Well it turned out that flat that I went to see as mentioned in the last post was not suitable either. The obscured view and high service charge meant that it was not a viable option. It was a shame but a totally understandable decision. That property is still on the market and the asking price has actually increased since I looked at it, so it could sit on the market for a while. The fact that a property which is not selling can still undergo a price rise is a testament to how strong the market is down here and how property price projections are very high.
Although I have kept looking for alternatives nothing suitable or that stood out came up, that is until this week. A lovely little one bed flat on the sea front with unspoilt sea views, a little balcony and a light and spacious sitting room/ kitchen came on the market. I booked a viewing immediately, the asking price was undoubtedly very appealing.
I loved the flat on viewing, it was exactly as the details had promised it would be, the only big issue was the service charge which is a whopping £1800 per annum. However despite this the numbers stacked up and our client was satisfied that an appropriate yield could still be achieved and that the value of the property would increase over time.
Our client did not feel the need to view the property and instead asked me to offer on his behalf which I duly did, the offer was accepted and now we proceed and look forward to having the property on our books to let in the next couple of months.