Without boring everyone to death with a long winded story behind my predicament, I currently own a 2 bed terrace house that I've owned since early 2009 and let out, and this isn't wholly due to choice, more due to circumstance. During that time, I've had 3 tenants, all of who have been ok, however since May 2012, I've only had anyone in the house for a short 3 month let just before Christmas. I understand from my estate agent that I've managed a whole one viewing since the house was re-advertised in mid December. Asides from being a pain from a financial perspective (I'm paying a mortgage on the house, repayment at 2.5% interest, plus other bills), it also means I keep having to go and check the house over, and it's an 70 or so mile round trip.
As far as I can see, the problem appears to be with the market in the area (Altofts, near Wakefield) that the house is. The house is currently priced slightly below what appears to be the going rate for comparable houses in the area, yet is not attracting any interest. I've now used 3 different estate agents to advertise the house, and they've all been as
good bad as each other. There are tons of similar properties for both sale and to let in the area, and the turnover for both lettings and sales seems to be particularly slow.
So, over to TRL. Do I keep paying the mortgage off, living in hope that someone will eventually let the house? Or do I put it on the market to try to sell it and hope to cut my losses? Please note that comments will be taken on board, however the final decision on what to do is not going to be based on this poll.
