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 Milton Bridge 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.
A good guide to judge the saleability of property is the number of properties for sale, compared to the numbers that are sold, subject to contract. Now I carried out this comparison last week, so the numbers will be marginally different today, but of the 6,627 households in Penicuik there are 90 properties on the market for sale. Of those 90 properties, 56 properties are fully available on the open market waiting for a buyer and 34 have buyers and are sold subject to contract. That means 38% of property on the market has a buyer in Penicuik (interestingly in Dalkeith 31% of properties on the market have a buyer and in Edinburgh 44%).
However, delve deeper, and in Penicuik today, 29% of detached houses on the market have a buyer and great news for terraced house property owners, as 45% of them have buyers. Semi detached houses fair even better, with 14 of the 22 on the market now having buyers (making 64%). The properties that appear to be sticking though are flats at a comparatively lower 19%.
We are always giving advice to our existing and new landlords in Penicuik on what to buy (or not as the case may be). Having this detail of information at our finger tips, allows us to spot trends in the local market, which then enables us to give the very best advice to our clients. We don't charge for that advice as we have plenty of opportunity to earn money by finding the best tenants for our landlords in the years to come on the investments we have advised on. If you want some advice, come and see us in our offices (6 Bank Street, Penicuik) or email either of us (firstname.lastname@example.org; email@example.com).