With property starting to be diluted over the property portals with the advent of On The Market and their rules regarding signing up with them and the competition, the Spennymoor Property Blog will continue, but with feeds from more than one portal. On The Market is a new property portal that set out on the first of January 2015 and their proposition centred around three main areas, as far as I can see-
1- As an estate agent, you can only set yourself up with On The Market and one other property portal (large or small.)
2 - They charge less than Rightmove for what they provide for estate agents.
3 - They haven't got the saturation of the market that Rightmove have achieved - the majority if the general public haven't heard of the website and as such don't use it.
This property listing came from Rightmove and is a 2 bedroom detached house. There is potential to develop this property -
Barnfield Road, Spennymoor, Co Durham, DL16
http://www.rightmove.co.uk/property-for-sale/property-48446104.html
It's on Barnfield Road and is in the market for offers in the region of £89,950. I am blue in the face with talking about portal pricing, so I won't go any further than to say that the agent isn't doing the property it's best by pricing it to the principles of portal pricing.
Its a 2 bedroom detached house that, in the words if the agent that has it for sale, is "in need of some internal modernisation and updating." This is generally agent speak for something that need a lot of work but in this instance, I fem that were looking at much more than a wreck. It's detached, has a detached double garage and what looks like, and is described by the agent as "a good sized plot." I know all of you developers out there like to add value and there is potential in this property. Potential to extend and possibly potential for more if the size is right and you can get the necessary planning permissions.
According to nethouseprices Barnfield Road is quite popular with 32 sales on their records, including 3 in 2014 and an average sale price of £78,021.
http://m.nethouseprices.com/soldprices/property_results?street=BARNFIELD+ROAD&town=SPENNYMOOR&outcode=DL16
I'd expect a rental return of between £375 and £400 per month for this property as a two-bedroom house. Based on the asking price, this would equate to an annual rental return of between 5.0% and 5.3%, which may be a little on the low side for an investor, but the potential to develop this property and make it into a large 3 bedroom house. This will change the rental potential into something more like £600 per month and the return starts to look like something more serious.