Buy to Let: Top 10 most overlooked properties
Houses in the UK are selling faster than ever before, largely fuelled by property owners looking to benefit from the stamp duty holiday introduced in July last year.
The behaviour changes brought on by the pandemic have also led to a desire for many to move out of the city centre and into smaller towns and villages.
House prices have soared as a result of increased market activity and demand, so much so that some buyers are even choosing not to view the property before making those all-important offers.
Recent research by professional house buying group, Open Property Group, however, reveals that some properties have been overlooked and awaiting a buyer for some time.
The good news for property investors is that this creates a chance to grab a bargain hidden where no one is looking – the oldest property listings on Rightmove.
Top 10 oldest and most affordable properties to invest in
Open Property Group’s 2021 Affordability Index released in March revealed the top 10 most affordable places to purchase a home, but the average house prices were way over in all areas bar Durham.
Hidden deep with the oldest listings on Rightmove, however, are a number of properties which would make the ideal purchase for an investor looking to capitalise on the demand for rental properties outside of city centres.
The good news is, each property falls within the bracket of affordability as suggested by Open Property Group’s 2021 Affordability Index.
The rental market
With everyone in a rush to sell their house fast in order to purchase their dream home or get on the property ladder for the first time, the rental market has seen uproar.
It’s been suggested that since the start of the pandemic, a whopping 300,000 fewer rental properties have hit the market - almost a third less than 12 months before.
However, demand for rentals is still increasing, making it a prime time for investors to add to their property portfolios.
Jason Cohen, managing director at Open Property Group commented: "There is evidently strong demand for rental properties in the current climate. A proportion of aspiring homeowners have either been priced out of the market by rising house prices, or they have uncertain employment contracts which are affecting their ability to raise a mortgage.
Therefore, the rental market is an ideal opportunity to secure a home in the short/medium term until the situation stabilises. At present, we have numerous new Covid-variants, and potential delays to the full re-opening of the economy. The outlook is still far from certain, and renting might be the best option for some people."
Open Property Group’s research outlines the average rental price a buy to let investor purchasing one of the hidden gems could look to obtain.
Sherburn Hill, Durham DH6 1QR, UK – Prices range from £380.00 pcm to £750.00 pcm with an average price of £517.06 pcm.
Burslem Park, Stoke-on-Trent, Stoke-on-Trent, Stoke-on-Trent ST6, UK - Prices range from £320.00 pcm to £3,241.00 pcm with an average price of £632.58 pcm.
Millfield, Sunderland, UK – Prices range from £325.00 pcm to £2,600.00 pcm with an average price of £650.24 pcm.
2 Greenbank Ave, Preston PR1 7QB, UK - Prices range from £303.00 pcm to £7,583.33 pcm with an average price of £775.08 pcm.
Oswald St, Carlisle CA1 2LX, UK – Prices range from £310.00 pcm to £2,800.00 pcm with an average price of £505.88 pcm.
Glencairn Rd, Old Swan, Liverpool L13, UK – Prices range from £303.33 pcm to £1,120.00 pcm with an average price of £794.97 pcm.
2 Exmouth Pl, Bradford BD3 0NA, UK – Prices range from £303.33 pcm to £3,358.33 pcm with an average price of £575.89 pcm.
Shiremoor, Newcastle upon Tyne NE27, UK – Prices range from £320.00 pcm to £2,938.00 pcm with an average price of £595.41 pcm.
Stockbrook Rd, Derby DE22, UK - Prices range from £303.33 pcm to £29,166.00 pcm with an average price of £651.95 pcm.
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