The property market is moving fast, and you can’t rely on the newspapers to give you an accurate picture of what’s happening – or to give you the level of detail you need about what’s happening in your local market.
So this week we shared 7 ways to stay on top of the property market…
1. Ask an estate agent
They get a bad rap from investors (including us a lot of the time!), but the good ones will know exactly what is going on in their local market. They’ll know what’s in demand, what’s in short supply, and be able to read the mood of the market in terms of how many valuations they’re being called out for.
2. Ask a surveyor
Surveyors are another group who cause investors a lot of anguish every now and then, but they do see a lot of property – and they’re in a position to know what lenders and agents are thinking, and what all the big local investors are doing. They’ll be among the first to spot trends in areas that are creeping up.
3. Use Zoopla’s “current values” option
Enter a broad postcode or a specific property’s details into the “Current Values” section of Zoopla, and it will give you an estimated price. The actual figure is often a long way off reality, but it also shows you the “value change over time” which tends to be more accurate as an indicator.
4. Use home.co.uk to track asking prices and time on market
Go to home.co.uk, select “prices and rents”, and enter a postcode.
You’ll then be able to choose from reports that will give you clues as to the state of the market, such as current asking prices, asking prices over the last year, and the time properties are currently taking to sell. Helpfully, each report is broken down by property type and number of bedrooms too.
5. Compare the offered/wanted ratio on Spareroom and Gumtree
Spareroom and Gumtree both have sections for people wanting to rent a property in addition to people offering property for rent. This allows you to look at the ratio of properties offered to properties sought: if there are more being requested than offered, it could indicate high demand or lack of supply. And if you track this ratio over time, it could tell you which way the rental market is shifting.
6. Monitor the Residential Development Land Index
Knight Frank publishes a regular report on the value of residential development land which you can use to peer into the future. According to the property cycle, property prices trail land prices by 18 months. So even if you’re looking at data from six months ago, you could still be a year ahead of the curve.
7. Use building.co.uk to see what government infrastructure projects are coming up
Building.co.uk publishes a map of the government’s infrastructure projects and another for its construction projects. By looking at these you can identify areas which look to be having developments that will be positive for property prices. Property Investor News magazine also publishes lists of these projects.
8. Listen to Property News Radio
Yes, we promised you 7, but how could we leave out Property News Radio, the weekly podcast from the RMP Property team. 10 minutes a week is all you need to get the inside scoop on the week’s biggest news stories.
(Thank you to listener Chris Ryder for suggesting this topic!)
Resource of the week
This week’s resource sets out to answer one of life’s most important questions: how northern are you? To find out, all you need to do is take this quiz!
It won’t surprise you to learn that Rob D is 0% northern, but will Rob B ever be able to go home again when his results are made public?
This week’s mentions
It’s all happening this week! For a start, Yellow Lettings was launched! Thank you so much to everyone who has sent messages of support, and especially to those who have entrusted their properties to us already.
Also, there’s now a free course about buying Below Market Value property in The Property Hub – all you need to do is sign up for a free account to access it in full.
And the exchange of knowledge isn’t one-way: we want your property tips so we can feature you in our new book! You can either visit thepropertyhub.net/booktips to leave your words of advice now, or find out more here.
Not enough? OK, one more news item – RMP Property is hiring! To find out more about the role, visit our jobs board at thepropertyhub.net/propertyjobs.
Join the conversation
Do you have any other tools or tricks you use to stay on top of the latest developments in the property market?
We’d love to know, so join the discussion in The Property Hub!
If you enjoyed The Property Podcast, please leave a review on iTunes
Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive on air.
If you’d like to hear your name on the show, leave us a review on iTunes here.
Not sure how to leave a review? This video shows you how to review and subscribe on iTunes.