Monday, 30 April 2018

April Property Market Update - Has flexible working changed the Milton Keynes property market?

Has flexible working changed the Milton Keynes property market?




Defining the modern working week in 2018 isn’t a straightforward process. As we embrace technology, the lines between daily commutes to work and working from remote locations become less transparent. From a property perspective, this means people with flexible working patterns can be more selective about the location of their next home. But what does this mean for Milton Keynes?

A ‘virtual office’ is a term that has become popular recently as more employees are given the option of working from home. By avoiding the ‘daily grind’, property searchers can relieve themselves from the burden of having to look for a home that offers them easy access to their work. Nor do they need to worry about longer commutes if it's not every day.


In Milton Keynes, all the signs show that local people are working harder than ever. In fact 62 per cent of local workers aged 16 to 74 work between 31 and 48 hours per week. More interestingly, 13.2 per cent of the workforce actually work 49 hours or more, which means they're either working a six day week or working 8am-6pm five days per week.

In summary, there is a clear indication that our approach to the working day is evolving. This is having a roll-on effect on the property market and is helping to shape people's decisions when it comes to buying and selling homes. If you have any property-related queries, mosey on down to our office, and we’d be happy to answer them.

In Milton Keynes, 13.2 per cent of people actually work 49 hours or more per week

Have you ever wondered how many people buy flats in the local area as opposed to houses? Wonder no longer. We've done the analysis, which shows the most recent split as well as two years' worth of quarterly data. This is useful information for anyone with an interest in the local market because it affects the overall market dynamic.


Prices by type over the last few quarters

By looking back over the last eight quarters, it's quite enlightening to see how average sales prices have changed for individual house types. Obviously the bigger types sell for more, but the quarter-on-quarter changes tell an interesting story.

If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, Milton Keynes, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.
Twitter – https://twitter.com/_inspiredagents                                   

Thursday, 12 April 2018

BUY WELL IN MILTON KEYNES, DON’T CHASE THE YIELD FOR ITS OWN SAKE



It is said that you make all of your profit when you buy a property, not when you sell it, as you are in more control of what you pay rather than what you are forced to sell for. With this in mind, why pay high end retail price for a property just because it looks sweet & idyllic, when what you need is a property that first & foremost meets all the financial requirements of an investment landlord? 

It is very easy, especially for the novice property investor, to fall in love with a property and let their heart rule their head, and become so emotionally involved that they lose control of their finances and let their emotions win, by committing to a property that THEY might like to live in themselves. The most important message to convey in all of this is that buy-to-let property investors MUST buy well in the first place, because if you start the investment process in the wrong place, the rest of the mathematics that need to be in place to validate this transaction just do not stack up. If a property price is too high, and you just cannot get anywhere negotiating money off the price, then there is one thing to do and that is WALK AWAY – like buses, there will always be another one along soon. 

The novice investor often thinks that by paying more for a property they will get a better property (not necessarily true, again, just buy well) instead of considering house prices & rental values around the local area and working out what drives them. They cannot reasonably expect the market, which is an average of many transactions and house prices, to change its tune in order to meet them at their now inappropriate level of expected return (yield) that they expect, simply because they paid too much in the first place – market forces don’t work like that. If a property investor is not sure on the potential rental levels for a given location, just get them to speak to me for free, impartial advice. I can let them know not only how much rent to expect, but from that I can advise them how to work out what the maximum is that they should be paying, and how much rental demand there is for a particular property – there is absolutely no point in buying something, or somewhere, where very little demand exists.  

As for buyer beware, well they certainly should beware it with a capital B. Check out the larger, more important facilities in the house such as the boiler, electrics and plumbing, especially when paying in cash, because many investors won’t do this, and if they end up buying a problem then they will own that problem.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, Milton Keynes, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.
Twitter – https://twitter.com/_inspiredagents                                   


Friday, 23 March 2018

Which types of home sell most often in Milton Keynes?







We think your ideal home says a lot about you. If the world were your oyster, would you go for something Victorian, Georgian, a duplex apartment, new build house, or maybe a farm? Given that we live in Milton Keynes, obviously our choices are somewhat limited by reality, but what are the hottest types of property and what does this mean for sellers?


In Milton Keynes, the most common type of property is a 3 bed house. In fact, 54.3 per cent of all families in the area live in such a home. We see a lot of this kind of property come onto the market, but more compact homes are also in high demand, particularly in more central areas. One of the best things about our area is the broad variety of homebuyers all looking for their own perfect next home.


We know the most common type of property in Milton Keynes, but which kind of home changes hands most often? Unfortunately, the Land Registry does not tell us the bedroom count of homes that have sold, so we only know whether they were flats, terraces, semis or detached homes. As such, we can see that it is terraced homes which transact most frequently.


So we know that terraced homes are sold most often in Milton Keynes and most families live in a 3 bed house. In reality, we have a vast cross-section of homebuyers always looking for the perfect next home. If you are looking for someone who understands the market to help ensure you get the optimum price when you come to sell, please get in touch with us by giving us a ring.


The most common type of property is a 3 bed house. In fact, 54.3 per cent of all families in the area live in such a home.

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We've included this chart to show the relative number of flats and houses selling in the last 11 months in our area. Due to the profile of the housing stock in the area, there's nothing too surprising here, but it's interesting to see how the different types of properties contribute to total sales levels.





Annual house price index (house vs flat)


We know we live in a great area, and because most people agree, demand has driven up house prices. But how do prices in our area stack up in terms of property types? This chart looks at the comparison over the last eight years.


Wednesday, 7 March 2018

7 TIPS FOR PLANNING A BUDGET WHEN BUYING A HOUSE IN MILTON KEYNES


Buying a house is one of the most expensive purchases of your life and it’s essential to budget properly or you’ll find yourself in financial distress very quickly. With these 7 easy tips, you’ll find budgeting for your dream property easier than A, B, C.
Get organised
Choose an evening and sit down with your financial paperwork. You need at least an hour to do this correctly and also need to be level headed. Look at things from different perspectives and if it means you have to wait a few months before putting an offer in, then so be it. The larger the deposit the better position you will be in so the further you plan ahead, the larger deposit you can raise.
Consider your credit score
A good credit score will help you secure a mortgage and is one of the most common things that buyers overlook. Stay on top of your income and outgoings, pay every bill on time and make sure that you are on the electoral register.
Look at your income
Calculate your income by adding up your monthly income as well as any savings. Using a spreadhseet on your laptop can make things easier to look at.
Look at your outgoings
Go through all your bank statements and work out what your expenditure is. It is essential to NOT guess, as this will make budgeting very hard. Consider petrol, meals out, beauty and holidays. Cutting out your daily coffee and making your lunch will help and why not sell some of your old clothes on eBay?
Create a plan
Once you have worked out how much money is coming in and how much is going out, it’s time to work out a plan of how much you can afford and how much you can save a month. It is a good idea to look at your energy providers and see if switching tariffs could save you money as well as looking to change your insurance to a cheaper one.
Consider extra costs
There are various fees associated with buying a house so as well as the initial property price, you also need to budget for stamp duty, surveys, legal fees, agent fees and removal costs.
Stick to it
Whilst it may be difficult to say no to that night out or that brand new outfit, in the long run weigh up your options. Is any of the stuff really going to matter when you’re sitting in your very own home? Sticking to a budget for a short while will pay off and the benefits often outweigh the cons.
If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, Milton Keynes, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.

Monday, 26 February 2018

How much does outside space really matter in Milton Keynes?



Outside space has always been a sought-after commodity, whether it’s acres of land or a balcony with pleasant views. Most property searchers have a few items on their list when looking for a new home, with some form of outside space usually near the top. But remember, gardens, balconies and terraces aren't just eye candy; they also add value to properties.

Buyers' attitudes towards, and appetite for outside space often comes down to the area where the property is located. As the chart above shows, the most common type of property in Milton Keynes is a semi. This means that a significant number of homebuyers will expect a reasonably sized garden with room for a couple of flower beds.

In Milton Keynes there are approximately 240,200 people living across 35,500 hectares of land. This means that the population density is 6.8 people per hectare. To put that in the national context, it scores 4/5, five being the most densely populated areas. We can therefore classify our area as suburban, which means residents' will have limited choices when it comes to outside space.

The demand for open space in Milton Keynes is essentially down to the density of housing in the area. Outside space will differentiate your property from others on the market, but quality is more important than quantity. If you'd like to know how to make the most of what you've got, please pop into our office so we can give you the inside track.


"A significant number of homebuyers will expect a reasonably sized garden with room for a couple of flower beds."




For this month's market update, we've decided to take a look at what percentage of total sales each house type accounts for each quarter. Whilst it doesn't show the actual number of sales, it's very useful for seeing what each property type is contributing to the total level of transactions. It also permits year-on-year comparisons, which negate the impact of seasonality.




Local property prices vs region & country

This chart shows how prices in the local area compare with those in the region and the national picture. Given our geographical position relative to the national economic centre of gravity, the relative price levels are what we'd expect.








If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.

Thursday, 1 February 2018

TOP TIPS FOR PREPARING YOUR MILTON KEYNES HOME FOR SALE


From de-cluttering and cleaning to painting and repairing, give your property the best chance at selling this month with some TLC.
If you’ve decided to put your house up for sale then give it the best chance with these tips and tricks. After all, a little TLC never did anyone any harm and with a little attention in the right areas, you could increase your property’s views and offers.
A few touch ups can do wonders for first impressions and it doesn’t have to cost a lot. It may sound obvious but first things first, you need to thoroughly clean every single room and remove any clutter. You only have one chance at making a first impression so make the most of it. Imagine if you were visiting a property for the first time, to be met with a dirty, messy space. You wouldn’t be impressed! It is also important to be aware of the smell of your house. You may think bacon is the best smell in the world but will a potential buyer really want their possible future home to smell like that? Light a sweet smelling candle and purchase some room diffusers.
Constantly remind yourself that you want buyers to focus on how awesome your space is, not how messy it looks. Banish piles of fresh washing, clear away shoes from the hallway and keep the kitchen worktops clutter free. You also don’t want to put people with bold design features. You may love your dark orange dining room but neutral colour palettes will attract more people as they can view it as a starting block and a base to incorporate their own personality. You want to help people imagine their own family and creativity in the space.
Natural light is the easiest way to make a room seem brighter, bigger and cheerier. Open windows and any patio doors and ensure they are also clean. You should also make sure that any outdoor space you have, is clear and well kept. Think about what people notice when they drive up to your house for the first. Adding a few potted plants, LED lights and garden accessories will also heighten the good impression.
All those little things that you’ve been meaning to get around to but just haven’t – a buyer will notice these and will begin to think about the things that they might not be able to see. Set aside a weekend and fix those broken lights, paint that chipped wood and repair that broken floorboard. Little tweaks can make a big difference in the overall feel of a room and you don’t need to spend lots. Finish each room off with extras like a vase of flowers or cosy throw.
Finally, even though it is your house that is on show don’t forget to take a look at your own behaviour. If you come across as frosty and unwelcoming, this will also wear off onto the property. Happy house selling!
If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.

Wednesday, 17 January 2018

JUST HOW DO YOU RATE YOUR MILTON KEYNES TENANTS?


A cautionary tale that all Milton Keynes landlords should read…..
How well do you REALLY know who you are letting out your property to? How do you know that the people you meet are the people they say they are, and not illegal sub-letters? Would you knowingly want to be involved with shady tenants, or would you rather be protected from them?

What if your tenants trash the place, rip off doors and radiators, kick holes in the walls or run a cannabis factory from home? Where do you stand – not in a great place, that’s for sure. We have reports of these horror stories (and worse!) even from some of our seasoned landlords, who all had enough experience to cope with such matters – or so they thought. Can you imagine the stress and financial burden this would put on a novice landlord or new investor?


The common denominator here is people – well, specifically tenants. Property investors often forget this is a PEOPLE business, it’s all about how you deal with tenants and how they interact with you, how you pick the good from the bad in the first place, and how do you know who to trust? Well if you don’t do thorough due diligence on your new tenants then the truth is you don’t. Would you honestly spend, for example, a quarter of a million pounds on a typical 3 bed semi and then effectively hand it over to strangers? Some landlords, and even agents, stress that they want (and will get) a tenant living in an empty property before the week is out. Now let’s think about this – I don’t know you, you want to potentially be entrusted with what is in effect a LOT OF MY MONEY tied up in the value of my property, not to mention that I will effectively be offering you credit to the value of 6 months’ rent – well I certainly want to know all I can about you my friend! First I want to take up references from your current and previous addresses, I also want to contact your employer to confirm not just your salary but also that you DO HAVE a permanent position there for a period covering your initial tenancy. Got any CCJs or financial defaults? If so then I want to know, because as I don’t know you, it tells me you are a financial risk that I could do without.


Obviously, anyone’s situation can change, so I’d like to pop around every 3 months just to keep an eye on my property. Sorry, what’s that - you don’t think that’s fair? Well there are currently 97 other agents listed locally on Rightmove, perhaps they could accommodate you. You see, our landlords get the protection from all of the above in the detailed level of service and tenant referencing we offer. What we want our landlords to understand is that we DO know our applicants even before they become our tenants, and that’s one of the things you pay your monthly fee towards. Think about this properly for a moment, would you really gamble your £250k asset for a saving of around £16 per month on your fee? If so, there are 97 phone calls you could be making. If not, just the one call to us is all you need to make.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Milton Keynes Property Market together with regular postings on what I consider the best buy to let deals in Milton Keynes, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at danielle@inspiredagents.co.uk
If you are in the area feel free to pop into the office we are based at 181 Queensway, Bletchley, MK2 2DZ -the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Milton Keynes Property News.