X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    Anyone know Huntington, Peterborough, area?

    I’ve offered on a property in a village near Huntingdon, good solid larger than average 3 bed semi, has guide price of £215k, I offered £195k, they’re thinking it over but said it was on the low side so I expect a no tomorrow and they’ll probably ask for £200k min.  I can’t decide if it’s worth any more to me, should rent for £850-£900 so only just over 5% yield, ok but not great. It’s been on the market for nearly 4 months with no reductions.

    If anyone knows the area around Huntington/Peterborough, would I be better investing in two flats for say £100k each which rent for £600 each. I’ve not got any flats but don’t think I want to pay £200k for  the semi with a £850 return. I actually have up to £100k deposit but only want to spend half that really. Alternatively should I just wait?

    0
    0

    Yes! Is this someone I know? Small world!

    0
    0

    No just 30 seconds on RM...

    Check what comparable local properties were selling for in 2016/17 - prices may be buoyed up by Uni/Tech jobs

    0
    0

    Yea 5% is not good. I do not like flats either as you lose control of maintenance and any issues around the place.

    1
    0

    Waiting seems a sensible strategy, I think I’m getting carried away with the look of it and forgetting the financial fundamentals and playing it safe.  I’m not restricted to location and might look out of my area for better returns.

    0
    0

    Not so far though that maintenance becomes a pain - and yield is CG plus rent profit so consider both.

    0
    0

    Hi KLR,

    If this is the right property - Alwin Close, Sawtry - as someone living locally I'd be very wary.  I'm not sure if you are local but Sawtry is somewhat of an oddity in the local area.  Prices in Sawtry are much lower than the surrounding area.  The main reason for this is the fundamentals just aren't there - no public transport at all, next to no local employment, lots of social housing, reasonably isolated from the surrounding larger towns.

    One of those places not in keeping with the area, and a potential banana skin for the outside of the area investor.

    Feel free to DM further questions.

    Tom

    0
    0

    Thanks for the info Tom, I can’t DM as a new member.

    i know the area but only as I’ve been visiting a customer there for 10 years plus now. It certainly does seem cheaper hence why I was looking there, it’s not particularly run down compared to some areas but I know what you mean, even though it’s a village and I don’t expect lots going on it has a dead feel to it.

    thanks for replying when you did as I was getting tempted by it again, but I certainly won’t be offering any more. If the economy takes a hit I can see that area affected quite a lot. It also doesn’t seem to have a lot of immigration which does fill properties and keeps demand up.

    Id like to be in Huntington or nearer Cambridge but just too expensive, I might consider one cheaper flat and another once things have settled. Any area you would suggest?.

    0
    0

    Hi KLR,

    Personally, I sold my local BTLs and now invest in the Northwest.  I live in a village a few miles south of Huntingdon, and prices are high, the locals struggle to buy.  I also see in my town the rental market does seem to be oversaturated for the apartments, I often see them being reduced and on for a long while. As a buy you're looking at £220k upwards for a 2 bed apartment, with a return of about £800 a month, I also think the capital growth has had its day for now. Hence my decision to look elsewhere for both yield and capital growth, it certainly wasn't as scary as I thought!

    However, with one of my apartments, I had particular success with a furnished apartment, I marketed it to the Cambridge Market (was in St Neots 12 miles away), and we had loads of enquiries from people outside the area moving for work and managed to get £975 for a property that was probably worth £800 PCM, within the first day.

    Tom

    0
    0

    Sorry for the late reply Tom, and thanks for all the info. Agent said they would call yesterday with an answer but didn’t which is a bit annoying, I’m assuming they’re rejecting the offer. I’m not too concerned as just done a wider search and plenty come up if the search includes £200k.

    I would like nearer Cambridge but just too much money, as you said flats have a lot of availability. I might look a bit further and try not to get diverted by looks and concentrate on returns.

    0
    0