Knowing
whether a property can be resold with ease is half the battle when deciding
whether or not to buy for your next property investment. Why? Well
because one day, you may need to sell that property.
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 92,254 households in Southampton there are 3,273
properties on the market for sale. Of those, 1,563 are fully available on
the open market waiting for a buyer and 1,710 have buyers and are sold subject
to contract. That means 52.2% of property on the market has a buyer in
Southampton (interesting Portsmouth is 57.2% and Chandlers Ford is 76.3%).
However,
delve deeper, and in Southampton today, 50.6% of detached houses on the market
have a buyer and great news for semi owners as 58.4% of them have buyers.
Terraced houses fare even better, with 372 of the 615 on the market having
buyers (making 60.4%). The properties that appear to be sticking though are
apartments – 676 of 1,387 on the market have buyers, a comparatively lower
48.7%.
I
am always giving advice to my existing and new landlords in Southampton on what
to buy (or not as the case may be). Having this detail of information at
my fingertips, 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 advice
but I do look to build long term relationships with landlords. Feel free
to drop me an email to brian.linehan@belvoirlettings.com or call into our
offices on London Road in Southampton. Final thought though, before I go,
Newport on the Isle of Wight, only 28.3% of properties on the market have a
buyer.
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