– Portsmouth has a population of 205,400.
– That’s an estimated 85,583 households.
– According to gov.uk there was an estimated 3.87 repossessions for every 100,000 households In each quarter.
– This equates to a total of 13 repossessions in 2017.
At present, Portsmouth is experiencing what could be described as a property crisis. Research from the National Housing Federation revealed some alarming statistics. Reported by Portsmouth.co.uk, it was found that the average Portsmouth worker would need a 103% pay rise to afford a mortgage. If you have the money then this is an ideal time to look into property investment via buying a repossessed house in Portsmouth.
Below Market Value Property in Portsmouth
The average home in Portsmouth is now around 214,600, while the average annual salary is around 23,000. These alarming findings indicate that many of the locals may be forced out of the area, possibly resulting in enhanced opportunities for possible investors. It is also worth considering for those looking to buy repossessed properties, elevated mortgage prices that are continuously outgrowing the local salaries may in time result in a high amount of repossessions.
As for return on investment in the area, there is still some promising signs. The fact the average property price went up by 8.2% in 2017 is clear indication that property value is on the rise . As well as this, propertyreporter.co.uk have stated that from a 95 million pound investment, Portsmouth was one of 13 areas in the UK that was provided with an improved speed and accessibility to the internet. The article continues to mention specifically that property investors should look at this with interest, as research has hinted that poor internet connection can reduce property prices by up to 20%.