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House Price Crash Forum

Hitman

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Everything posted by Hitman

  1. Looking at prices in London, its obvious there haven’t been big drops, if anything prices are up about 5-10% from this time last year. Personally feel if someone is thinking about buying in London they should not hang around, my reasons for this are as follow. Interests rates are on the up fixed rates are not going to be around much longer, and lenders will not offer good deals as are currently available. For FTB they need to get a mortgage and fix it for 5 or 10 years. Because if prices were to fall say 20% as some on this site believe, and as is said interest rates are the trigger. You will
  2. Can anybody give some advice on how to invest an inheritance of 970k to generate income for life, what would be the best kinds investments for this type of strategy? what sort of commissions are payable when taking out these investments. The required amount per annum is 80k-100k roughly 10% of the lump sum. Would appreciate any constructive feedback. Thanks
  3. I acknowledge your point Smell the Fear, about job losses and property value falling , but most people will not fold so easily, lets say he lost his job, being a fairly resourceful guy he would find another job , anything as long as he was earning enough to put food on table, and pay mortgage. Secondly his wife could always go back to work after having a kid, and bring in enough to cover child care costs circa £600PM, and some extra to help with bills. Most people are very resilient when faced with adversity. They will not give up without a fight should there worst fears become realised, on
  4. I’ve noticed over the last 2 years or so, that more and more people moving up the ladder, going from starter property 1-2bd flat/house to larger family sized houses such as 3-4 bed semis are opting to put there first property on rent and take some of the equity to use as a deposit on there second property. Example from a close friend goes like this. He bought a 2 bd flat about 5 years for 78k in East London, he re-mortgaged flat on BTL @ 5.09% with northern rock 80% LTV, I think. Flat valued at 180k 2005, he got about 140k out this way and owed 50k ish on the flats original mortgage. He too
  5. My Wife and I are in a similar position, we have been looking for a house in Wanstead/Woodford area, but the vendors just don't want to drop their prices, and all our offers have been rejected. I noticed about a 5-10% reduction over the last 15 months. But one house we saw in Wanstead 5 bed detached in Dec, on for 780k, was reduced to 765k. We went for the viewing, house is occupied by an old dear. Not in great condition but has lots of potential, the house that is. Anyway I get talking to her and although I believe the house in its current condition is not worth more than 600k she is adament
  6. Hold on a minute lets just clear up some of your assumptions, I didn’t say it was a HMO, my arrangement began with the Director of this Polish building company, I got him last year to quote for some work on my house before letting it. It so happened we got talking and he asked what my plans would be with the house, I explained I intended to rent it out. He suggested that he would be interested as his guys who work locally needed some place to stay, as some of them travel from Ealing to East London everyday. I never referred to my property as a HMO, but simply a house share. I don't l
  7. In your opinion maybe, I see it as providing a service, nobody is a model citizien, so don't try and take the moral high ground here. Do you really think wealthy and successful people got to where they are today by towing the line, if you do belive this then im sorry you are naive. Im not hurting anybody, and dont lose sleep over it. My tenants are grateful to me for providing them with affordable housing. Its very simple
  8. I don't have a licence and find your suggestion amusing, thousands of peps rent out their propertis this way for years and none have a licence or pay double council tax. This is a method for getting your mortgage paid in under 5 years. Its an informal agreement, no tenancy or regs, they need a place I provide a place simple as that. Its about getting it paid off in the shortest possible time by rents, secondary incomes etc. Then just collecting rent every month. Im not OTT live modestly and well below my means. Ill wait a few years before allowing myself lifes luxuries. Living life debt free..
  9. In my own experience of the effect immigrants have on the local economy is great, I have rented out my 3 bedroom 2 reception Victorian terrace in Leyton to a group of Polish builders who pay £60 each a week including bills. I had 6 of them in their before Christmas, but have now been joined by 2 more. I now receive £1920 a month in cash, and after deducting bills which include Council tax, Gas/Electric, Water, TV Licence and Broadband leaves me with £1670. They sleep 2 a room, have a lounge and kitchen area to relax in. Mortgage on the prop is 168k which is being paid off nicely. They even put
  10. My dad has alot of equities in his oernsion fund and has recommened Best Invest, as they charge low rates for managing your equites, has anyone any experinece of dealig with this firm or could they recommend another firm they use.
  11. I did the same I got an MBNA card at 0% for 9 months, bought £9000 of premuim bonds, Ive made around £400 in prizes in that time, and will now transfer the balance to virgins 0% deal for another nine months. Min payment is £5 per month with MBNA, and they transfer funds into your current account for a fee of £25. As long as you make the money work for you, and don't blow it on expensive luxurys its a nice way to generate some extra cash.
  12. What alot of the posts here fail to mention, is that a lot of investors have not bought anything in the last 2 years or so, as returns were poor. They are simply waiting until prices drop to a level when yeilds are better. Thus pushing prices back up to current levels. How will this help FTB, their competition has not vanished its just dormant waiting for the same level of pricing that FTB need to get back into the market again.
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