Location, location, location not just for buyers
Where to live is an issue everybody thinks of when looking to acquire a home. Those buying somewhere to live will usually spend time researching the area they are moving into and making a judgement on a variety of criteria, be that the proximity of local transport links, the quality of schools, the demographics of the neighbourhood, aesthetic considerations or the proximity of family, to name just some issues.
The same can be just as true of those renting a property, who will look
at least some of the same issues. For those investing in property, the
key is to buy in the areas which will be popular and attract those who
can afford good rental rates.
For this reason, it is important for those looking at the sort of places people may rent in major cities to establish what the patterns are of geographical movement. In London, it seems, location is the biggest issue over all, with cheaper rented property not getting much interest.
This is more true now than in the recent past, according to Nicholas Leeming, director of property portal Propertyfinder.com. He said: "I think there is a much, much higher demand than in previous years based on location, both in terms of whether you are central or peripheral and your transport hubs compared to the opportunity to rent at a low price."
The problem with lower-priced property in the capital, he explained, was that it tended to be that which was not so well located for transport links such as the tube. He concluded: "So my point would revolve around whether it is convenient for transportation links because the more convenient it is the more opportunities there are and the more rent you pay of course."
Yet while this correlation may inform those involved with buy-to-let in London, not everywhere is the same. In the case of Tyneside, letting agent Sarah Mains of Sarah Mains residential told the Newcastle Journal that many young professionals were now leaving more expensive areas close to the city centre such as Gosforth and Jesmond for locations that were further out
but cheaper and, critically, well-served by good transport links. These included places such as Fenham and Wallsend, both of which have good bus links and in the latter case the Metro (a light rail-underground hybrid system) as well.
She observed: "Young professionals who are looking for high-quality homes with good transport links are now looking further afield for properties at affordable prices.
"Rents are slightly lower in the two new hotspots than in other locations and both areas still offer close enough proximity to the city to appeal to young professionals."
Therefore, while different locations may have in common the link between good transport links and popularity with those looking to rent, the price situation does not always correlate. Those looking to price their rents appropriately may therefore be wise to observe the particular market situation in each locality.
In today's world Property investment is an excellent investment option especially investment in UK
Jim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment, German property, Cyprus holiday homes, Property in Cape Verde, German property investment, cape verde property buy to let property
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