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Its really Odd the old saying all that glitters is not gold comes to mind
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
I think that the best gain can be had in a poor area with potential, such as plenty of jobs, good transport links, limited housing stock and some extras like green spaces, canal, etc, and which may be on the fringes of a wealthier area.
Such an up and coming area will definitely outperform both a wealthy or a poor area (without much potential).
This is why investing in areas that you know will increase your return so much more than just going after your usual headline yield returns.
I would be extremely surprised if such an area ("poor area with ... plenty of jobs [and] limited housing stock") - by definition plenty of jobs and good transport links will man the area is actually fairly well off, and if there is limited housing stock then (by definition) house prices will be relatively high.
Area dependent I think but in London a poorer area that has good transport, housing stock and adjoins a wealthy area will do better IMO.In my own area I have seen estate agents extend the boundary of a nicer area to push up the prices of the surrounding houses. I'm also watching formerly dodgy areas get trendier by the day.
Yes I've seen the boundary creep too, as I'm sure have many others. That's why I had suggested to one pro that their software could maybe take area based deprivation/affluence data into account to identify the potential hotspots...
That makes sense.I'm also seeing plenty of areas that on paper should be nice by now but just never really get there.
I think good transport is number one followed by lots of small commercial stock that can be turned into coffee shops.
I think it's Westfield or nothing when it comes to shopping centres.. a shopping centre full of Poundlands or bookies is no good.
I almost believe it's small businesses that really have the power to pull up an area. I'm looking at Green Lanes changing by the day while Turnpike Lane high road flounders. I'm sure Turnpike lane is better for BTL but I'd rather spend my own money somewhere with cool things to do even if the transport is slightly worse.
These threads lists the main indicators for hotspots and increasing tenant demand:Anatomy of a property hotspot - 12 indicatorsTop 10 tenant demand indicators & influencers
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**