Own Use Property
We no longer sell properties for immediate own use. We sell investment properties only. All of the houses we sell are already rented out to good long-term tenants and must remain so for at least the first 3 years. Even after this, our clients normally continue with the same system. However, you can of course give us notice if you wish, and we can move the tenants to another of our properties after the 3 years. Then you can take possession of your property and use it for your own use.
An “own use” property is one that is best suited for your particular needs – not the needs of tenants. In such cases location (near your own family and friends; or near your work location) is critical, as are personal things such as being near good schools. Also the community you may wish to live in and feel comfortable in would also be important. Typically, you would also get a mortgage for your own use property. With an “own use” property investment returns are not as important as your own personal preferences and location.
An “investment property” is one that is purchased to grow your money and give you a good income. Personal considerations of the local tenants are often more important. The property needs to be affordable, grow well in value, give a good % rental yield, be easy to rent out and easy to resell. In the UK, outside of London, the rental demand is at the low end of the market. Thus the best value investment properties are away from London and are low cost houses between £60,000 and £100,000. Expensive properties are not suitable for investment in the UK as rental yields are too low (capital % growth is similar).
If you need a property for immediate own use, then our service is not suitable for you (as all of our properties are rented out for at least first 3 years). It is best to use the “open market” and use normal local estate agents in the area you wish to live in. This will enable you to see a wide range of houses in your desired location and enable you to select one that is most suited to your own personal needs.