Barking is a town located to the east of London and only 10 miles away means the attractions of central London can be reached under an hour. Due to this prime location private landlords and Barking go hand in hand and it is often identified as a hot spot for property buyers! The area of Barking is currently undergoing a significant amount of regeneration in order to improve the economy of the town, bringing it up to date and increasing the number of homes that are available to purchase in the town.
Barking is part of the London Plan which does of course mean that there are lots of opportunities for property buyers and sellers which are set to become available in the area over the next 20 or so years before the projected end date of the project in 2031. As a result it is important for private landlords in Barking to manage their property and investments whilst the area is developing opportunities and facilities which will ultimately increase the value of the properties for private Barking landlords.
The regeneration, London Plan and handy location making it easy to reach the city centre of London all work together to make this a popular location to be considered by all private landlords in London.
As a whole the London property market is tough to get a step on to so it is important to understand the Barking market for private landlords as a whole. Whether it is when making that first step onto the ladder or especially when moving from one step to another by using the equity in your property to purchase a larger or simply more expensive property. Extensive research should be conducted before you either buy or sell a property in Barking, especially if you are a private landlord or looking to become one. As a landlord you will have the additional responsibilities of finding and then looking after your tenants and addressing any issues they have which may arise.
Across Barking there is a huge variety of potential homes and types of property available from large traditional terraced homes with enough space to provide the perfect family home with an average of three bedrooms to a lots of newly built apartments and houses converted into flats of one to two bedrooms. The typical 3 bedroom terraced home has an average value of £224,413 with semi detached houses averaging prices around £264,000.
Flats can be considered relatively affordable compared to other London properties with an average value of £151,659 and 2 bedrooms, one bedroom flats and apartments can be found for around £100,000 which is ideal for the first step in becoming a private landlord in Barking before moving on to larger properties. PrivateLandlordsLondon.co.uk can assist all private landlords in Barking in finding buyers for their current properties which they are looking to sell.
Private landlords in Barking may be initially attracted to the area due to the lower average property prices of all property types when combined of £201,918 compared to the higher average property value for London as a whole which is £288,000. The higher number of flats and smaller properties available for sale in Barking compared to the larger detached properties is one factor which results in the lower average property value in the town.
When buying and selling property in Barking as a private landlord one of the most important factors to look at it the change in value of the properties in the area over the last few years and then more closely the last year or so. This careful examination will be able to help you identify whether or not as a private landlord in Barking you should choose to sell your property at this particular moment in time or hold off slightly in order to benefit from the capital appreciation. In Barking the property market and the average values of property are still growing albeit exceptionally slowly. For instance, over the last year when all residential property types for private landlords in Barking are included in the calculations there was only a 0.12% increase in the value of properties, this translates to £234. This is of course better than the falls in property prices elsewhere in the United Kingdom. As a result of the slow growth in property prices right now does mean for those looking to the short term only selling is likely to be one of their best options open to them. For those investing in the long term and do not mind waiting more than a matter of years holding off selling your property in Barking could mean potential profits due to capital appreciation further down the line.
Another important factor, especially for private landlords in Barking rather than homeowners is the potential average rental income which can be achieved from a property located in Barking. With an average potential rent of £1099 per calendar month on a typical investment of the average property price, £201,000 investing can be an attractive prospect. The exact figures do depend on the specifications and the individual attractions and locations of each property.
Wherever you are and no matter how experienced you are as a private landlord or owner of your own home the costs of buying and selling properties can quickly mount up. As a result you should do everything you can in order to prevent this in order to maximise your returns from being a private landlord in Barking. One of the simplest ways to do this is by using an agent to sell and market your property which has a low commission rate that needs to be made once your property is sold. As well as this thorough research, surveys, working with experts in the Barking property market and preparation should all be considered an essential part of selling a property which in the long term can save you time and money!
If you have any questions in regards to selling a property which you have owned as a landlord in Barking we at Private Landlords London are able to assist you.