When investing in buy to let investment property, it is worth knowing how quickly you can sell if you wish to.
New research from property sales company Sellhousefast has looked into how long it would take to sell property in 10 locations recently suggested by LendInvest as perfect for buy to let investment.
The locations, namely Stockport, Coventry, Wolverhampton, Birmingham, Peterborough, Colchester, Manchester, Canterbury, Luton and Enfield, were analysed using postcode data compiled by Thomas Sanderson to reveal where properties are likely to go fastest.
The fastest postcode to sell properties in was found to be Stockport, where properties sell an average of 104 days, with the fastest postcode being SK4 where properties are expected to stay on the market for no more than 60 days and are worth £280,768 on average.
Second place went to Coventry, where properties take 124 days to sell. The fastest-selling postcode in Coventry is CV6, where property sells within 76 days and typically costs £158,742.
The last podium place went to Wolverhampton, where on average it takes 138 days to sell a property, with the fastest postcode being WV8 taking just 92 days.
Managing director of Sellhousefast, Robby Du Toit, commented: ‘From our research, it’s plain to see sales in the north and central England, in particular, are very promising. Locations like Stockport, Coventry and Wolverhampton have the benefit of lower property prices (in comparison with the south) and fast-paced, growing markets; something investors should take advantage of; should they be able to.’
He continued: ‘However, it is also promising to note that no matter where you want to invest there is a location available where property sells quicker than most. It is so important therefore to make sure you do your research before you take on an investment property. Shop around, ask questions, compare prices – don’t just choose the most amenable, obvious property. When it comes to selling, this is not always what makes a success.’
Source: Residential Landlord