Will this area ever improve or is it time to cut my losses.
I own a two bedroomed Victorian Terrace in an area of Rishton that has gone from bad to worse. As unable to sell several years ago for other than a derisory sum I decided to rent out the house. Since this time things have got worse , empty properties, bad reputation etc. In any other area of Rishton the value would be around 75 - 80+k but I reckon I would be lucky to get an offer of £40k. I am not a commercial lanldlord, it was my family home for 20 years but I wanted to move on and was reluctant to sell at such a low price and hoped the area would improve and prices rise. Despite the Council promising to regenerate the area, it is not getting better . Whilst i am gutted to sell for a song (If I can) a house I paid a mortgage on for 20+years , and i could hold on longer if there was any realistic chance of values improving, I think cutting my losses may be the realistic option.?
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