Jonathan Rolande, the founder of House Buy Fast, says early signs indicate “growing positivity across the market”.
He adds: “We’ve seen three consecutive months of house price rises and it looks as if the repeated interest rate increases which dogged the market in 2023 are over. This will rightly encourage people to look again at property as an area to invest in.”
· Next, look at the schools, the building of a new school or college or an existing one that has improved its ratings is a very good sign. Many buyers and renters will pay more to live near a good educational institute.
· Thirdly, check the ratios – how many properties are on the market in the area and of those, how many are sold. 30 per cent-plus sold is a good indicator. Check rentals too, there should be no more than a handful of properties available to let in the postcode area.
· Four, investigate what prices have done in the past. It’s not a sure-fire way to predict the future but areas that have exceeded past increases or haven’t fallen as far in previous dips should be at the top of your list.
· Take note of crime rates the lower the better.
· Six, investigate any developments nearby. Developers investing millions into property in the area is a very good sign, just be aware that this can have a negative effect – the area could be flooded with buy-to-let, driving prices down.
· Seven, assess if the area is prone to flooding. Those which can be tricky but don’t be too alarmed by online searches. Many areas show a possibility of flooding at some time in the future.
· Finally, ask can you add value? With the right permissions and vision there are ways to improve properties to create more income in rent and the capital value. Moving a kitchen to the lounge area frees up a room, extending into the roof space or garden, changing the planning use or adding a garage can add value.”
Source: Property Investor Today