General (main property discussion here) - info on leeds off plan-saxton

Hi,Has anyone got any info on the current btl market in leeds.I,ve got the opportunity to buy off plan in a place called saxton ( i believe its close to city centre).completion isn,t till early 2010.I was told that leeds is saturated with aprts for btl,but as this development is five minutes or so outside of the city centre that the price i may be paying reflects this?The positive of this site is that the develoer is urban splash whom i,ve had dealings with on the rotunda in b,ham(and made a very good profit). I,m being offererd this at £183 per sq ft on a 1 bed studio with a 120 sq ft balcony.Studio is 454 sq ft not including the balcony. Thanks David.

David

I have many apartments in Leeds, it is to say the least very competitive. Especially for rentals. £183 per sq foot is a decent price in leeds, most developments are around £220+.

Do your due dilligence? Drive to the site, ring leeds city council and ask for information on development in the area. Leeds is the largest financial city outside of London and has created more employment than any other city outside of London for the last 20 years. you will always have a tenant, question is, how much rent will you reecive? Buying a smaller plot will mean your at the bottom of the rental market, est £450pcm in todays market.

Dont worry about saturation, it happens in every town and city to a certian degree, just sit tight, work hard to rent it and capital growth over 5-7 years will prove a good investment. If your looking for a quick turn around in 1-3 years then walk away.

I am unaware of the development,dont be put of by being in the city centre like most investors are. You may have to fund your investment on a month to month basis but being in the centre of Leeds will only see good capital growth.

Hi James

You seem an ambitious kid, good luck to you, keep working hard and gaining knowledge and you will do well. A family member claimed against a RICS surveyor a year ago and finally was paid out over 30k on the difference in purchase price and realistic valuation.

To Leeds

I have had mine for about 2 and half years, all much larger properties 275k plus, seen some paper growth and re mortgaged, released alot of cash. However, it is very competitive at the moment, try and buy as close to Leeds City centre as possible, ensure you have parking and be realistic in your rental yield. Your rentals seem accurate, not sure if i would furnish though, would most likely let unfurnished for £450pcm. Only furnish your properties if you can achieve an extra £75 to £100pcm. If you are able to come close to covering your outgoings the you will do ok. Not sure if you will acheive 10% gowth though in the next 18 months, too competitive, Leeds is in danger of becoming Manchester 2-3 years ago. If you assign and look to move on that may be a more profitable option short term, if you keep long term 5-7 years then you will do well out of it.

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hello lads i am only new to this forum but already i find it a great help with loads of info. i am from Ireland and recently purchased a one bedroom flat in a new development at Waterloo Street St in Leeds, i think it is city centre.The developer is McGinnis Developments, a very well known and reputable company from Derry in Northern Ireland.I was told by a local agent in Derry who was selling them that they should be a sound investment. I think a local agent in Leeds also had the sale of this development.My apartment is costing me £140,000, it is a one bedroom apartment on the third floor which measures 41.74m2. Ther are 74 apartments in this development. So far i have only paid the £1,000 booking deposit.I have to forward £14,000 in the next 10 days as a deposit and the balance on completion.Can anyone advise me on this investment?With maybe half the apartments sold to investors from Ireland how will this affect the future sale of these apartments. What about the location? I have no parking is this going to be a major problem? To finish i am a bit of a gambler so is this worth a punt or will i get badly stung? Thanks lads. John Jazz.