A landlord who had been reading my blog and was looking to increase his portfolio called me the other day to ask if 2 bedroom properties were the most sought after and why. He also wanted to know where in Dunstable or Houghton Regis would be the best location to look to purchase his next investment. He is coming in next Monday to talk this through with me and as I have done with a number of landlords since we opened in October 2012 I will advise and appraise any properties that he sees are available before he arranges a viewing.
Two bedroom apartments are most sought after by the following tenants:
Two bedroom houses are also very popular and usually for the family who require some outside space. For the younger couples with no children the garden can be extra work they don’t have time for gardening in their busy lives.
The main modern developments in Dunstable for 2 bedroom apartments are The Parklands, Bramley Court / Russett Way, Watling Gardens, Living @ The Edge by Bloor Homes, Stokers Close and Peppercorn Way to the North. Bovis Homes completed a development recently on the edge of Dunstable and Houghton Regis called Tilia Park which has also proved popular.
To purchase a 2 bedroom apartments in these developments it can range from £140,000 - £165,000 and the rental value will range from £675pcm to £800pcm depending on condition, single or double second bedroom, parking and ensuite.
A 2 bedroom house will cost on average £175,000 and will currently rent between £750pcm and £850pcm but at the moment a good 2 bedroom house is hard to find.
We do on occasion see a ’distressed’ 2 bedroom apartment marketed for sale. These were often purchased in the developments mentioned above and have been on the rental market for the last 8-10 years. The internal condition is often in need of TLC and the price often reflects this as the owner is only looking to cash in on the rising property market without carrying out any refurbishment. They might require new flooring, redecorating and quite possibly a facelift for the Kitchen and bathroom, but with a heavy discount on the selling price there is value to be added to these properties.
If you would like to discuss the current rental valuation of your property or how you could improve your property to attract the right tenants paying the market value for your property please contact me firstname.lastname@example.org.
Likewise if you are looking to purchase a property and would my unbiased opinion on its suitability and rental value please email me a link from the website advertising the property.
I am also the Lettings Specialist who gives the update at the Luton Property Investors Network (PIN) meeting held once a month in Luton. This is an informative meeting for new and experienced landlords and if it is your first PIN meeting you can use the voucher code ‘belvoirluton’ when booking for free entry. More information can be found at Luton PIN
Talking about Section 21 notices is likely to send most people to sleep so apart from ensuring readers and landlords are aware that there are very important changes that they can read by selecting this link I feel there has been enough discussion and confusion without me adding to it. Section 21
The new regulations regarding smoke alarms in rental properties and unfortunately in a small capacity carbon monoxide detectors should be welcomed if only the requirement to install carbon monoxide alarms was more widespread.
The regulations are fairly simple although there is still confusion regarding existing tenancies and whether there is a grace period.
There are plenty of articles to read on the internet to confuse things even further but we would recommend landlords presume these regulations cover all properties from 1st October.
When it was announced earlier in May this year that Amazon were opening in Dunstable at a distribution centre that was speculatively built by Prologis on Boscombe Road there was a suggestion that the site in front might be next to be developed.
Today I am moving 2 employees from Amazon into a 2 bedroom apartment in Bramley Court overlooking the site and on my recent visit before they move in I took this photo showing that there is definitely movement.
Prologis invested in the site on Boscombe Road because it believes it to be a strong location for the logistics sector and offers some of the best opportunities for its customers in the South East market.
At the time Andrew Griffiths, managing director of Prologis UK said “We believe that Dunstable is a strong location for the logistics sector and we are investing in our site on Boscombe Road because it offers some of the best opportunities for our customers in the South East market.”
In May it was mentioned that Prologis are considering building a second warehouse nearby, potentially creating even more jobs in Dunstable.
Caroline Melvin, of Prologis, said: “There’s a plot of land in front of the Amazon building, and that’s what it’s there for.”
Ms Melvin said it wasn’t confirmed yet when the warehouse would be built by Prologis, or if a commercial deal would need to be struck before building work could begin.
I have come across a recent review by Lloyd Spencer of Lambert Smith Hampton titled ‘Luton and Dunstable industrial and logistics review H1 2015’. This shows the growth of companies locating in Luton and Dunstable and below are the main points:
New occupiers come to Luton and Dunstable
The ABC’s of Planning for Property Investors – Linda Wright
Daniel Bourke is the owner of Belvoir Lettings Dunstable and in his previous career in Architecture he was an Associate in a leading London Architectural practice