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There was a very useful article in the Daily Mail money section yesterday, which offered advice on how to spot an up-and-coming area before everyone else cashes in. This, as every property investor knows, is the key to making your capital grow and ensuring an excellent rental yield. So what were the DM’s tips?
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Tips for Spotting a Good Area to Buy In
1. Fancy food shops – Look out for delicatessens and niche food shops.
2. Young people in residence – Areas with a growing population of young professionals are more likely to experience a surge in popularity.
3. Lots of amenities – Places with schools, supermarkets, transport links and local shops are always going to be more attractive to buyers.
4. One stop on – In the case of London, looking at property one stop further up the line from an already popular area could pay dividends since property prices are likely to increase.
5. The estate agent radius – Research has shown that areas on the outskirts of estate agents’ current branches are the most likely to show an increase in value.
Ask For Advice
Asking your local friendly property agent for advice could also be helpful, but be aware that he or she is probably being inundated with requests as would-be landlords and property developers try to catch a wave and boost their profit margins.
And finally, another useful tip is to avoid areas with a coffee chain presence as this apparently indicates that the area has already reached its growth potential. So if there is a Starbucks on the high street, forget about it.
