How to assess the market?

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  • How to assess the market?

    I'm considering buying a house or flat in Southampton to house my student son and up to two other students. Having taken a look to see what's available in the area to buy and to let, there seems to be an enormous number of properties available.
    How do you research to see if an area is saturated? How do you assess demand for rentals?
    I'd hate to sink my hard earned cash into a property purchase and have a lose, lose situation.

  • #2
    Run some dummy ads in the local paper etc to check the response.


    • #3
      Talk to letting agents in the area, ask them what type of properties they are looking for and how long your proposed purchase would take to let.


      • #4
        Thanks both - good advice, I'll follow it!


        • #5
          Contact the accommodation office at the university. Ask them where most properties, are, typical rent, do they accredit landlords etc.


          • #6
            I do not believe that there is enough information here to really answer the question. Obviously your primary objective in buying the property is to provide accomodation for your son. However, what is your secondary objective? I can see 4 possibilities:

            - Sell when your son leaves uni.
            - Sell when your son leaves uni, hoping to turn a handsome profit, perhaps through renovation.
            - Keep the property when your son leaves uni, for rental income.
            - Keep the property when your son leaves uni for investment purposes.

            Obviously 1 and 2, and 3 and 4 overlap with each other. However, I believe that your reasoning, basically whether 1+2 or 3+4, has a very large impact upon your question.
            Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.


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