My unexpected tale of selling my BTL

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    My unexpected tale of selling my BTL

    Some months ago I decided to sell my Manchester BTL terraced after 8 years owning.Tenants left 1 week before lockdown in March a week later it happened & thought well thats it for selling.
    Anyway spend the last 3 months a few hours weekly decorating,new flooring,carpets etc.It went up for sale monday afternoon this week & the response has been staggering.Currently at 130 viewing requests & 15 offers to buy 6 without viewing 4 of which are from Hong Kong.I am totally happy but stunned.

    #2
    Properties in my area have been selling quickly and most at asking price. There has been a surge of new rentals coming onto the market also. Many rooms advertised on Spareroom currently in my area are £50 to £100 per month more than I am charging and most don't even have living rooms, rents seem to have gone up considerably over the past year, which I expect is attracting new landlords now. I have good tenants and don't plan to put up rents. Demand seems to be very good from buyers and renters, at least where I am, seems to be the same where you are also.

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      #3
      Manchester is a big place. Where abouts is your terrace?

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        #4
        I bet I can guess why the poor people in Hong Kong are trying to buy UK property.

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          #5
          I own property in North Reddish (not far from Manchester), so I'm always checking out what's selling/renting in the area. Houses are renting in a matter of days, and are sometimes selling just as quickly. I spoke to a friend who told me that houses for sale in South Reddish are going to sealed bids, the demand is that strong.

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            #6
            Originally posted by Logical.Lean View Post
            Manchester is a big place. Where abouts is your terrace?
            Ethid Stadium overlooking City's training complex

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              #7
              Originally posted by JK0 View Post
              I bet I can guess why the poor people in Hong Kong are trying to buy UK property.
              Manchester has a big Chinatown.

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                #8
                I advertised a property in the south east during lockdown and had 47 enquiries. It rented very quickly.

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                  #9
                  I have just accepted an offer on my property in Beeston, Nottingham. The market here is moving really fast too, with lots of viewings and several offers.

                  If you remember, before coronavirus the market was really strong and it seems to have picked up where it left off.

                  So much for all the doom-mongers predicting a crash!

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                    #10
                    Glad that worked out for you. A bad recession coming followed by Brexit - the impact on housing will be felt over the next year as people lose their jobs and their homes.

                    Comment


                      #11
                      Originally posted by buzzard1994 View Post
                      Glad that worked out for you. A bad recession coming followed by Brexit - the impact on housing will be felt over the next year as people lose their jobs and their homes.
                      I'm not convinced a bad recession is coming, possibly a short one or a shallow one. I also doubt the housing market would be affected too badly anyway.

                      OP mentioned buyers from Hong Kong. Given the current situation there I could imagine many people wanting to find a new home for their invested money, and the UK property market is always a popular place for that. The UK Government has also offered sanctuary to people from HK - that would create extra demand on UK housing.

                      Hong Kong has the second highest number of millionaires per head of population in the world (second only to Switzerland). That's a lot of properties they could possibly buy to rent out.

                      On the home front, there's probably a lot of strained relationships being taken to breaking point after being cooped up together in lockdown, resulting in couples now needing two properties, rather than one.

                      I reckon both rents and property prices could rise despite any possible recession. The housing market is largely governed by supply & demand, whatever the 'weather'.

                      Comment


                        #12
                        Originally posted by buzzard1994 View Post
                        Glad that worked out for you. A bad recession coming followed by Brexit - the impact on housing will be felt over the next year as people lose their jobs and their homes.
                        With the amount of money being pumped into the economy the recession will not hit everyone hard. I think it will be a very unequal picture, with some people hardly affected and a lot of hospitality workers etc hit hard. But none of that changes the fact that there are not enough houses for sale or to rent.

                        After the 2008 financial crash the money pumped into the economy supported a 10 yr bull market - my money's on the same again.

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                          #13
                          Well still going strong with offers above my expectation 2 front runners are both cash buyers similar amount 1 from HK who's provided funds proof,identity docs & local solicitor to me etc & 1 from a big Manchester Housing Association dont know which way to jump & which one will be quickest completion.

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                            #14
                            Originally posted by jpucng62 View Post
                            After the 2008 financial crash the money pumped into the economy supported a 10 yr bull market - my money's on the same again.
                            It took until 2018 for house prices to, broadly, recover to their 2008 level.

                            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                            Comment


                              #15
                              Originally posted by feederking View Post
                              Well still going strong with offers above my expectation 2 front runners are both cash buyers similar amount 1 from HK who's provided funds proof,identity docs & local solicitor to me etc & 1 from a big Manchester Housing Association dont know which way to jump & which one will be quickest completion.
                              Don't do the housing association - legals will be slow.

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