An excellent Southside of Aylesbury one bedroom maisonette with 4.7% gross yield and no chain.

A vacant first floor one bedroom maisonette in Dalesford Road Aylesbury HP21 9XZ. The property has a modern kitchen, spacious lounge, modern bathroom and a double bedroom. There is an allocated parking space to the rear of the property. Easy access in to town or to commute by car out of Aylesbury. All in all an excellent property for rental.

Rental value should be fine at £650pcm giving a gross income of £7800pa, equating to a gross yield of 4.7%. After costs still better than the banks and with great opportunity for capital growth.

For viewings ring the Mortimers sales team on 01296 398555.

84.1% of Aylesbury Properties have 3 or more bedrooms

The orthodox way of classifying property in the UK is to look at the number of bedrooms rather than its size in square metres (although now we are leaving the EU – I wonder if we can go back to feet and inches?). Homeowners and tenants are happy to pay for more space. The more bedrooms a house or apartment has, the bigger it is likely to be. The reason being not only the actual additional bedroom space, but that properties with more bedrooms tend to have larger / more reception (living) rooms. This is not so surprising given that properties with more bedrooms would typically accommodate more people and therefore require larger reception rooms.

Aylesbury homeowners and Aylesbury landlords I talk to often ask me which attributes and features are likely to make their property comparatively more attractive and which ones may detract from the price. Over time, buyers’ and tenants’ wants and needs have changed. In Aylesbury, location is still the No. 1 factor affecting the value of property, and a property in the best areas can command a price nearly substantially higher than a similar house in an ‘average’ area. However, after location, the next characteristic that has a significant influence on the desirability, and thus price, of property is the number of bedrooms and the type (i.e. Detached/ Semi/Terraced/Flat).

In previous articles, I have analysed the Aylesbury housing stock into bedrooms and type of property, but here I have cross-referenced type against bedrooms. These figures for the Aylesbury Vale District Council area make fascinating reading. It shows 84.1% of all properties in the area have 3 or more bedrooms

Bedrooms	Detached	Semi-detached	Terraced (including end-terrace)	Flat
1	32	96	95	338
2	320	1,794	2,565	1,146
3	2,881	8,607	5,809	216
4	7,108	3,159	1,083	54
5 or more	3,971	719	189	8

 

I was surprised at the low numbers of one and two bedroom properties as tenants and first time buyers  alike favour smaller one and two bed properties in Aylesbury (so they would be attractive to buy to let investors). It is interesting that there has been little change in the numbers of properties on the market in total. However the split in bedrooms on the market over the last 12 months is much more marked. 

·         12 months ago, 54 one bed properties were for sale in Aylesbury, today 25, a drop of 54%

·         12 months ago, 118 two bed properties were for sale in Aylesbury, today 97, a drop of 18%

·         12 months ago, 105 three bed properties were for sale in Aylesbury, today 165, a rise of 57%

·         12 months ago, 54 four bed properties were for sale in Aylesbury, today 57, a rise of 6%

·         12 months ago, 13 five + bed properties were for sale in Aylesbury, today 15, a rise of 15% 

This availability helps to explain the substantial price increases we have seen at the lower end of the market as investors and first time buyers compete for limited stock…straight forward rules of supply and demand!

This trend is showing no signs of changing post Brexit with the interest rates at incredibly low levels money is cheaper that it has been for years and returns from the banks on invested money are miserly. I think we are likely to see increased activity once we approach September and the end of the holiday season.

Pricing attitudes continue to be an issue for buyers as prices are often inflated by over ambitious agents and vendors alike. But so long as you do your research there are still sensible buys to be had.

Want to talk through you plans?...pop in for a cup of tea and a digestive any time you are passing our office in Temple Street or email me ian@mortimersaylesbury.co.uk 

 

 

Post Brexit - Aylesbury Property Prices set to drop £30,400 in the next 12 months? 

Excluding central London which is another world, most commentators are predicting prices will be affected by around 10%. So looking at the commentators’ thoughts in more detail, property values in Aylesbury will be 10% lower than they would have been if we had not voted to leave the EU. 

As the average value of a property in the Aylesbury Vale District Council area is £303,800, this means property values are set to drop for the average Aylesbury property by £30,380.

 

... but before we all go into panic mode ... the devil is always in the detail.

Property values today, according to the Land Registry are 15.66% higher than a year ago in the Aylesbury Vale District Council area. The 12 months before that they rose by 9.35% and the 12 months before that, they rose by 5.42%. If we had not voted to leave, we could have safely assumed Aylesbury House prices would have been 15% higher by the Summer of 2017.

… and that is the point, we will not see a house price crash in Aylesbury, it is just that house prices in a years time will only be 5% higher than they are now (i.e. 15% less the 10% lower figure because of Brexit). Let’s look at the historic figures and how that compares to today’s figures for the Aylesbury Vale district Council area and Aylesbury as a whole.

Average Value of a property 20 years ago                             £  70,100

Average Value of a property 10 years ago                             £208,600

Average Value of a property 2 years ago                               £240,200

Average Value of a property 1 year ago                                 £262,700

Average Value of a property today                                          £303,800

Projected Value of a property in 12 months’ time               £319,000 

The average value of an Aylesbury property will be £15,200 higher in 12 months’ time than today. 

That is not to say Aylesbury property prices might not dip slightly in the run up to Christmas (they always have done just about every year since 2000 and most of those were boom years) ... but in 12 months’ time this is where Aylesbury property values will be.

Whilst the UK's vote for Brexit has created an uncertainty in the Aylesbury housing market, there is no need to panic and prospective buyers should merely use common sense about their purchases. I always say to people to be prudent and if you are taking out a mortgage, at some stage during the life of that mortgage, circumstances will be difficult. We will not have a 2008 Credit crunch fire sale of properties. There will not be distressed sales.

There will be asking price reductions as agents reduce the price of their existing stock which was ambitiously priced to start with to attract new business. 

... and Aylesbury landlords? Yields could rise if Aylesbury rents continue to grow, and this might also make it easier for landlords to obtain mortgages, as the income would cover more of the interest cost. If prices were to level  that could help Aylesbury landlords add to their portfolio, as rental demand for Aylesbury property is expected to stay strong as more people find it more and more difficult to obtain mortgages.

For more thoughts on the Aylesbury Property market ... visit the Aylesbury Property Blog http://theaylesburypropertyblog.blogspot.co.uk/

 

Frozen yoghurt...yum!