Great Tool for finding Property Prices
We have just viewed the schedule of what might become our third Buy to Let property. The property is in the same road as our first buy to let property, which we know will rent out easily. So now we need to determine if the property we are interested in is value for money and what it might be worth.
At the peak of the market in 2007, one bedroom properties in this paarticular street were selling for in the region of £65,000. Not bad considering we purchased our first buy to let property in this road in June 2003 for just £28,000. This equates to buy to let property profit of £37,000 in just 4 years.
In 2011, properties in this street were still being valued at £60,000, however at this price they tended to remain on the market for some time. We had noticed that once the price dropped to around £50,000, then the properties tended to still sell quickly and we had recently missed out buying a property at that price in the same street.
This latest buy to let property we were interested in had been advertised at “Offers in the region of £40,000”. We knew from personal experince that this appeared to be a very low price for a property in this street and quickly arranged a veiwing.
Our number one, free resource for finding out previous property prices is http://www.ourproperty.co.uk/
A quick search on the property we were interested in revealed that it had been sold 3 times in the last 10 years for the following amounts:
- May 2002 £26,623
- May 2003 £32,000
- Sept 2005 £40,000
So we were integrided why 7 years after it had been purchased for £40,000, this buy to let property with great potential was now back on the market for “Offers in the region of £40,000”. This sounded like a bargain and we looked forward to veiwing the property.