The last ever session of The Property Vault in Medway will take place next week on Tuesday 23rd May. Please make sure you find time to book a ticket and come along. After this, The Property Vault will consolidate from three events to just one event, to be held in Gravesham.
The guest speaker on the night is Mike Holt from The Landlord’s Pension.
The Landlord’s Pension is a tax efficient property investment vehicle, helping clients to invest in property using tax efficient strategies.
Politics and Property
There is a lot happening in the property world at the moment, with our interests lying in the different political parties announcing their plans for housing. Both the Conservatives and Labour say they want to build more council houses to help with the housing crisis.
The Liberals have just announced that their plans would include a ‘rent to own’ policy where tenants will reduce the cost of a mortgage by paying rent, allowing them to buy the property after 30 years. This is to help younger people get on the housing ladder and eventually own a home.
It will be interesting to see if these policies are enacted when the winning party takes power.
ONS figures – what does it mean for Medway?
The latest ONS figures on house prices have been published. The headline figures for the average price of a property in England was £232,530 and the annual price change was 4.4%, with the monthly price change of a property in England at -0.6%.
However, in Medway, the figures show us that there has been a 10.2% increase in average prices from March 2016 to March 2017, rising from £209,075 to £230,339.
The latest Home.co.uk report says that the average price in Chatham is £269,013, which is above the national average. Overall, there is still plenty of movement in the market with homes taking about 2.5 months to sell.
Strood, as a comparison, has fewer homes on the market with 94 being listed in the last 14 days, but at a higher price. Once again houses are taking a similar time to sell.
Finally, Gillingham prices are much lower and there are fewer houses being listed. But even here the average price is above the ONS average.
So what does this tell us? It tells us that Medway is doing well and the market is moving. The ONS figures give an interesting picture, but I would summarise there is a time lag between the ONS and the Home.co.uk figures.
Gillingham is cheaper and there is less on offer, so Chatham seems like a good bet for finding the right property at a good price. The decision then needs to be made as to whether you find tenants for a property, or flip it for a shorter-term investment.
In the current market, property in Medway is still a great long-term investment and I am more than happy in helping you find the right property for your needs and finding the right tenants.
Bullfinch Properties has been receiving a number of glowing testimonials from landlords recently, which you can see over on the website www.bullfinchproperties.co.uk. I would of course be happy to hear from you, or anyone you know, for giving advice on anything to do with lettings and property.
And feel free to join the Property Investors in Medway Facebook group, which is a great place for landlords and investors of Medway to swap tips and strategies together, as well as sharing networking opportunities.