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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.?

Asked on Dec 4 2013, House Prices in Blackburn | Report content

Answers (2)

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  • Hi Lesley, While your area might not recover to previous levels without some sort of council intervention and regeneration, I would say it's worth holding onto it at the moment if you stand to lose out from selling. House prices look like they will rise in general over the next year by around five to six per cent, and the market is expected to go from strength to strength. Values should rise for the next few years at least, so if you are not in any hurry to have the cash you would make from a sale, it might be better to just rent it out at the moment and then hope for the best with regards to price appreciation over the next few years. Many thanks, Scott

    Answered on Jan 2 2014, Report content
  • Good Afternoon Leslie,something like this is a very personal thing. Scott has voted with his head. I have to go with my heart. I think this depends completely on your personal circumstance. Firstly, I would speak the council, do some digging, speak to the influential parties regarding the regeneration timelines & ideas too before I make a choice. Scott is correct that about the price increases. Although after the last 6 years we do not know what will happen. These are well founded predictions however they may be short lived, therefore whatever time you do decide to sell it may continue to go up or it may have just started to decrease. I would like to also suggest you talk to your local agents about realistic future prices if the market does continue rise & how it would affect your property on your area, as there are also local variations and your estate agents will be well versed. What ever you do decide. Do it with no regrets. You will be doing what was right for you at the time. Good luck Victoria

    Answered on Jan 4 2014, Report content

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