BUY-TO-LET – invEsT nOw!
Although there are the occasional
opportunistic cash buyers looking for
bargains, Reuben Barrett Managing
Director of Coalters Estate and Letting
Agents believes it will be many years before
the York market sees a return to the
frenzied buy-to-let investors or investment
clubs who previously bought without even
£405,000
viewing at unrealistic valuations.
Savills are seeing some activity at the
moment with emerging investors wanting Distress sale properties are being
to invest in smaller developments of
apartments. One bedroom apartments of offered at auction and can often
up to £150,000 are particularly popular.
Says Ben Pridden of Savills, “There are one provide fantastic opportunities
or two people I know preparing funds.
My advice to investors is to start to look to both for investors.”
invest in blue chip property now before it is
snapped up. By the time the bottom is
recognized it will be too late!” and DIY enthusiasts. Builders part
The Property Company agree that for an exchanges and also new properties offered
investor who can access money, now is the at knock down prices have also created a
time to be purchasing with reduced prices lot of interest.”
and vendors willing to negotiate hard for Hunters report that they are not seeing
the first time in years. any repossessed properties, the majority
However, Kevin Hollinrake of Hunters is are being offered and sold through its
even more optimistic. He believes the residential offices by private treaty. It is
investment market is holding up well as he successfully selling approximately 60 per
is seeing more cash buyers than he has cent of lots offered and a further 20 per
ever seen in 25 years of working as a York cent after auction.
estate agent. Likewise City Lets’ Cathryn
£412,000
Examples of recent February sales:
Houghton has seen investors taking cash Persimmon, new two bed flat close to
from the bank to buy properties and Top: A Mill Mount penthouse, sold for nearly York City Walls. Previously marketed in
investors looking out for repossessions. £300k less than previously marketed price 2008 at £200,000 sold at auction for
Above: The White House Farm £120,000 (pictured).
AUCTiOns Mill Mount York, three bed penthouse
Hunters Property Group say that whereas traditional residential property at guide near racecourse. Previously marketed in
in 2008 auction properties were usually prices from £55,000 to £200,000 in various 2008 at £695,000 sold at auction for
20 per cent to 30 per cent below perceived locations including Leeds, York, Bradford, £405,000 (pictured)
market value, it is now offering lots at 40 to Sheffield, Hull, Newcastle, Middlesbrough White House Farm, four bed farmhouse
50 per cent less than last year’s value, and Co Durham.” with 3.2 acres in the outskirts of York.
reflecting the current sales market. Chris Charlton, Savills Auctioneer Auction guide £500,000 sold for £412,000
However, Savills believe that investors comments, “There will inevitably continue (pictured).
are now turning their attention back to the to be distress sale properties being offered
property market. The company’s auction to the market generally but especially at COMMERCiAL
department undertakes up to 20 auctions auction and these can often provide Unlike the residential sales and letting, the
throughout the year around the country fantastic opportunities both for existing commercial market in York and
for both residential and commercial and new investors and also, of course, for surrounding area is very static with few
property and have branched further north the owner occupier.” transactions taking place across board,
with two auctions this year held at Leeds Hunters Property Auctions/Yorkshire reports Stephensons commercial property
United FC, covering the York and Property Auctions holds six auctions a year arm. Says John Kirk, “There are more
surrounding area property market. at York racecourse. The company has also properties on the market both for sale or to
“Properties offered have been diverse seen an increase in vacant properties being let with very little interest being shown.
with substantial period property, land and offered for auction. “Normally these There are properties that have been on the
some excellent investment property to properties have been offered at a higher market for well in excess of 12 months and
tempt developers with an eye to the future level on the residential market with no what transactions have taken place have
recovery of the market,” says Matthew takers”, says John Waterhouse, Director and been less than the perceived market value.”
Jones, Director at the Leeds office. Auctioneer. “The properties are often in
“The 17 lots submitted for the last need of improvements. This type of
www.propertydrum.com/articles/
auction also included a selection of property seems to attract the small builders
pulseyork. Add your comments
PROPERTYdrum JUNE 2009 25
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