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Auction prices of flats - E. Mids
Microstar_2
Posts: 433 Forumite
Looking for some advice for my sister (who is not very 'net savvy).
18 months ago she bought a flat to let as an investment (Buy-to-Let). Its fairly modern and in very good order. She decorated it etc etc. Its in Leicester and not far from the university.
Unfortuantely she has struggled to get tennants and letting agent is now saying that there is a surplus of this sort of property in Leicester (with more still being built right now!) and she will have to cut the rent to get anyone in it.
If she reduces the rent any further it will not be worth holding onto the property.
She has had it for sale for the last 3 months, and reduced the price by 8% last month. But still no takers. She has now decided she wants to bail out ASAP due to prospect of prices falling.
Neither she nor I have ever sold a house at auction before. What sort of prices are achieved (as a % of a conventional sale?). Can anyone recommend a good auction agent?
18 months ago she bought a flat to let as an investment (Buy-to-Let). Its fairly modern and in very good order. She decorated it etc etc. Its in Leicester and not far from the university.
Unfortuantely she has struggled to get tennants and letting agent is now saying that there is a surplus of this sort of property in Leicester (with more still being built right now!) and she will have to cut the rent to get anyone in it.
If she reduces the rent any further it will not be worth holding onto the property.
She has had it for sale for the last 3 months, and reduced the price by 8% last month. But still no takers. She has now decided she wants to bail out ASAP due to prospect of prices falling.
Neither she nor I have ever sold a house at auction before. What sort of prices are achieved (as a % of a conventional sale?). Can anyone recommend a good auction agent?
0
Comments
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in nottingham, not so very far away, new build 'investment' flats have been going for anywhere up to 50% of the original sale price at auction. There is just no real market for property of this type at the moment, due to the market being flooded.It's a health benefit ...0
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