What type of property in Falkirk RENTS the best?

A wee while ago I wrote an article for The Falkirk Property Blog all about what type of property sells the best in Falkirk – double click here to see the article https://bit.ly/2ymJeTP. 

I was at the Breakfast Buzz networking meeting at the Beancross restaurant on Wednesday morning (it is a touch life but somebody has to do it!) when my friend Maurice had a chat with me about the article.  He loved the article and wondered if I could do a similar exercise to work out what type of property RENTS the best in Falkirk.  Well you know I like a challenge so I gladly accepted this one.

Knowing how rentable a property is really important when deciding what (or not) to buy for your next property investment. Why? Well as soon as you buy it you will in all likelihood be looking to rent it out as fast as possible to reduce your property void costs so it is good to know what properties rent the best in Falkirk.

I have used a similar methodology as I used for properties for sale to ensure consistency ie the number of properties for rent, compared to the numbers that are rented subject to contract. Of the 16,819 households in Falkirk there are 78 properties on the market for rent. Of those 78 properties, 46 properties are fully available on the open market waiting for a renter and 32 have renters and are rented subject to contract. That means 41% of property on the market has a renter in Falkirk (interestingly it is very similar in the rest of the area eg in Grangemouth it is 39% and in Linlithgow it is 40%).

However, delve deeper, and in Falkirk today it shows that 50% of both detached and semi-detached properties on the market have a renter, 42% of terraced houses have a renter and the figure is 40% for flats. 

Now this is interesting as the perceived wisdom is that larger properties – which detached and semi-detached houses are – take longer to shift but the figures suggest that this is not currently the case. 

This may be because of another fascinating observation that my analysis showed – of the 78 rental properties currently on the market, 67 (or a whapping 86%) are flats which means that there is currently little choice of detached and semi-detached houses so they are being snapped up faster than normal.

We are always giving advice to our existing and new landlords in Falkirk on what to buy (or not as the case may be).  Having this detail of information at our finger tips, allows us to spot trends in the local market, which then enables us to give the very best advice to our clients. We don't charge for that advice as we have plenty of opportunity to earn money by finding the best tenants for our landlords in the years to come on the investments we have advised on.  If you want some advice, come and see me in our offices (6 Vicar Street) for a chat, give me a call (01324 469840) or email me on (news@thekeyplace.co.uk).

www.thekeyplace.co.uk

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