9:23 AM, 7th January 2014, About 10 years ago 3
I live in North London (Enfield) and want to buy a 1 bed flat for renting out. Flats in my area are priced around £180K to £230K to buy and rent from £850 to £1,150 per month.
Everyone and his brother that I talk to (not all in property) tell me that the rental demand is very strong but how can I really test this?
As a novice I went to Rightmove and searched for flats, 1 bed within a quarter mile of the station and found around 15 but only 3 were recently rented. The rest remained available and had been listed on the site for several weeks previously.
Should I conclude from this that the rental demand is weak?
A side point is that Enfield is seeing lots of new developments (like everywhere) going up and I was wondering if this could be hitting demand as well as government helping with deposits pushing renters to now buy. I just did not want to buy at what are highs in the market and then get stuck not renting the flat fora year at a good rent.
The area I will rent in is Enfield Town, a good middle class area.
Many thanks for any thoughts.
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