Selling a BTL Property

Discussion in 'Buy-to-Let Property Investment' started by stanley1968, Apr 25, 2019.

  1. stanley1968

    stanley1968 New Member

    Hi,

    In December 2017 I purchased a BTL Property

    It was a new property (albeit a converted building) in a town in Yorkshire

    I bought it outright as was only around £70k (small one bed apartment in city centre)

    I am now having a few financial difficulties and might be forced to try and sell the property

    There in a tenant in the property - signed up till June but likely to sign on for another 6 or 12 months

    I spoke to the investment company I originally purchased the property through and they said it was best to sell via an property investment company as they would have lists of clients the property could be marketed to and any fees (to them) would be paid by the buyer

    However I was told that the market is dead at the moment due to Brexit and none of the Investment Companies are willing to take the property on at the moment until the Brexit issue is resolved one way or the other.

    Is this correct or are people still buying BTL Properties ?

    Any other ways I could sell it ?

    Additionally, I am a bit concerned because my managing agent have just put their fees up due to new legislation and not sure whether its a viable investment nay more unless I reduce the asking price.

    Thanks in advance
    Stanley
     
  2. Longterminvestor

    Longterminvestor Active Member

    Hi Stanley,

    Any suggestion that the investment companies have stopped buying is incorrect in my personal view. Yes, we all know Brexit is a pain but immigration will still continue in the UK and the new build numbers are so far behind that it would take years of increased building to even catch up with demand. Then there is the lack of council/social housing which has forced so many people into the private rental sector.

    All in all, yes Brexit has put a dampner on things but outside of London no property prices have actually fallen since the referrendum in 2016. Why not try advertising the property for sale yourself? The internet is your oyster these days and not at a massive cost.
     
  3. Investment companies recommending other investment companies? I would be suspicious and look for a more traditional way in which to promote your property to the wider market. There are more than enough opportunities to promote properties online today at relatively low cost. Have you looked into this?
     
  4. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    I’d personally just use a local estate agent or indeed an online agent... you will attract both owner occupiers and investors that are looking in that area then...

    What is the yield? (Gross income / price)? Investors will probably want 6-8% minimum outside of London.

    Being a studio in a town center it sounds more like an owner occupier Property than an investor one...

    Hope that helps!
    Nicholas



    Sent from my iPhone using Property Forum
     
  5. Longterminvestor

    Longterminvestor Active Member

    At the end of the day, if you were to advertise the property using more traditional means (as opposed to just investment companies) then this opens your market everybody. If your property is much sought-after then potential buyers will find it!
     
  6. diyhelp

    diyhelp Active Member

    The simple key here is to promote your property to as many people as possible and create some interest/competition. Local estate agents may have buyers already lined up so they are certainly a good start but dont constrain yourself to just local agents.
     
Loading...

Share This Page