Buy-To-Let Guide 2014

I'm pleased to release our BuyToLet Guide for Northampton which has been updated for 2014. You can view a copy here.

Who does well out of property investment?

I've been meaning to write this blog for a while! I accept there's an element of us needing to wait 20 years to get a definitive answer, by which time hopefully we'll all be OK! But I've been investing myself for 10 years, and I've been a lettings agent for 7 years, so I'd like to think that I've seen enough to offer an opinion. In that time, I've seen loads of landlords buy loads of different properties. Some (in my view) have bought well. Others have bought less well (or to be precise been "sold something"). I've invested myself and have certainly bought things towards the start that I now regret - being within the industry has changed my perspective on what constitutes a good purchase! So what type of landlord seems to do well?

Those who don't overpay.
Property is an investment, so if you overpay at the start, you're forever playing catch up in terms of trying to make that investment work. Some buyers are happy to pay the market rate for a genuinely nice property. Others seek dilapidated properties at reduced prices and generally get good deals even though works are required. Either is fine, but what you want to avoid is paying good money for a property that's actually pretty average - and that's 80% of the market!

Those with a business mentality.
What I'm saying here is that those who become a landlord accidentally struggle to make it work for them. If the house you're renting out was once 'home', there's always going to be an opportunity to feel 'the lawn wasn't like that when I lived there' or 'there are some scratches on that wall I took ages painting'. If you rent out a place you've never lived in, anything the tenant does isn't as personal. 

Those who keep the property up to standard.
It's important that any property kept up to date. If you spend nothing on it, over a few years it will become dilapidated which affects the value of your investment. Equally if you don't repair things quickly, decent tenants will get fed up of you and leave. Your property will churn more frequently and your tenant quality will drop too. You're now in a downward spiral which will cost you far more in the long run than keeping your property in good repair.

Those who don't fiddle.
Good tenants want the 'peaceful enjoyment' of their property and invariably get frustrated by landlords who are overly attentive. We manage one property where I know the landlady (who's a really well meaning lady) has lost 3 tenants in the last few years because they feel like they are being 'supervised' - a property inspection on a 2 bed flat does not take 30 minutes and involve quizzing the tenants on their personal sleeping arrangements(!) 

Those who don't get greedy.

You would be surprised how many landlords are OBSESSED with the amount of rent they are receiving. You can legally raise a rent every 12 months and this is the only date some landlords diary - irrespective of whether the rental market or the state of the property justifies an increase - every year they force through a rental increase even if it's just a fiver. When you have a good tenant who looks after the property and is paying a decent rent anyway, this is a complete false economy as all it does is antagonise the tenant. It's the same with landlords who have got £x for a property previously and will dig their heels in until they get £x again - they fail to understand that you maximise your income by killing void periods and the costs associated with a change of tenant. Conversely landlords whose end of year figures look the best are those who've set a sensible rent to start off with, and once they have a decent tenant don't rock the boat. 

SOLD 9% return - £145k investment

It's not much to look at, but this is a cracking opportunity for someone who's can see past what's there already. It's in Far Cotton - a very lettable area. This is the sort of thing I'd buy myself if I had funds available now. 

Currently it's set over 3 floors, and has 4 lettable rooms, 2 of which are self contained. The Local Authority has closed it as it's not legal. 

The purchaser needs to close off the top floor (which is the main thing making it illegal) and generally refurbish the rest. Once done, he or she will be let with 3 (maybe 4) self contained units which will rent for £425 each. They will also own the freehold. 

It needs to be a cash purchase and I reckon a spend of £20k is required - although it you're in the trade already you could probably get this down. The purchaser needs to have about £145k available to complete the job. 

If you're interested, please email me - richard.baker@belvoirnorthampton.co.uk 

HOUSING BENEFIT TENANCIES : Will they work for you?

UPDATED DECEMBER 2013
In a rising housing market, ex Local Authority properties are becoming increasingly sought after by investors, due to higher returns and more reasonable purchase prices. It works differently to the regular private market though, so you need to understand this before you jump in.

We get asked by potential tenants if we have properties that will accept housing benefits on a daily basis. That’s because there’s huge demand for properties that will accept benefit claimants – Local Authorities in Northampton and Rugby have ‘waiting lists’ running into the thousands which continue to grow. These tenancies can work well, but it’s really important that the landlord understands in advance how these tenancies work, and what the pro’s and con’s are. I’ll go through these below.

Should I, Shouldn’t I?

The main question Landlords should ask is ‘do I need to accept Housing Benefit Tenants to rent my property’?, For the vast majority of Landlords, the answer to this question will be no – there will be a large enough supply of good quality private tenants happy to pay the rent you want. As such you’ll stick to the private market as it has fewer quirks. Landlords generally need to consider a tenant on benefits if:

1. their property is in an area where there’s low demand from private tenants, or
2. the local market is such that there’s a shortage of private tenants generally.

Essentially, if you buy a property in Blackthorn, you do so expecting a Housing Benefit tenant. 

What are the Advantages?

If your property isn't in the best area, there are many!

1. The main point is that statistically housing benefit tenancies cause no more problems than private tenancies. They just work differently and need a relaxed landlord. 
2. You can get a premium rent for your property – Local Authorities have a set ‘scale’ they pay against, based on the size of the property, and not based on the area. As such if you’ve got a property in one of the poorer areas of town, you’ll get more for it with a Housing Benefit tenancy than with a private one.
3. In many cases the Council will provide a guarantee bond instead of a deposit. This is usually capped at 1 months rent, but in certain instances can go as high as £6,000. The bond scheme with Northampton BC works well, and pays out.
4. Housing Benefit tenancies last longer – if you’re claiming benefit and you want somewhere nice to live, the world is by no means your oyster! As such when tenants get somewhere nice, they tend to stay longer.
5. In certain areas of town, a housing benefit tenant may be a safer bet than a private tenant – a single parent with children is always going to be entitled to funds, whereas a private tenant on low income and in / out of work, may struggle more to pay.
6. More often than not, we can arrange to receive direct payment from the Local Authority, which mitigates the likelyhood of the tenant not paying.

What are the disadvantages?

There are a few here also. It's important you understand these in advance.

1. Rent is paid in arrears, not in advance.
2. Local Authorities make 13 rental payments a year instead of 12. You still get the same amount of rent annually, only in smaller chunks.
3. Local Authority administration is pretty bad. When the tenant moves in, the first thing they do is apply for benefits. You won't get paid until the Council has processed this application. This can take 2 months if they are busy, and they don't apologise. They do backpay though, so you'll get your money eventually. 
4. Without wishing to over generalise, tenant often struggle to deal with issues that arise (such as their benefit entitlement being changed) and deal with this by ignoring it, or burying their head, rather than coming and telling you.
5. If the Local Authority overpays housing benefit, they will take it back from whoever they paid it to. As such if we’re getting direct payment for your tenant, and the LA subsequently decides the tenant wasn’t entitled to that money, they will deal with it by simply taking the money back – that's democracy for you! As such we're looking for tenants who clearly ARE entitled to full benefits.
6. If you want to / need to get rid of your tenant, you can bet the Local Authority won’t help you – you’ll very much have to rely on the court process unless your tenant is happy to play ball. You'll get paid rent in the interim though, assuming the tenant remains entitled to it. As such ending a tenancy can take longer and cost money. 
7. As an agent we lose a little bit of flexibility on which tenant we let to – the Council doesn’t like to see us making arbitrary decisions, and rejects any form of 'discrimination'. We don't lose control completely though, and can filter to an extent.

The secret to success is hence understanding the above and managing it. If you get a reliable tenant, and a relaxed landlord, it can work really well and deliver a great yield for the landlord. If you get an unreliable tenant and an inflexible landlord, problems can ensue! Is this any different to renting privately?

As such there can be problems with accepting tenants in receipt of housing benefit. It’s not a market that suits everyone and if you’re the sort of landlords that treats their rental properties as extensions of their own home, it’s not the market for you. That said, you can pick up a cheap property in one of the less upmarket areas of town and rent it for good money. We have a number of landlords who operate successfully in this market and I have a couple of places myself that I let out to tenants in receipt of benefit. 

Keen to pay £400 for a license to rent your property?

This could be a really significant issue for landlords in Northampton and people should read carefully. 

• Northampton Borough Council is consulting on possible changes to the way they regulate houses in multiple occupation (HMOs). 
• Currently they only take a particular interest in HMOs that are subject to mandatory licensing - these properties have 3 floors and are inhabited by 5 or more adults. 
• Going forward they seem keen to look more generally at HMOs - this could include any property that's inhabited by 2 unrelated people. So the 2 bed house I own in Semilong which is let to a Polish couple and their friend could appear on their radar and require a license - even though it's just a regular domestic property.
• This covers most town centre areas. 
• The suggestion from the Council is that a 5 year license for a single property could cost in the region of £400, payable by the landlord. Plus presumably any work the Council wants done at the property - and they have a reasonably amount of flexibility to demand what they want. 
• As you'll see from their consultation paperwork, they argue that they are trying to improve standards in the private rented sector. 
• As a landlord, I see this more as an exercise in regulation for the sake of regulation. A few jobs will be created at the Local Authority and paid for by private landlords. 
• Whilst I'm sure there are issues in parts of the private rented sector, the Local Authority is unlikely to make inroads into resolving with this by licensing the stock of regulated lettings agents - 99% of what we have on our books is qood quality and perfectly legally compliant. The other 1% we just haven't found out about yet and will deal with when we do. It will be the same at other well run agencies in town. If the Council wants to find rogue landlords I'd argue they are looking in the wrong place.
• If the Local Authority wants to make some easy money at landlords expense without having to do too much work, licensing the stock of regulated agents is of course a good idea!

Further information on this subject can be found by clicking here.

Landlords who feel strongly about this matter may wish to take part in the consultation!

SOLD : COMING SOON : Tenant in Situ at about £100k

I'm expecting the following property to come up for sale in the next couple of days. 

2 Bed House, Cambria Crescent, Abington East

We've managed it for a number of years - it comes with a long standing private tenant who pays £525PCM and is showing no sign of leaving. 

The property would benefit from some upgrading. Not immediately, but we suspect that over the next few years, or at the next change of tenancy, about £5k should be spent. The current owner doesn't have funds, and favours a sale instead. 

In the current market the property would sell for about £110k if the works were done. I suspect an offer in the region of £100k would entice the owner, so the purchaser would effectively be picking the property up for £5k below the market rate. In the current market that's not a bad bet. 

This isn't a bijou residence so if you're the type of investor who only wants something that looks pretty, this isn't one for you. However it's a perfectly sensible investment - the sort of thing I'd buy - so it will work well for someone.

Enquiries via ourselves on this property please. It will be formally advertised soon, so please get in touch if you're keen to view prior to advertising.

LEGAL UPDATE : False Eviction

I came across this recently which, although 12 months old, is highly relevant. 

We do occasionally come across a landlord who 'deals with evictions himself'. This is what can happen when you don't follow the legal process, painfully slow though that legal process can be.

http://www.newsrt.co.uk/news/sheffield-landlord-locked-up-after-throwing-tenant-on-street-831938.html 

REFURBISHMENT OPPORTUNITY, £85k

I was passed this today by an agent who feels a quick sale nearer £80k than £85k may (and I emphasise may) be achievable. That may not sound fantastic, but there's a bit of money in this for someone, which is unusual in the current market. It needs full refurbishment but is easily worth £100k at todays prices once done, and very probably a few thousand more. As such it represents a good buy. 

There's not enough money in this to refurbish it and sell it, but you could buy it, refurb it, rent it, and end up with a property that's in tip top condition and slightly under market value.

A 3 bed in Bellinge, it will rent for £595 once done to a tenant in receipt of benefits. There will be good demand. Email richard.baker@belvoirnorthampton.co.uk for details.

SOLD VERY SMART HOUSE for £135k / £650PCM rent

The days of discount deals seem to be gone - certainly in the short term. I've seen average properties selling for £lots! in recent weeks. 

However here is a 3 bed property that will make sense for someone. It's very well presented inside and out, will rent very easily, and should attract a good quality tenant.

Advertised at £135k, it's going to sell for very close to that, and will rent for £650PCM. In terms of upgrading required, we can't see anything but have allocated £500 on the basis that every property needs something!

Return on Investment Figures Here. 

Agent is michael.haig@horts.co.uk 

NEW BUILD : Ultra Easy Investment For Someone!

I visited this development recently, which features new build apartments, and is well located - as with all new build it will rent really well. 

It's not the sort of thing that I usually promote, but the Return on Investment figures are pretty decent here (18%), assuming you're buying with a mortgage. And as it's new, the builder guarantees for the first 2 years so there should be no nasty surprises - very easy to do the projections. For the cautious investor, who wants to be completely hands off, these things will be fine. 

Asking prices from the builder of £101k (1 bed) and £118k (2 bed). Clearly you negotiate.

Return on Investment Figures Here.

My contact details here.

Landlords : Keep your financial calculations REALISTIC.

There's been a lot of coverage in the national media recently about the Bank of Ireland raising interest rates on mortgages that people thought would always track the base rate. Apparently there's some small print in the mortgage terms that permits this - in some cases from around 1% to around 5% in a matter of months. If you're affected, they will have written to you, but it seems to relate to mortgages taken out BEFORE 2007 and either with the Bank of Ireland or with Bristol & West (who were subsequently taken over). 
Clearly there's been a big backlash from landlords already (see http://www.property118.com/index.php/bank-of-ireland-increase-differential/37002/) and it will be interesting to see if the bank maintains it's position, whether there's a legal challenge, and what the outcome eventually is. However the whole episode should serve as a reminder to all property owners that things can down as well as up. 
In the early 2000's many landlords convinced themselves that property prices could only ever go up, and were brought back to reality by events from 2007 onwards. Today we benefit from an exceptionally low Bank of England base rate, and there are even whisperings this may fall further. As a result some people are lucky enough to have very low tracker mortgages - but it will not always be like this. Interest rates, in the medium term, can only go one way, and sensible landlords will to consider how they will respond when their rate starts creeping up. Others, certainly, will somehow allow themselves to believe that low rates will last for ever.
Equally we should all be mindful of the dreaded 'variable rate' where banks can pretty much charge what they want - most of these are currently just below 5%, but there's little stopping lenders from raising them if they see fit. I have a couple of these myself and am mindful of this. 

Then of course there is the rental value of property itself. The London-centric national media loves to print stories about rents going up "nationally", but Belvoir colleagues in other areas of the UK tell me that the opposite is true, and whilst in Northampton & Rugby rents have increased slightly, we're starting to see Landlords struggling to get premium rents in a few locations. Sensible landlords understand this and haven't based their entire financial calculations on always getting a premium rent. Others have done exactly that and struggle financially when this doesn't come to fruition. The over-riding message to all property owners is to do your figures based on a worst case scenario and don't end up in a situation where you NEED a rising housing market, low interest rates, and high rents to make your investment work.

SOLD Semilong, 2 Bed Terrace, 20% Return on Investment

Baker Street, Semilong, Northampton, 2 Bed House, Return on Investment of 20%

Just seen this nice little house in Semilong, great return on investment figures and a good buy in the current market. It's a 2 bed terraced house that's pretty much ready to go and will tenant quickly @ £600 PCM. A little top-heavy maybe at £115k, but it's not out of the question that it will sell for that in the current market. Can you get it for less is the question!

Return on Investment Figures Here

If you're interested, email us here.

Insurance for Landlords

Over the years, one of the most common things I've seen landlords misunderstand is the extent to which they are insured. Of course, they don't realise this until the point of claim, and by that point it's too late. The situation isn't helped by insurers using very similar terms to describe very different things. I've tried on a number of occasions to simplify this for my landlords but given that problems still occur, I've clearly not been that successful! I'm hence going to give it another go here. Equally, we (Belvoir) sell insurance and it's actually really good. We've always tried to not be pushy regarding this, but I'm going to sell the benefits here as I'm aware of how many landlords choose rubbish cover and regret it later.

Buildings Insurance

• "Landlords" buildings insurance is not the same as buildings insurance on a property you live in yourself. "Landlords" buildings insurance has an element of public liability cover in it. So if a tenant falls downstairs and makes a claim against you, your "Landlords" buildings insurance will cover you, whereas a normal domestic policy won't.
• Some policies also cover "loss of rent". This will be following an incident such as a flood or a fire. It's unlikely to cover rent when a tenant doesn't pay it.
• A cheap policy will exclude cover for any damage the tenant causes, or anything their pets do.

Belvoir's buildings insurance policy is comprehensive in terms of what it covers - you can't buy it on the high street - it's available to our landlords only and includes:

• automatic contents cover (up to £5,000)
• cover for up to 120 days of the property being unoccupied.
• damage by the tenant.
• damage by pets.
• following an 'incident', loss of rent and the cost of re-letting.

Rent and Legal Expenses Insurance

• Often referred to as Tenant Default Insurance.
• Covers you if the tenant doesn't pay the rent. 
• Covers your legal / court / solicitors costs in getting rid of that tenant. 
• Carries on paying 75% of the rent for 2 months after the eviction and whilst you relet.

Belvoir's Rent and Legal Expenses Insurance is again very good quality cover - it does exactly what it says with very few restrictions. Common areas of misunderstanding are:

• "I can get a cheaper policy elsewhere". Actually you can get a free one if you search hard enough, but if you think you're comparing apples with apples, you're being optimistic. You get what you pay for, and as anyone who's needed to claim will testify, £130ish per annum per property is cheap. 
• "I'm already covered under my buildings policy". Possible, but highly unlikely. Your buildings policy will pay your rent following an insurable incident (eg a fire). It won't pay simply because your tenant hasn't.
• "But my tenant's been OK so far". A couple of landlords cancel cover each year for this reason. But then what if the tenant loses their job, or the couple in the property split up and one moves out? It's like saying you don't need cover for flood because it's not raining at the moment. 
• "If they can't pay the rent, they'll just have to leave". Yes, but it can take several months to make that happen if the tenant isn't co-operative. And the costs of eviction from someone like Landlord Action can be close to £1000, and in the meantime 4 months of no rent at £600 a month is £2,400. Evicting a non payment tenant is not a cheap business. 

TENANTED, Dryleys Court, NN3 - Return on Investment of 25% per annum

Again this is tenanted, so a purchaser can pick it up with as a going concern with rental income from day 1. We've had the property rented out for about 3 years, after the current owner upgraded it. As such it's in pretty good order internally with no immediate spend required. It's a 3 bed house, freehold. 

Return on Investment Figures Here

If you're interested, please contact us here.

SOLD 8 Kirton End, Northampton, 2 Bed House, Return on Investment of 19%

This has also appeared recently and offers good value for someone. It's a 2 bed house in seemingly VERY good order so there will be no problem attracting a tenant. But it's not in the best are of town, so I've been cautious (maybe too cautious) on the rent, quoting £525PCM.

Return on Investment Figures Here.

If you're interested, email us here.

Studio, Colwyn Road, Return on Investment of 25%

A tiny flat - 1 room and a bathroom, but it will rent at £425PCM. Not that impressive to look at(!) and needs a minor amount of updating, but this offers an annual return on investment of 25%, AFTER COSTS. As such a no brainer for someone (who will buy it because it makes financial sense, not because they fall in love with it!).

Return on Investment Figures Here.

If you're interested, please contact us here.

TENANTED 120 Stanhope Road, Annual Return on Investment of 19%

This can be bought tenanted. It's a Victorian Terrace in Stanhope Road, in very good order (no spend required to improve currently) that we've had rented at £600+ for the last few years. Void periods of less than 3 weeks in the last 3 years. 

Return on Investment Figures here.

Email us here if you're interested.

45 Marseilles Close, Annual Return on Investment of 18%

A modern 2 bed house offered with vacant possession.

This is a 2 bed house in New Duston - one of the nicer areas of Northampton, so it represents a "safe" bet for investment purposes and will appeal to people who like to buy things in areas they would feel comfortable with themselves. 

Return on Investment Figures here.

If you're interested, please contact us here.

SOLD Victorian Terrace at a slight discount. £95k.

An opportunity here to buy something at a slight discount, which is no mean feat in the current market. This is advertised at £95k, but I understand that an offer of £85k may be considered (not lower). It's worth £105k in immaculate order. 

I've seen this property and there doesn't seem to be anything fundamental wrong with it. It needs updating certainly, and the purchaser should expect to spend £10k at least. It's also pretty badly presented by the current occupier, which I suspect may be what is putting the majority of purchasers off. Look past this though, and if you can buy for £85k that's a cheap buy. 

It's about 1 mile from the town centre and will rent for £550 when done to a private tenant. A nice addition to the portfolio for someone.

Any questions, please ask me. richard.baker@belvoirlettings.com 

LANDLORDS : Beware of Ambulance Chasers

Arguably this was inevitable, but companies are now setting up with the specific intention of helping tenants make claims against their landlords, on a no win, no fee basis. 

This relates to tenancy deposits. Since 2007, landlords (or their agents) have been required to register tenancy deposits and provide tenants with certain 'prescribed wording' in relation to that deposit. If this doesn't happen within a certain period of time, and the tenant goes to court, the automatic penalty is the landlord paying the tenant 3x the value of the deposit, plus the original deposit. The average deposit we hold is about £800, so that's £3200 a landlord would need to pay out. 

This is scary, but manageable. As part of our standard service we register deposits and give out prescribed information. This is given to us by the deposit provider - in our case https://www.tds.gb.com/. Since 2007, we've never been caught out once for failing to get this right (yet!) and as such neither have our landlords. 

The difficulty comes when individual courts start making strange decisions over tenancy deposits. One recent case seemed to suggest that prescribed information should be issued again when a tenancy moves from a fixed term to a periodic. This has never been mentioned previously, and has had the whole lettings industry (including the deposit scheme providers themselves) running round trying to figure out if they are compliant or they aren't. (http://bit.ly/147YrnW). In honesty they probably don't know until there are further test cases.

SOLD Northampton, 2 Bed House, £95k

I own one I rent on the same street, and this looks a very decent buy. Assuming it's not falling down(!), it's advertised at £95,000 and will therefore probably sell for a few '000 less. I suspect it's a little rough round the edges but the fundamentals all look to be there and anything else can be tidied up by us within a few days. Mine rents at £550 every day of the week, and £575 currently - this one should be no different. Private tenant. Decent yield.

I'd suggest this to landlords who are on a budget, but don't want to buy on a council estate - this is a good one if you're entering the market and want something relatively easy. It's on Northcote Street, NN2. Any questions, email me.

REFURBISHMENT OPPORTUNITY : Northampton

I'm not a huge fan of auctions because in recent years I've seen novice investors get caught up in the atmosphere and overpay. As such vendors have done better out of auctions than purchasers. This one is worth more than a casual glance, not least because it's going into the Derby auction, so it may fall under the radar of those who get a nose bleed when they venture outside the M25. 

• It's in the Headlands area, which is perfectly rentable - £595 when done. 
• Clearly it needs everything - full refurbishment - not for the inexperienced investor.
• It's non standard build too - this is fine, it will both rent and sell, but again not for the inexperienced investor. 
• Much will depend on the accuracy of the guide price. It's quoted at £50,000 and at that money there's clearly an opportunity for someone. However if it ends up nearer £75,000 the opportunity lessens - and that sort of price isn't out of the question as this will be an attractive area for some people. 

Google BAGSHAWS RESIDENTIAL AUCTION DERBY for this.

ABINGTON - Refurbishment Opportunity

Haven't seen this one, but someone tipped me off about it today. It's a straight forward 2 up, 2 down, in a good area. As I understand, there are no structural issues, but full internal updating is required. It's worth £125k once done, so there's a small margin to be made for someone who enjoys a 'project'. Far more likely is that someone will keep it and rent it - a nice house round here will currently fetch £625PCM, and will be very popular - condition is the all important factor.

A certainty is that it won't be around very long at this price! Contact me for details.

Northampton & Rugby - Where are the deals?

It's a tricky time for investor purchasers! The last few months have seen a lot of people contact me to express interest in buying. Many of those have bought at what I'd consider to be 'market rate'. The hardy few who have hung on in search of a deal have found it tough going - there's very little out there for those of us that have short arms and deep pockets!! I'd like to add to my own portfolio, but I'm struggling! This is in contrast to 2012 - there was far more available then. It's equally apparent that when most buyers are in "buying mode" they generally find something quickly - an estate agent sells them something - good deal or not. It almost makes you consider going into sales....

4Why there's a shortage of deals, I'm not sure. There is a renewed enthusiasm for buy to let, certainly - I've got lots of first time landlords coming into the market, and this generates competition for lower priced properties. Estate agents also tell me that the recent government intervention in the market has created an impetus - whilst the banks have finally realised that over lending represents bad business, the government seems willing to plough on regardless(!), which keeps prices at the bottom end of the market buoyant.  I've also seen a lot of estate agents talking enthusiastically about auctions. This isn't because they see auctions as an opportunity to offload difficult properties - it's because in recent months auctions have become a way of creating a bidding war between eager buyers - if you look at auction results online, it's hard to find someone who's got a 'steal'!

So where does this leave us? Shrewd purchasers will hang on! Those less shrewd will let an estate agent talk them into paying £130+k for a 2 bed in East Hunsbury. Meanwhile I've just had a landlord pay £47k for a 1 bed flat in town. Irrespective of what happens with house prices if she's got a long term mortgage, she'll clear £250 profit per month on a relatively (by today's standards) modest investment, and as such can't really go wrong. My advice to others is to seek out these deals, and to hold firm until you're happy you have one - don't get pressured into buying a lemon!
We continue to closely watch both the Northampton & Rugby markets and alert landlords to properties for sale that we feel have something to offer. If you're not on our email lists, and want to be, please email me and I'll add you.