Knowing how saleable a property is half the battle when deciding
what (or not) to buy for your next property investment. Why? Well because one day, you may need to sell
that property. If you go into the purchase with open eyes, you know most of the
risks and can barter the price accordingly if you have to. Bearing this in
mind, last week, a couple from Dunmow popped into our offices to ask about
investing in property. Their concern was if we have another property slump (and
we will because that is what has happened to the British property market ever
since the 1950's), if they did need to sell, what type of property would be
easier to sell. Now everything
sells, even during a slump, but I did some research and followed up their query
. I was actually quite surprised with the results.
guide to judge the saleability of property is the number of properties for
sale, compared to the numbers that are sold, subject to contract. I carried
out this comparison last week, so the numbers will be marginally different
today, but of the 44,183 households in Chelmsford there are 1,660 properties on
the market for sale. Of those 1,660 properties, 647 properties are fully
available on the open market waiting for a buyer, and 1013 have buyers and are
sold subject to contract. That means 31% of property on the market has a buyer
in Chelmsford (interestingly, in Braintree, 55% of properties on the market have
a buyer - and in Witham, 57%).
delve deeper, and in Chelmsford today, 58% of detached houses on the market
have a buyer, and great news for semi detached property owners, as 69% of them
have buyers! Terraced houses fair even
better, with 247 of the 340 on the market now having buyers (making 72%). The
properties that appear to be sticking, though, are apartments, at a comparatively
lower 55%, and bungalows at 57%.
always giving advice to my existing and new landlords in Chelmsford on what to
buy (or not as the case may be). Having
this detailed information at my finger tips allows me to spot trends in the
local market, which then enables me to give the very best advice to my
clients. I don't charge for that advice - I have plenty of opportunity to earn
money by finding the best tenants for my landlords in the years to come on the
investments I have advised on!