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House Price Crash Forum


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Everything posted by Letsdance

  1. What makes you think prices are going back to 200/2001 levels? If they don't and the chances are they had to pay large deposits on the BTL mortgagaes, like I did, then how on earth will they end up in Neg. Equ. Sounds to me that they can ride this out very comfortably.
  2. Fair point you are making, however, I am into BTL (4 propeties) and I did a posting 2 days ago which I explained my circumstances and finances. It amazed me the amount of postings which adviced me to liquidate a couple of my assets because of a downturn in the market. I agree in the downturn principle and welcome it however I am fortunate enought to take say a 75% hit and still make a profit. I have savings and a pension (superannuation), I don't have credit cards nor a flash car with a loan attached. A simple life style and I will not be looking to off load any assets now or in the next 20 years (I am mid thirties). Maybe this will cover me for 2 more property booms and crashes. Not all landlords are stupid!!
  3. A+L share price is back on the spring board again!! -34.00
  4. As you area aware when you posted to my thread that I am a BTL investor. In the north east especially in Easington, houses are not being bought and left to decay until they are demolished. Even the council are selling off run down housing stock for payments well below the market value which is found in other areas. In the mean time this leads to a problem. People on benefits or low income particularly single parents need accomodation. Where do they turn when the council house waiting lists are full. Private landlords provide a service which fills this gap. I understand their are good landlords and bad. I like to consider myself good and have retained my tenants for 3 years in one case. My tenants are young single women with no dependants who are in employment and not receiving benefits however wanting independance.
  5. Many thanks for the replies. A good sample of nearly 50 posters who all seem to have a financial interest in invested in property. From what I can gather from the facts is that people here have been sensible and known there limits. What I find strange is that basically we have all shown our hands and consider that we are on the high ground, and for what is worth I think we are, we seem to have found common ground that the markets will not go back to 2002/3 levels. However, looking at other threads, which we are all encouraged to do and participate we are concerned with the colour of Merv's underpants or did GB have cornflakes or Porridge this morning, NR handing out second hand pencils. I myself get tied up in the drama around it all then when I go home the Mrs laughs and says what do you think we should do about it. I immediately start the JCB and dig a fallout shelter. I think this site should have a public health warning attached. I think to the detriment of a few since 2003 we have taken 5 steps forward but when we take the three steps back we will still have made progress and await the next boom and bust in another 10 to 15 years. What do I know??
  6. Thanks for the reply. As per my reply to GAL BEAR, the north east especially the most deprived area within england (apart for a couple of areas in london) a bargin can still be had. The reason being is that nobody else will buy and the local a council ends up compulsory purchasing for 20k and demolishion. Ridiculous but as explained by Phil an Kirsy for some reason our council just keeps knocking houses down and not replacing them. I enjoy BTL. I like the tenants, the repairs and the paperwork. I want my properties to be the standard that I would consider I would live in. Any spare cash goes on believe it or not power showers, loft conversions etc. For these reason I have long term reliable tenants who pay on time, no damage and people approaching me asking if I have any other properities for let. I don't want to give this up!!
  7. I thought Iwould reply to yourself but hopefully answer other questions in the process. I understand totally your BTL anguish and the contribution to inflated property prices, I completely agree that maybe I am contributing albeit small scale to the mess the property market is in. However, before judging please read on. People are asking where in the UK could you get a property for 15K, even in 2002. The place in concern is in the district of the 6th most deprived area in th UK. The first outside London. The village is 12 miles outside of the least most desirable place in the UK (Middlesbrough) according to Kirsty and Phil. A village called Blackhall. Loads of terraced colliery houses with an aging population suffering from ill health mainly due to the collieries. To be honsest I love the village and the people. Given the bad press people have little interest and a bargin can even now still be picked up for under £50k. The local council sells old council houses (2 semi detached to convert to 1 detached for 40k) you have to live in it though for a year. Friends from outside the area consider the north east to be Englands best kept secret, and it seems alright to me!! My own house, well I bought an investment property for £250k and I do have a modest repayment mortgage. However I am nearly finished and recent valuation was £600k. I have no intention selling and recently refurbished an old stable block onsite and rebuilt a paddock area. Don't get me wrong, I have mortgages but I consider these manageable even wth a 75% drop, my paranoid attitude ensures I cover all bets. Even as I advised I still pay into an old endowment and cash ISA. The fact is and I hate to say this the property market has been kind to me, especially in the area I am based, north east is not so bad. I welcome a correction to help others. However my humble advice, I took risks even a downturn in 2005 and if I was to advise I would say if you can afford it and ONLY if you can and you can see the potential in your investment, then go for it. A property is only worth what YOU are prepared to pay for it. For anybody that thinks I must be on good wages or born with a silver spoon. Not at all, I took CALCULATED risks, keeping well within my affordabilty, no flash cars and not the cup of tea of some but working many hours to turn the properties around to avoid any void periods and happy tenants.
  8. Obvously I am new to the site and after perusing some posts I am of the opinion and please correct me if I am wrong that a lot of people have refrained or been unable to as yet get into the property rat race. Quite a few posts suggest staying out of the market for the moment others have been offering this advice for years. Coming clean myself, I am mid 30's, I do BTL and have 4 properties (excluding my own house) which I have bought since 2002 all of which I was forced by the bank to put up 40% deposit and take out a repayment mortgage. I have had very little void time and the rents cover the mortgages with a bit left. All houses have *2 or in one case *4 increases as I only paid £15,000 for it. The only reason I ask this is if I had stayed out of the market since 2003 with the risk of a "fall" I don't feel I would have been any better off even if prices fall 50-75%. The fact is I think I owe £5k on the origonal £15k house now worth £60k whats the chances of it ever dropping to £15k again (2002 level)? I tend to agree I think a large HPC is on the cards however, I have always tried to look at my finances and when I did commit make sure the bet was covered should the worst come to the worst. I suppose I was so paranoid of finances that I still pay into an old endowment and cash ISA from mortgages 15 and 8 years ago as well as taking out repayments on all new properties. The point is do you not think that the purchase of a house at any point in time is a good long term investment provided that a sensible, knowing your affordability approach is applied. Shout me down!!
  9. Look at the Lyrics CRASH here you go way to fast don't slow down you're gonna crash you should watch - watch your stay here don't look out you're gonna break your neck so shut , shut your mouth cause I'm not listening anyhow i've had enough, enough of you enough to last a life time through so what do you want of me? got no words of sympathy and if i go around with you you know that i'll get messed up too with you na na na na na na na na na na here you go way to fast don't slow down you're gonna crash you don't know what's been going down you've been running all over town so shut , shut your mouth cause i'm not listening anyhow i've had enough, enough of you enough to last a life time through so what do you want of me? got no cure for misery and if I go around with you you know that i'll get messed up too with you with you na na na na na slow down you're gonna crash na na na na na slow down you're gonna crash na na na na na slow down you're gonna crash
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