Olivier

Reading

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Lets hope so, problem is they are being reduced from kite flying prices! They need to drop a hell of a lot just to get back to 2010 prices.

 

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Bear Hug   
10 hours ago, fandanman said:

Lets hope so, problem is they are being reduced from kite flying prices! They need to drop a hell of a lot just to get back to 2010 prices.

Just browsing RM does not appear to show anything reasonable.  It's all kite flying to me but guess the lower-flying kites are still selling.

However, I am less unhappy to witness stable insanely high prices (compared to rapidly increasing insanely high prices).  At least the houses aren't still earning more money than I am per year.

And stable prices give less incentive for "investors" to buy; fewer buyers will still push prices down in the long term.

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999house   

Ive seen a decrease of about 10-15% on asking prices since start of the year for 1 bedders. Not scientific but more on gut feeling. Will go down further as landlords definetley overshot the mark.

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999house   
On 7/30/2017 at 0:53 PM, spyguy said:

Theres a masive migrant population in Reading all doing low paid jobs, all on tax credits.

Remove the migrants or remove the tax credits and its in shit.

Went down Oxford road other day. Woooah!!! Shit hole full of polski skleps and halal.

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dougless   

Reading has changed dramatically over the past year.  I can't put my finger on any one thing but this list gives you a feel:

  • Pubs seem quieter, even Weatherspoons.
  • The house next door has been let out on a room by room basis for over six years but now they are using an agent and its still isn't full.
  • More beggars and homeless.
  • Fewer young people from our European partner countries in aforementioned pubs.
  • Houses going SSTC and then staying like that for months; makes you wonder what is happening behind the scenes (mortgage problems; valuations; who knows).

You get the idea, Reading seems to be on the slide.

 

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spyguy   
41 minutes ago, 999house said:

Went down Oxford road other day. Woooah!!! Shit hole full of polski skleps and halal.

Vibrant enclave, with variety of cultural eateries.

Well worth paying 500k for a bijou 2up, 2 down.

In the real world, Reading looks more and more like Luton or Bradford. High benefits, limited jobs and pay. Dont fall for the highpaying computer jobs. Theyre moving to London.

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999house   
3 hours ago, fandanman said:

You just worry about tuh grim North, we're alright down here

Not sure i'd seen a homeless person before I moved south.

Edited by 999house

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Bear Hug   
1 hour ago, hi5lo5 said:

Nice to hear "from the horse's mouth" that Reading lettings ARE slow!

It's interesting how the landlord, having lived there for many years, thinks that kitchen, bathroom, decoration etc are fine as they are.  They don't look all that great to me at all.  I assume it's the matter of him getting used to the place over the years and not seeing its flaws anymore, in addition to the typical landlords' greed.

If his valuation is to be believed, the yield is below 3%, although chances of that craphole (I am being positive about its mediocre state, so have not called it a shithole) selling for £317,000 Zoopla valuation are pretty close to nil.

 

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hi5lo5   
2 hours ago, Bear Hug said:

Nice to hear "from the horse's mouth" that Reading lettings ARE slow!

It's interesting how the landlord, having lived there for many years, thinks that kitchen, bathroom, decoration etc are fine as they are.  They don't look all that great to me at all.  I assume it's the matter of him getting used to the place over the years and not seeing its flaws anymore, in addition to the typical landlords' greed.

If his valuation is to be believed, the yield is below 3%, although chances of that craphole (I am being positive about its mediocre state, so have not called it a shithole) selling for £317,000 Zoopla valuation are pretty close to nil.

 

On £850 rent pcm, in two years time the property is worth max of 160k.

Here is my calculations

850- 10% maintenance = 765

765 x 12 /5.5%/145% (PRA underwriting rules) =112k is the max you can borrow on 75% LTV. 

 

Edited by hi5lo5

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Bear Hug   
5 hours ago, hi5lo5 said:

That link just keeps on giving! Latest comment on page 4 there: "Interesting article in this month's RLA magazine on student lets. Mentions Reading has been very badly hit with demand for student properties at just 52%."

If true, these are great news!  There are many areas around university where large badly maintained houses with worthless furniture are advertised for ridiculous prices because they expect to be able to fill them with students.  However, they are now competing with plenty of new purpose built student accommodation blocks 

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spyguy   
6 hours ago, Bear Hug said:

That link just keeps on giving! Latest comment on page 4 there: "Interesting article in this month's RLA magazine on student lets. Mentions Reading has been very badly hit with demand for student properties at just 52%."

If true, these are great news!  There are many areas around university where large badly maintained houses with worthless furniture are advertised for ridiculous prices because they expect to be able to fill them with students.  However, they are now competing with plenty of new purpose built student accommodation blocks 

What does that mean - 50% of students property unlet?

Rdg Uni is a good one. And in oneof the few nice areas - or was when I lived there 20 years ago.

 

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Houdini   
25 minutes ago, spyguy said:

What does that mean - 50% of students property unlet?

Rdg Uni is a good one. And in oneof the few nice areas - or was when I lived there 20 years ago.

 

Reading University will be like every other university nowadays and will be building (by themselves and with pension funds) large high quality accommodation blocks for their students. And given the choice of high quality purpose built studio flats or your typical unmaintained overpriced student flat / house most students (especially their parents) will pay the little bit extra for something nice.

Hence demand for poorly maintained privately owned student housing is nose-diving...

 

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spyguy   
7 minutes ago, Houdini said:

Reading University will be like every other university nowadays and will be building (by themselves and with pension funds) large high quality accommodation blocks for their students. And given the choice of high quality purpose built studio flats or your typical unmaintained overpriced student flat / house most students (especially their parents) will pay the little bit extra for something nice.

Hence demand for poorly maintained privately owned student housing is nose-diving...

 

ut but but ... the Telegraph personal finance page said student lets could earn 10%/y *and* provide free accommodation for Tarquin ....

Im sure they could let them to the council. LHA is £1500/m right?

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Houdini   
5 minutes ago, spyguy said:

ut but but ... the Telegraph personal finance page said student lets could earn 10%/y *and* provide free accommodation for Tarquin ....

Im sure they could let them to the council. LHA is £1500/m right?

Not a great example as the 4 bedroom LHA rate is £1365.52 so not that far off - I really most complete merging the house price data sets I have and then make it public... 

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spyguy   
3 hours ago, Houdini said:

Not a great example as the 4 bedroom LHA rate is £1365.52 so not that far off - I really most complete merging the house price data sets I have and then make it public... 

You sure? I thought HB benefit changes means you'll need ~6 kids for that now.

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Houdini   
5 minutes ago, spyguy said:

You sure? I thought HB benefit changes means you'll need ~6 kids for that now.

A single parent with 3 children 2 aged over 16 is enough to hit the target...

It's harder to get to 4 bedrooms than it used to be but not impossible as children are now dependents until 18.

 

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spyguy   
On 9/7/2017 at 11:47 AM, Houdini said:

A single parent with 3 children 2 aged over 16 is enough to hit the target...

It's harder to get to 4 bedrooms than it used to be but not impossible as children are now dependents until 18.

 

Just re-read that.

Not possible unless youve had triplets or adopted 3 16 yos.

Most likely is that you' have 2 years between kids. Do you only get that money for 6 months. HB will stop as soon as the oldest gets to 18.

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Houdini   
1 hour ago, spyguy said:

Just re-read that.

Not possible unless youve had triplets or adopted 3 16 yos.

Most likely is that you' have 2 years between kids. Do you only get that money for 6 months. HB will stop as soon as the oldest gets to 18.

Quite possibly as we have a friend in exactly this situation (divorce due to husband's mental breakdown and twin boys).. It covers them until July/ August 2019 when the boys finish College...

Granted its probably an exception but it is achievable - especially if you've successfully got your children on  appropriate disability issues

 

Edited by Houdini

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