seasonal nature of the sales market - I'll make a comparison later in the year to put this to the test

In the meantime, I like to delve a little deeper, and in Sunderland today, a 5.0% of detached houses on the market have a buyer and it's slightly better news for semi detached property owners, as 8.4% of them are sold STC

Terraced houses are performing almost as well, with 17 of the 268 on the market now having buyers lined up (making 6.3% of the total available properties)

Somewhat unexpectedly, the properties that appear to be doing best at attracting buyers at the moment are apartments with 9.6% of those on the market having buyers and bungalows where 17.8% are Sold STC (although the latter statistic is less surprising given there is always strong demand for bungalows - a trend which is likely to continue given the ageing population)

I then thought it would be interesting to look into whether there were differences in the various Sunderland postcodes

Looking at the SR2, SR3 and SR4 postcodes, a relatively consistent 9.8% - 10.5% of properties are currently shown as Sold STC

The lowest number of Sold STC properties was within SR5 with only 3 of 160 properties having buyers (1.8%) and at the other extreme 20% of SR1 properties were Sold STC 

The latter ties in with the unexpectedly strong performance of apartments shown above but the relatively poor performance of SR5 is somewhat concerning, given this is a great area for picking up good value investment properties

I make myself available to give advice to both existing & new landlords in Sunderland on what to buy & what to avoid

Having this detail of information at my finger tips, allows me to spot trends in the local market, which then enables to me to give the very best advice to my Landlord clients 

I don't charge a penny for that advice so if you want to discuss your options then pop along to our offices in Frederick Street for a more detailed conversation about your investment needs

'Ready to Let' 3 Bedroom Mid Terrace in Grindon (6.6% Gross Yield)

This 3 bedroom terraced property is in the popular Grindon area and will get good interest from local working families

It's 'Ready to Let' with a decent modern kitchen & bathroom, so based on the £89,995 asking price and £495pcm rent it will return 6.6% Gross Yield

Click here for details http://www.zoopla.co.uk/for-sale/details/27657890?tmad=c&tmcampid=35&utm_campaign=buy-alert&utm_content=contact-type-listing&utm_medium=email&utm_source=alert#rVlSSed5CI95gu9b.97

Call us on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information