Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
There is an area near me that I know is popular for people to live in – it’s a pleasant place, not too far from town, close to decent schools, low crime etc etc. However, there seems to be pretty much NOTHING available to rent there… and I’m trying to work out if that means it is a good or bad place to BTL.
House prices there are slightly higher than other areas nearby, but not ridiculous, and there’s a few on the market that are in my budget. However, as I’m so new to the BTL game I’m just not sure if the fact that there’s currently no lettings on the market in this area means it would be landlord suicide to buy a house there for the sole purpose of letting it out.
I mentioned the lack of lettings in this area to an estate agent yesterday and they said “well that’s because they get snapped up so quickly” but I don’t know whether or not to believe that… I guess it just seems a little unlikely to me that in the time I’ve been looking at rentals on rightmove every night there hasn’t been a single property up for rent in this area when every other nearby (including more expensive and nicer areas) has several new rentals available almost daily.
So what would you guys do – would you write this area off as having no demand? or think of it as a good place to BTL because there’s no competition? If you would buy a property to rent there, how would you decide what price to rent it out at when there’s nothing else nearby to go on or compare to?
Also a related question, which I think I already know the answer to unfortunately – is there anywhere you can see previous rentals and prices in a specific area (like you can view previously sold house prices on rightmove and zoopla) ?
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