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TODAY'S OTHER NEWS

Where can investors pick up buy-to-let bargains for under £65,000?

New research has revealed Darlington as the UK's top location for bargain properties priced under £65,000 with the potential to increase in value.

One and Only Pro, an AI-powered property investment portal, uses an algorithm to identify 'diamond' properties - those most likely to increase in value.

The portal suggests that Darlington has the highest proportion (22%) of available investment properties priced under £65,000 which therefore have diamond status. The average price of these 19 properties is £56,468.

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The next best-performing area is Burnley in Lancashire, with 125 diamond properties (21%) at an average price of £37,210.

The top five is made up by Bootle, Grimsby and Bradford, where 21%, 18% and 17% of properties priced under £65,000 have been awarded diamond status respectively.

Sunderland is the location with the highest number of diamond properties (224) priced under £65,000, closely followed by Middlesbrough (208).

Henri Sant-Cassia, One and Only Pro chief executive, comments: "When looking for real market bargains, patience is key. In some circumstances, sellers will be looking for a quick sale and much more open to negotiation. In these cases, it may be possible to secure a 25% discount."

He says empty properties can make perfect buy-to-let investments, especially if they have become burdensome for current owners.

However, investors must tread carefully when approaching fixer-uppers, Sant-Cassia says.

"These can be time-consuming projects and this will be reflected in the building costs involved. Calculate the additional investment required and know the ceiling price of the property."

He advises purchasers to arrange a survey in order to uncover any hidden problems and further costs.

Sant-Cassia says that prospective borrowers should also remember that not all lenders will provide a mortgage for a property that requires a substantial amount of work or is deemed uninhabitable.

He encourages buyers to purchase at auction to increase their chances of finding a bargain, particularly when it is a buyer's market.

"For any deal, don't forget to take into consideration the market. External factors, such as Brexit, could help you find a perfect property at the best price," adds Sant-Cassia.

"Never feel pressurised to increase your offer if you aren't comfortable with the figure. Sit tight and wait for another opportunity to arise."

Launched last year, One and Only Pro hosts over 210,000 opportunities, almost 9,000 of which are below market value, with almost 25,000 listings yielding higher than 7%.

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