What does Armistead Property offer investors?
Armistead Property buys properties with its own money in and around affluent areas of South Manchester. We renovate them to high standards, usually involving a back to brick refurb to ensure that all of the electrics, plasterboard, pipes etc are new and maintenance free going forwards. We then sell them on to private investors and usually keep the rental and management of the properties, which we offer at a very discounted rate. We have a portfolio of about 80 properties which we own and we manage and investors’ property, as if they are one of our own. We pass on our high standards and costs savings to our investors. This usually results in a 50% savings over a traditional high street agent.
Why did you set up Armistead Property?
We set up Armistead Property as we saw a gap in the high end rental market in our local area. Not many people now are focused on providing high end accomodation and service in the rental sector in our area of South Manchester. We have identified a niche market and are focused very heavily here now, both in creating our own high end properties and renting these to high income professional tenants.
When did your career start in property?
I purchased my first rental property in 1998 when I was working as a lawyer in London. I purchased several properties in London and abroad in the late 90's but my property career took off when I left the law in 2001 to focus full time on property investment.
Why did you choose property as a career?
Bricks and Mortar fundamentally interest me. I like planning and seeing things being transformed from usually disgusting properties to very smart high end properties. Also on a financial side, the economics of investing in and owning property are an amazing way to make money.
What do you love and hate about the property market?
I love the fact that the potential upside is unlimited. You can make life changeing amounts of money if you are willing to make the necessary sacrifices. I hate rogue landlords with a passion, as they tarnish the majority of landlords who are trying to do a good job.
How do you think the property market will perform in the UK during 2014?
I think we are just at the start of a national multi year up turn. It won’t be spectacular, but we should see modest 5% gains in sales prices for several years. I expect the rental market returns to be fairly flat, as more people buy homes rather than rent.
