I was viewing a place with an investor earlier this week, who complained that he had no decision making time - properties were being sold before he'd had time to think, and sometimes even before he viewed. I sympathised, but when he phoned me 24 hours later to make an offer, I'd sold the property in question already!
That's the way things are currently and have been for some months. Investors who have studied the market and know what represents a good deal will have the confidence to jump in when they see something sensible. Those who are less sure will hesitate, and lose the property to someone else. In short, you need to study the form!
There are decent deals out there though. See:
Someone is buying this for £62k! Yes, it's not mortageable. Yes, the service charges are high. But it's 100% rentable for an absolute minimum of £550 and even with that service charge, the purchaser is going to get a much better return on his money than his bank is currently paying.
Again a flat with a higher service charge. But the most popular rental destination in town, and a good return for someone. You can mortgage it, and it's only £75k - you won't get less in Northampton without going onto a Council estate.
These things are tiny, freehold (I believe), and very rentable. You'll get at least £450 for this. It probably needs a few thousand spending to get it to the sort of standard we like, but nothing we can't sort within a few weeks. Cheapest freehold buy in Northampton?
A 2 bed house in Abington. Worth £145k in tip top order. Unfortunately this one isn't and needs full refurbishment. There's money in it for someone once done though. £625 to rent it once finished as well.
