Bexley Borough Property News

As I mentioned in a previous article, the average house price in Bexley is 11.12 times the average annual Bexley salary. This is higher than the last peak of 2008, when the ratio was 7.58. A number of City commentators anticipated that in the ambiguity that trailed the Brexit vote, UK (and hence Bexley) property prices might drop like a stone. The point is – they haven’t.  Now it’s true the market for Bexley’s swankiest and poshest properties looks a little fragile (although they are selling if they are realistically priced) and overall, Bexley property price growth has slowed, but the lower to middle Bexley property market appears to be quite strong. Scratch under the surface though, and a different long-term picture is emerging away from what is happening to property prices. Bexley people are moving home less often than they once did. Data from the Office of National Statistics shows that the number of properties sold in 2016 is again much lower than it was in the ...

I recently read a report by the Yorkshire Building Society that 54% of the country has seen wages (salaries) rise faster than property prices in the last 10 years. The report said that in the Midlands and North, salaries had outperformed property prices since 2007, whilst in other parts of the UK, especially in the South, the opposite has happened and property prices have outperformed salaries quite noticeably. As regular readers of my blog know, I always like to find out what has actually happened locally in Bexley. To talk of North and South is not specific enough for me. Therefore, to start, I looked at what has happened to salaries locally since 2007. Looking at the Office of National Statistics (ONS) data for Bexley London Borough Council, some interesting figures came out... Bexley London Nationally 2007  £28,402  £28,907  £23,920 2008  £30,732  £30,238  £24,960 200...

The mind-set and tactics you employ to buy your first Bexley Borough buy to let property needs to be different to the tactics and methodology of buying a home for yourself to live in. The main difference is when purchasing your own property, you may well pay a little more to get the home you (and your family) want, and are less likely to compromise. When buying for your own use, it is only human nature you will want the best, so that quite often it is at the top end of your budget (because as my parents always used to tell me – you get what you pay for in this world!). Yet with a buy to let property, if your goal is a higher rental return – a higher price doesn’t always equate to higher monthly returns – in fact quite the opposite. Inexpensive Bexley Borough properties can bring in bigger monthly returns. Most landlords use the phrase ‘yield’ instead of monthly return. To calculate the yield on a buy to let property one basically takes the monthly rent, multiplies it by ...