all things. Alright. Um hello, everyone. Good morning or good afternoon depending on what part of the world you're in. I hope you are wonderful. This beautiful, beautiful June morning in Austin, Texas. Thank you for joining us once again as we explore real estate markets all over the world. Our mission is to educate you on real estate possibilities outside of your own city and there are many Now, most of us dream about living or working or living and working elsewhere about retiring somewhere else. Um some people dream and some people do and we are here to help you do to help you realize that your dream is achievable.
Now, we know um from visiting with real estate brokers or contacts all over the country all over the world that we're experiencing a surge of relocation activity as people realize we're able to live and work anywhere and a significant portion of KW, a portion of our sales are indeed outside of the buyer's primary market demand is changing the landscape throughout the world as cities have come in and out of lockdown. We've seen subsequent increase in people thinking about relocating and considering which city the see themselves in in their future. naturally. We're also seeing a lot of pent-up demand being built up and then now released in tandem with lockdowns with this trend is heightened recently but it's not a new trend. The lure of Coastal Holiday homes or rural retreats or a crash pad in the city has really led to a 50% increase in the last 20 years in the amount of money, the amount of wealth that is owned in secondary properties.
More than one in ten of us own a second home but there's a lot to consider before buying. So, we are here to look at everything from pricing to mortgage options to the costs involved to taxes and how to possibly monetize this purchase when you're not using it. So, whether it's a permanent move or perhaps a vacation home or part-time investment, we are here to broaden your mind and we have been that by highlighting property offerings of Keller Williams, 800, 850 US offices, and agents nationally and are Fifty-one global regions.
So, for today, Don, your well sit back and imagine colorful patchwork fields gently rolling hills, deep green for and soft blue seascape. They grab a cup for your afternoon tea and a little more of the Bronte sisters because we are off to UK. And while we're not Downton Abbey, we promise to educate you on the offerings and in England. So, whether it's the energy of London streets, the woodlands, and the fields or up the mountains to the beaches, the UK has got it.
So, let's introduce our generous and esteemed um experts from the world of the Michelin Star Restaurants. We shows acne carriages which are cabs in London for all of you Americans and let's but let's let us welcome. Excuse me, Russell Quirk and I believe Russell, you are the director of the office here in the market center. Is that correct? Uh yeah, I'm an investor. I'm a co owner of the with the market at Essex. Yes. And are you a former uh leadership parliamentary leader or official in some way? I hear I have been elected, believe it or not. In fact, not just once but twice in one. Wow. Yes, I've I've been uh an elected member of my local council. I sat on a planning and development control committee and I've been a real estate agent now for 25 years. Uh as you as you go on and great hair and the wrinkles, I don't think we've had a politician join us.
Yeah. So, this is the first. Thank you so much for your time um from Essex County of London with this honey colored stone and fetched roots mister peter Garland is here. Thank you Peter. Tell us a little about yourself and what makes you awesome. Hi, Jeanette. Lovely to be here and speak to you all. Um yeah, I'm in Essex. Um probably one of England's largest counties as you said northeast of London. Very commuting into the city Um but we have a wide variety of of towns over fifty towns in in in Essex alone. Um so we cover whole broad spectrum. I kind of specialize in more of the quintessential um detached As you mentioned and described.
So, that's kind of my sort of field of expertise in and around the little villages in Essex, around Brentwood Beautiful. Well, I have taken a drive through there so I can attest. It is it is quite quaint. Um Okay and with it's bright and colorful, you know, boxes adorning high village streets, cozy pubs, and tea shops. We have Gavin Brett from the Midlands in the north. Tell us about you, Gavin. Hi, Janet and I just want to say thank you for that wonderful introduction to the UK and Essex and it's just such a lovely way that you've introduced our fabulous country and um I'm actually um uh I'm actually based in Essex myself but my area, my area of expertise is the Midlands and the North of England.
Um I'm actually from Brentwood. Um so the the prophecy is that and and Russell are going be showcasing later on all the properties that um many of my growing up. um aspired to own properties such as the ones that that they're going to be presenting. So, I'm very proud to be from Brentwood and the Essex uh uh business owner but I'm more equally proud to have a grasp of the property market that spans from Birmingham Leicester uh up to and Newcastle and Spanning across to Manchester and Liverpool and everything else that's in between Wow, that sounds wonderful.
Now, which one of you covers Yorkshire? That's me. Well, I have a Yorkie fur baby. So, we're going to get along just fine and she might even make an appearance later her because she heard you were were coming to the UK. So, it's like her homeland um but moving on to more important things. Um so, our format today um for those of you who are new is uh we're going to have some Q and A with each of these esteemed experts and then at the We're going to share properties in their respective areas. So, audience, if I can just ask you, if you're joining us or watching later, can you please tag anybody that you think might have an interest in this subject? I'm not only can they join us now but they'll be able to hear about upcoming um focuses in the in the next few months.
We've got wonderful countries that we're going to be the things that we would love to have. Um our audience broadened and also please be prepared to take note. It's at the end. We are going to share the contact information for these gentlemen and any future business that you might want to either refer to them or purchase yourself. They are the resource for you.
They are our experts. So, let's get going and let me just ask you. um you know, Gavin, could you tell us what is really the attractive for foreign in the UK. You know what? What do you think? Why are they coming? Okay, that's a really good question. Um the first thing I'll say is that uh sometimes exchange rate can be a really really strong reason why people invest in the UK but actually uh it's about a property cycles and without being too technical. uh the one um reliable factor of the UK property market is the facts that it has its ups and downs um and if you can become familiar with the uh the cycle which what we call the eighteen-year property cycle 14, years of boom and 4, years of bust. uh then you uh then you can start to understand patterns and not every country benefits from an eighteen-year property cycle. So, uh in places like France, um my business partner bought a lovely property in France 20 years ago and it's worth exactly the same amount of money. uh now that it was then um and that could be very very stabilizing for uh people that live there and if you're used to it then that's absolutely great but the about the UK is uh you can you can step into the property cycle um at a time that's right for you depending upon the parts of the country uh that you're inclined to invest in.
So, if you're looking to my area of expertise is purely investment. I don't deal with any residential or holiday home disabled or whatsoever. So, um when I'm talking to an investor to a client, it's purely from an investment perspective and um what I can do is I can help help help a client to pinpoint uh given their budgets where the best place right now is good for them in the UK um affords great opportunities for that. Well, speaking of timing, the Knight Frank Prime Nada residential Index, it's also known as the 100 for 2020.
It's a wonderful tool for people who aren't aware of it. It investigates key trends that shaped the global property markets and it lists the UK as an annual percentage change for 2020 down 4.3% in a lot of markets you know, were um in Europe But the important thing is the prediction for 2021 is above the annual the average rather there's predicted to be a rise of 3%. So, that's a 7.3 7.3% margin which spells opportunity So, that speaks directly to what you are referring to. Timing is everything. So, there's a huge opportunity to be purchasing in the UK to experience that game. Um Peter, can you tell me who your buyers tend to be that are are foreign Yes, certainly. I mean, we're with Essex. Um we tend to have a lot of commuters that commute into London and one thing that we've sort of seen certainly over the last sort of 18 months with the with the whole pandemic is a big shift of buyers wanting to kind of move away from London and come out further whether it's greener, it's nicer. they've got, they've got more space um and a lot of them obviously have now realized they don't need to work in the office in the city and they can work from So, they want a much better environment to be able to do that.
So, a lot of our buyers that we are seeing and certainly over the last 12 months are people that traditionally would have bought in London. You know, they've they've they've maybe come from Europe or or the US um or the Middle East to work um in the UK or set up businesses and now they're spreading their wings. They're coming further out. They get much more for their money and and what they've what they feel more value because obviously they have a better quality of property and and and area around You know, we're seeing the same thing or we saw the same thing in the US and big cities. Well, even in Austin, we've got a uh kind of an infant in terms of age. uh downtown High rises area. It's just been there for the last 20 years.
Um but that market was very sluggish. A lot of people moved out. A lot of renters moved out of there and bought 30 minutes outside of the city. So, it's just a complete change in lifestyle for them obviously, sparked by COVID. So, there are some consistencies from market to market and cognitive. apparently. Um Russell. Um I've got a question for you. Um um it it showed that I think in Franco report as well that um you know, Americans are are maybe like fourth or third or fourth that kind of fluctuates in buying in London. um but they were thinking that with the combination of the dollar and maybe some discounted pricing that Americans might jump a little bit higher but but probably lag behind the Chinese. What if you're going to take on what we call the market of the moment? What is actually a snapshot? What's actually happening right now in terms of your buyers who they are to the UK market is very very split. In fact, I go as far as to say and I'm sure your market's the same.
There's no such thing as a UK property market. It's very fragmented. So, when you look at the, I mean, here we have various indexes around price and price growth. So, we have two each month from big lenders. So, the Halifax and the nationwide, then we have government statistics. So, obviously, we don't have uh an MLS but we have the the government that very kindly records every transaction and every type of property and every sale price.
So, that's kind of really nice data for us um and consistently over the last 12 months fueled by a lot of government intervention. So, we we've had AA moratorium almost on uh tax up to 500, thousand pounds on property purchase. So, what do we call here that's that's been alleviated. So, we've had for the last 12 months or so on that and and that here has sent the market into absolute overdrive. So, we've had uh across the UK so this isn't just prime.
This is generically across the uh across the country Price increases year on year now we're up about nine and a half percent but there are some K. So, particularly the north which normally actually lags behind the south and London where parts of the north are actually up 1314 fifteen 15%. So, totally unsustainable. double digit growth. What we've actually seen in the last few weeks though, is this the kind of the COVID funeral if you like it started to dissipate a little bit and obviously we've we've got a very successful vaccine program here in the UK. So confidence is restored to a great extent What we're now seeing is that London and Southeast are starting to push back up again. So, the market, the traditional London market as foreign buyers are starting to think about returning confidence is returned.
The the market here in London, how he started to to to return. So it's it's very fragmented um very changeable uh and a pretty hard to keep up with this to be honest Um but but the stamp duty holiday that I mentioned uh finishes in 6 days time although it tapers so that there's there's an element of holiday uh until the end of September So, what we are going to see here in the UK is this auditing where we've had, we've got transactions are up about 15% in the UK year on year. So, huge uplifting demand. That is it. I'll see, I'm afraid the next three or 4 months is where a lot of buyers and sellers have pulled their decision forward to take advantage of the holiday. We we probably will see a dilution transactions in the coming few months but then I actually I think that's a good opportunity for some people to come and buy it because I think sellers will be a bit keener to discount.
Yes If you're not already connecting with any real estate partners that you have in New York City, you should because everything that you said is exactly their timeline. It's exactly what they're experiencing as well. Um okay, Abbott as an American or Canadian citizen which is is most of our audience can't. can I purchase easily in the UK Yes, you can. Like like like with everything. Um my advice is to treat um when you buy a property in the UK for an as an investment, uh treat it like a business transaction and if you adopt that mindset then you can't far on. So, um so what I mean by that is to have all of your uh have all of your ducks in a row.
Be prepared in advance um and understand what you can and can't do. Um so, um I can put any investor in touch with any of my team whether that be a property tax specialist or a property attorney so that they know or or a mortgage broker that specializes in helping foreign nationals to uh to buy a property with mortgages in the UK and we can have Greetings with all of those professionals in advance so that you can find out exactly what you can and can't achieve and that therefore, I've always disappointment um and then, you know, everyone has a budget.
Um whatever that might be and our job is to help the investor to work out how that budget can be can be diversified potentially by using mortgage finance. um uh to purchase more than one property. So, um absolutely it's it's is possible and to get the experience. My recommendation would be to organize. I mean, I would organize a series of Zoom meetings so that that's investor is fully aris of their options from the outset Peter. Can you talk to us a little bit about financing? How difficult is it as a foreigner and a little bit about the process to be fair? Um it's kind of really touching on what Gavin's just said really Um you know, we deal with a wide range of mortgage brokers that S all different needs and requirements including people buying from overseas. Um so, really, you know, we're we're slightly different here in the UK whereas, you know, we look after, you know, a wider range of people.
So, you know, we have the experts that look after those people for whatever it may be as Gavin is an attorney where it's a mortgage broker um and everything is possible if you're talking to the right person um and they're dealing with your circumstances. Do you have like what what we might describe as a Thirty-year mortgage program. Obviously, basic cost down, down payments and there's a process for that approval and bringing in the bringing in the funds. Yeah, sure. I mean, with regards to mortgages in the UK, generally, there are two different types.
One is where you pay um part of the mortgage off as well as the interest as you go along and the other is interest only which is generally um for investments and sort of buy properties. So you don't actually pay any of the actual amount of the property but you actually pay off all the interest and at the end of the Whether that's 1015, 20, years, whatever, whatever suits the circumstance, you then end up having to pay the amount of the mortgage, okay? Alright. Um Russell, tell me if one were to purchase a property for an investment or for and us, what are the cost to carry it? Like, like what how did the, how are the taxes figured And I'm assuming you have property management companies so that if I wasn't using all the time.
It could be rented out. Yeah. So, there's there's really two cans of property. There's freehold and lease hold, lease hold tend to be apartments whereas freeholders tend to be houses. The um the the least hold dynamic really is kind of uh predicated around small amounts of ground rent pay on an annual basis but kind of a peppercorn amount generally, let's say 100 pounds per property per year um but then yes, some management costs around communal areas, insurances and so on. Um So, it's um so this is kind of a split I suppose between between the 210 years um that we don't have. We we have a thing that we call council tax which is uh it's a terrible name really but it needs effectively a property tax based on the value of the property or but I have to say that those values haven't been reassessed since 1991, would you believe? So there's there's an annual tax. She's actually discounted if you're not in occupation for the first 6 months. So, if your property is empty, uh it's it's discounted.
Um we don't have a property tax as such that tends to be paid at the beginning of the transaction. So, what I was talking about just now around what we call stamped duty that tends to be paid at various increasing percentages based on the threshold value of the property. So, so the top tier now at the very top of the market is 17%. So, you'll pay a 12% stamp duty tax about 1.5000000 pounds plus on top that if it's your second home or an investment home, you pay a surcharge. In addition of 3% and if you're a foreign buyer, I'm afraid to say to the audience here, you also know as of 2 months ago in the UK, pay an additional 2% surcharge. So, it it's it's very, very keen on indeed. Having said that at the bottom end of the market. So, our average UK house price is about 250 thousand pounds.
Uh that barely attracts tax. So it it really is designed to kind of I'm going to choose a polite word rather than the word that I would like to use but it's designed to uh let's just tax higher-end purchases. Those that can't afford it uh more than an ordinary buyers um but but in terms of carrying cost, there's there's there's nothing else really apart from council tax and the initial costs that should trouble somebody uh in terms of an investment purchase. we have like you do here. So we have a couple of ways of uh maximizing your asset. if you if it's empty or if you're choosing to rent it out, you can either you can either rent it out in a kind of fairly long term basis. So, year by year and what they call an assured short tenancy agreement but more and more now shorts. So, the likes of Airbnb and others are becoming very very popular because the yields the amount per day, weeknight, whatever uh is of course much much higher and of course, if you can get around void periods then that can be very very lucrative compared to just a standard length so it exactly the same as I'm sure it is in the Us So, for clarity that those taxes are paid once at the beginning.
So, the stamp duty is paid once on purchase. So, it's paid by the purchaser and then you pay council tax which at the top end may be a maximum of 3000 pounds per annum at the bottom end. three or 400 pounds a year depending on the value of the home that gets paid to our local town council where they're supposed to do things with it by collecting the rubbish and running the town hall but let's not even get into the politics but but that that that is done with varying efficiencies across the spectrum of the UK as you can imagine. Okay, thank for that clarity and Gavin citizenship. Is there any benefit to having this related to buying property or taxes or does it not matter? Um first of all, I just like to uh compliment Russell on how diplomatic he was. So, you can tell that he's worked in politics before but that was very very very diplomatic. Um so, with regards to citizenship, uh the only benefits I can think of uh really are um because and why this is pertinent is I recently helped a couple in San Diego by a um uh a two bedroom freehold house in Boston in Lincolnshire, not Massachusetts Um and so they were they were they were they're both expats.
So, they still had a presence in the UK. They still had UK bank accounts and as a result of that, it was it was easier for them to get the mortgage that they needed to transact. So, if you if any of your um the people watching today um are um have a British citizenship or the potential to obtain British citizenship through marriage or through um um uh any other means like that that it can certainly help from a lending perspective but from a if you're buying for cash, it doesn't really make any difference whatsoever but again, my caveat to that is um speaks to a property tax specialist at the at the front end of the conversation before you buy a property because it gets total clarity and just to understand um how to navigate your property investment journey. You know, should you be buying it as a sole trader as an individual? do we need to set up some form of companies to trade the business through Um and just by having a consultation with an you'll be able to find out that the best answers to that but there's no real barrier to ask your question, Jeanette.
That means we could buy right now, right? How long does it take Peter? Once you identify a property? Generally, like on average, depending whether you're buying, if you're buying a packaged investment that that like what Gavin has, then, that can happen very quickly. Um if you're buying a residential property, um like what I have, it might take anywhere between eight to 12 weeks. Um our process is obviously very different to yours in the the closing date is not a fixed date. Um It's more of a goal whereas I obviously with you guys, things are slightly different and so, you know, and we're we're unfortunately, we're led really by sort of solicitors and and how quickly they can get things done and as Russell said with the with the stamp duty holiday that we've just experienced and they've they've they've struggled to say the least and be diplomatic but yeah I I mean it's it's as good as a solicitor is you know once once we've done our part um you know We chased the soil.
We progress the soil as much as we can but really, we are in the hands of good solicitors. Well, it is a little different than our process here in the US and and uh one thing I love is that you all are are uh termed estate agents. Is that right? Yes, that's it. I like I like the states in the country. You uh. okay. Well, I think that sounds sounds better. I don't I don't know why I like that.
Um okay, let's hop over to the fun stuff. Seeing some properties that is always Big highlight of our time. So, um let's see. I forgot he's going first. We will know here in just a second. Okay, It is Peter. Oh my gosh. This is so cute. Tell us everything we need to know, Isn't it wonderful? I mean, mean, if you want the the quintessential English detached house in a village, and this is it. Um it really um it's a it's an error voice which is surrounded by Epping Forest which is one of the largest forest in the whole of whole of the UK. It's um it it boasts 140 acre deer sanctuary. um the village itself. um the property is just off the village green on a private on a private road. Um The village is one of the very few in the UK that still doesn't have street lights and they won't have them. They they want to keep the traditions of old um and and keep it as as as vintage feel as possible.
Um hence that draws um uh uh a rather good um audience to to any properties that are available and they are high in demand. um location wise. Um you are on the London Underground uh network I mean, you can quite easily jump on the underground. getting to London. um without too much bother um and this type of property obviously attracts people that that you know, want that space that we sort of discussed earlier but also wanting the ability to be able to commute into London um and you know, do stuff at the weekends like take the dog for a walk in uh in an amazing forest but it looks like a really large plot of land.
Is that typical in this area? Yeah, I would say for a detached house, I mean, it's five double bedrooms. Um you've got 3100 3103 square foot of internal living area. Um it actually backs on to in in the UK We. One of our sports is cricket which I'm not sure how familiar the audience over there is is with but it backs on to the village Cricket Green and which you can imagine on Sunday people sitting on the deck.
Chairs and watching um the local village cricket team. So, you know, it's whilst the land provided with this property isn't as vast as some of my others. It actually has the benefit of you opening the gate from your back onto the village Cricket Green and and what more could someone want on a Sunday afternoon so you can have the use of it and enjoyment but not but after after it. Yeah now I have to look after it. That's even better. That that's lovely. That's that's exactly what I would have in my mind if I were It really is. Honestly, it is the the picture that you have in your head that this is the house enlarge a good size. You know, I think so many times we think of European uh living as being tight, you know, almost uh equivalent to like New York City and sizing just smaller square footage um but this is this is a generous, generously sized home, Five bedrooms, That's lovely.
That's a great way to start. Thank you, Peter. What is next for us? see. Okay. Also, in essence, well, this is a bit, this is an estate, I would say, right? It is exactly that. It's uh it's it's more of a you might be familiar with uh with a compound. I mean, it's it's really a compound. It's uh it's about four different properties all in one. Um it needs complete refurbishment. So it's a fixer upper um and the images that we provided are virtual imaging that we do a lot of our clients where their properties do need refurbishment to show the audience you know, what you could achieve um and this I mean, you've got over, over half an acre of land.
You've got um 6000 over 6000 square feet of internal living here and that's made up of uh a main house which is which is a six bedroom house with four bathrooms but also an attached annex um which has got a further two bedrooms, a studio, and a 400 year old barn at the front which they've used in the past as a as an entertaining area and a bar but again could be quite easily converted into into something It's not listed in the UK and a lot of properties that are older and and and tend to be listed which means there's a lot of protection and rights on what you can do with the property but this barn despite it being 400 years old is not protected which means you can really get, you can get quite funky with with what you want to do with it. and so tell me about this area. like what? Um in the in the surrounding the village, what what was that experience going to be? Yeah, well, um it's it's very close.
It's about a mile. I mean this is this is the sort of semi rural but it's about a mile away from Blackmore and in in 2020 Blackmore was one of the villages that was highlighted by by the London Press as a commuter spot to watch. Um that could rival the picturesque villages of Surrey which uh a lot more expensive in value should we say for the type of property that you would you would get in Surrey. So, yeah, it's definitely been it's it's it's about four miles from from Sheffield Station um and that is going to be the end terminus of Cross Cross Rail is a link that will take passengers from the east uh in Essex all the way through London Heathrow and out to the west uh terminating in Redding.
Uh it's It's uh it's uh a transport link that the government of of commission many years ago, it's now almost completed um and that will obviously add incredible value to properties in and around that area because it'll be a lot faster to get to London and to get out to the west and even the road to the airport If you are driving to London, how long would it take to get an hour about an hour an hour. Okay, I'll be trying minutes. You're in, you're in London if if you're driving depending whether you're driving in in in in rush hour but yeah, generally about an hour into London.
You have such amazing public transportation. I really envy that it's just so easy to get around on the tube. So. Wonderful. Thank you so much for sharing this two beautiful, really beautiful properties. No problem. Okay and then also from Essex. Well, this is nice with this pond in under 2 million dollars. Yeah, Tell me about this. Yeah. The house is remodeled about 18 months ago um to add a double extension on the back to create this wonderful open plan living Um again, semi rural location, uh a tiny village, um about five miles north of Brentwood Um this isn't the type of property where you can just pop down the road to get uh a pint of milk.
This is it's a semi rural location but you know, very private um hard electric gates about three quarters of an acre of land. um and yeah, remodeled for a modern, a modern family with lots of open plan living and I see if it feels with the two of the pictures. don't feel as UK to me. You know, the interior one. So, they have done a good job at modernizing it. Yeah. Yeah, I know. a massive fan of selling sunset of uh 1 million dollars listing and so yeah, they've they've kind of modeled it on on on homes over there to be fair but with the English touch, I like the pond and and the land and everything else that you get with it. So it's kind of British from the outside and American from the Inn It's lovely. Thank you so much, Peter. Thank you. Who's next? Let's see me. Russell Russell.
Tell us about this enclave. What is what are we looking at this So, this is um this is a very uh unusual location. So, this is Hutton Mount is known as being pretty high-end. So, it's for the the well healed. So, it's just outside of Brentwood which obviously is a town that we've we've talked about uh in the session a few Um but Hutton is all very big, very expensive homes. So, the the record here is about 6 million 6 million dollars on this particular uh development. There's only 500 homes here. Everything is kind of three and a half to 4000 square feet and above.
Uh so Mount has a kind of kudos to it. It also happens to be just a literally a few minutes walk to Sheffield Rail Station Shen is one of those kind of um semi rural places that's a bit of an anomaly because the train service uh it's a bit like um Connecticut and So, I can I can walk from like I have to live on and I should tell you. uh so I can walk to Shen Station in 5 minutes and be at my London office desk in 25 minutes. So, I'm outside of London to the tune of 2122 Miles but I'm actually only 30 minutes away by train. So, it's super commuter So hot and Mound is renowned for, you know, a few sports stars, a few celebrities, and so on but mainly it's financial services millionaires. So it's city traders, insurance brokers, and so on and what Very rare is for a lot to come up for sale because mounts are hungry years old.
It's already over that 100 years been developed. So, every bungalow is now two homes. You know, every large backyard, pretty much has been in filled with another home um but this I listed a few weeks ago, this this rarity here is a lot of uh as you can see it's about 22 thousand square feet. It's a lot Um it will take a home of about five 6000 square feet. particularly if you include a basement. Um there's lots and lots of uh very similar homes nearby actually that have uh that have recently kind of been built uh and that have sold anything between three and 4 million pounds. So, there's um a significant opportunity here for someone that wants to be on a mount because of the convenience and because of the the kudos, the glamour but of course you can literally draw your own home and have it built which which here is it's super unusual.
Um Having said that, I haven't sold it yet. Um so, I'm pushing the uniqueness and the I come today. You never know Let's just say that the price needs to be there needs to be an element of negotiation. If I'm honest. Um the owners are pretty pretty flexible. So, um but yeah, so that 2 million pounds for the lot but the home that you could build on that lot could be anything between three and 4 million pounds finished and done you so you all have basements because we don't basements in Texas and I love Avenue in East Coast. I love a basement. So, you know that uh they weren't a big thing. They were a big thing in the UK and all hours. It's a Victorian and Edwardian houses then they kind of faded out because they were so expensive but in London now, particularly in parts of London where homes sell for kind of two to two and a half thousand square feet.
It it makes economic sense to build a basement in the home you already own right Because obviously it's going to cost you 500 pounds square foot to do it. So, or your Quincy so to speak. Um but that trend for basements now has started to creep out. Uh the Shires, you know, out to areas like this. So, you know, the the basement here would be quite comfortably thousand 1012, maybe 1500 square feet and of course that in itself because sells between six and 700 pounds a square foot. you know, it means that you're adding a significant amount of money by taking the time and making the effort to have a basement I just thought, okay and moving We have um a let's say two to four bedrooms. What is that mean? Are these like little ponds? Yeah. Okay. If you look at the first slide or the first photo here kind of in in the discipline towards the right hand side of that first picture, you'll see the house that was on this site.
So, this was a residential home of about 3000 square feet. Uh the client that owns it, the client of mine has lived in it and also use it as an office for a period of time and a a long time trying to get planning permission to tear down the building and to redirect a brand-new building of about about 12 thousand square feet of ten luxury apartments. Um our our kind of permit system, our planning system here particularly outside of London is very very protracted and problematic. So, you end up with lots and lots of obstruction by the the civil servants, the officers that seems the default kind of no position. Um so II helped the owner of this particular development get planning commission. Uh I'm now the sole selling agent for those ten flats which is great because the what we call the GDV here, the gross develop value is about 7 million pounds. We're not far of 10 million dollars. So obviously my commission on that will be you know, pretty nice um and actually they're going to be very similar to the Mount situation.
The Mount story that I just recounting to you. These will be not just what we call standard flats but proper luxury apartments. So the thing that you sort of thing that you would expect to see in New York You know a 1012. 11500 square feet with terraces, high end uh sanitary wear and kitchens and so on. Uh kind of in the middle of Brentwood, very very close to the commuter station that I mentioned just now but also backing on to open space. So, you can see here in one of the pictures, there's ancient Woodland behind this particular site which is you know, lovely to look at. obviously, once you're in um and also literally 200 feet from one of the country's oldest public schools Brentwood School which is very, very well known for schooling. People like Hardy Amos and Jack Straw who's home secretaries. So, a very, very proper British school almost opposite. So, lots of things to get excited about for this particular development in this particular location.
Excellent. Okay and then, Central London, I'd love to see what you can get in the city. Tell us about this. So, this is so I've I've sold this now. So, this is uh this is under offer. So, this is going through the conveying process now. Um This is, I mean, I've included this as a kind of a fairly uh interesting example of something that is actually quite ordinary and I can say that I've sold it because I'm not selling it to any of your audience. Um it's not a big apartment. It's 800 square feet. Uh the building is about 11 thousand 11020 years old. Um it's kind of pretty standard. It's over some commercial premises as you can see which sometimes can be problematic in terms of financing. um but I still sold it for just under a million pounds. So, this this property is sold for about 1300 pounds, a square foot. Um because it's more about now is a hop skip, and a jump from Baker Street which of course is very famous for Sherlock Holmes and Madame Two swords and Regents Park and so on.
So, it's a bang in the center of all that's fantastic and exciting about Central London. um but it's really expensive, you know and and this actually for for London, a million pounds for a flat in Central London is kind of bottom end. Um you know about a 1200 square foot comparison to Bridge, Kensington, Belgravia Mayfair, which are now anything between two and two and a half thousand pounds per square foot. So, uh so yeah, ordinary flat um and and then this will really annoy you the the person buying it is a 28 year old French banker 28 years old million pounds but um good luck.
Why not? Yeah, it sounds a little bit of our buyers um young and and well-funded so good for them. I'm I'm happy for Okay. Gavin kind of wrap us up with your properties of Yorkshire. Wonderful. Tell us what we're seeing. Yeah, thank you very much. So, um the good news is once you've, once your viewers have uh uh bought all the pieces properties and all of Russell's land then with their spare change, they can mop up uh with the with our properties in Yorkshire and uh II deliberately selected uh three properties to show you today uh at the um the lower entry level.
Um just to sort of demonstrate the scale of what can be achieved in the United Kingdom um uh which I think is a really uh healthy things to do and this property is in uh in the South Yorkshire and the reason I've chosen that all three properties are in Yorkshire. Um you mentioned the night at Frank earlier. Um I also used saddles um as a uh as a sign post for uh appreciation and um the good news is that in the next 4 years between now and 2025 have a four growth of 28.8. 28.8% in Yorkshire uh between now and then that's only 4 years. So, we're really really excited about that and this property falls within that area. So, this is a three bedroom uh house with it has two bathrooms and it's available for 130 thousand pounds.
Um the good news is that this property is in immaculate condition. It's already tenants. So, whoever buys it doesn't even need to worry about finding a tenant because there's a long term tenants already in there who intends on staying and the area is uh is an excellent area. Um the type of people that would live here would be uh a young family. um and they would benefit from the schools nearby which have uh have a very good races with the uh with offset who are the authority that rate schools um and it's commendable to Sheffield Doner and Leeds so you can get into any of those centers very very easily and very quickly um make it very attractive uh for anyone uh to live there. Um what we tend to find is with a property like this with a young family, the tenants will probably decide to stay there for a long time.
There'll be less transients um because having the right schools nearby is a is a really big attraction. Uh So, um so yeah, we're we're quite excited about this property and um uh yeah we've got we've actually got three of these available at the moment. We've sold one and we've got two remaining and they're all identical stuff. Alright, All out already. Yes, absolutely. Absolutely. It's just really nice. It's just really nice for an international investor to know that they can pick up a property as an investment knowing that the uh it'll start earning the money as soon as they complete on the property.
Perfect. Okay, let's see what's next. Here we go. More golf carts. This this is a converted library um in rotting just outside of Doster um and these are approximately 3 years old um and this is a one bedroom, one bathroom apartment and it's available for 89900 89950. uh and again, there's a tenants in there already. Uh who's been there since day one and uh is very happy and it's going to is looking to stay there and the reason that he's to stay there is because he's one of 2000 employees of the local Amazon distribution center which is less than a mile and a half away. Um so, it's so important to uh when we're picking these properties to find a reason why people would want to live there and stay there for the long term. It's incredibly convenient for this tenants to be so close to his place of work um and again, Dont is a uh a growing economy.
Um it's a spot. That's tips to do great things. It falls within the Yorkshire 28.8% Growth area. um and so you can also get to Sheffield really easily and also the Robin Hood Airport which is only a short drive away as well. So, in terms of transport links, links to other cities, Um it's fantastic, wonderful Amazon strikes. again, they're they're everywhere. And then here we are. Courier House. This is lonely. Yeah. this is this is a great development in uh right in Halifax Town Center. Uh so again, Halifax like all of the areas I've just mentioned. um can boast significance, regeneration funding that's been sent from uh from central governments to local governments. Uh so it's all part of what we call the northern powerhouse and the governments are very motivated to um inspire people, to move out to other parts of the country rather than just being in London centric and as a result of that, they distributed funds to help regenerate and invigorates uh places like Halifax to make them more attractive and uh there's been significant regeneration already in Halifax.
Um and uh again, this is a commuter uh territory. So many of the people here will be working in Halifax Town Center but you can get into the center uh very easily and if you look at the prices in leads, uh they've gone up significantly in the last few years. So, people are now looking for less expensive places to live within a short uh train ride from the city center in Halifax. Uh fits the bill with that too.
So, this one's available for 70 thousand pounds. So, a mere stocking filler uh that you can use uh to mop up your spare change a filler. I love that and uh it's it's uh fitting that we are closing in Yorkshire because as promised, my yorkie poo is making her appearance being part Yorkie. She was hoping to see something from from her homeland. So, thank you Gavin for making my fur baby very very happy. Uh well, thank you that you know what I'd love about that is it is a wide variety of offerings and I think that's what's so important and let's go ahead and take the here we go. We're going to put your information up so people can can take notes or take screenshots. We'll leave that up for a couple of minutes. So, I think it's just so important to kind of pull away the the myth of uh the UK being expensive because people are only uh of London and and understanding you can buy a beautiful country home or or just a well healed investment in the UK and and then maybe even use it when you want to visit.
So, I love seeing a variety. Um so everyone out there Keys to write down Peter Russell and Gavin's information. Um I for one and dying for some fish and chips now and and a and a cup of tea. I'm ready for the UK. um and it's only a short flight away so that's wonderful but sadly our time together um is ending so you don't have to hop on and hop on a plane if you want more. Um but history has revealed um that England has been inhabited by uh over 800.
thousand years by Romans and Vikings and in socks and so why not you? Um so, if you you are a buyer viewing this today, know that all this is available and much, much more. The first step is to reach out to these experts Um so, thank you so much for joining us. Thank you. Um gentlemen for sharing all of your wealth of knowledge um for the audience.
Again, my special request of you is that If you're enjoying this and learning from it, go ahead and tag your friends or clients. Put their information in our comments box so that they can see this at their leisure or find us on YouTube Spinelli Residential Group YouTube for past episodes internationally and we did some episodes in the US during COVID. We didn't want to tease people with foreign destinations when they couldn't even leave their home. That would have been just cruel. So, we do US. I'm going in there for good measure um and if you're uh an agent or a viewer, um key on to our Facebook page so that you can learn about foreign broadcasts um and share that.
Share that with your family and with your friends. So, again, thank you so much for everything kevin Peter and Russell, we have you so very much. Um again, connect with us on Spinelli Residential Group um next month. We'd love to have you join us because we are heading to the I did it and rinse known for a luxury shopping and ultra modern architecture and a lively nightlife scene.
I can attest. I have been there. We will be in Dubai and it is something to see um and yes, Keller Williams has offices there um in that location and and many many more. We've got some really strong uh agents there. I cannot wait to share all of that with you. So, it Till next time. Take care from the beautiful city of Austin, Texas. This is Jeanette Spinelli with the Spinelli Residential Group, your Austin consultant.
Now, go make it a powerful day. Stay healthy, and above all else, be kind. Thank you so much everyone. Bye guys. Thank you.