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About WaitingToUpsize

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    HPC Newbie

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    SE London
  1. note - i mentioned interest payments significantly less than rent, how much more depends on maintenance costs, risk aversion, personal preference b/w renting and owning. i was never advocating an interest only mortgage.
  2. You definitely should forget about making a profit. I would advise to look at a place that you are going to happy with for the next 5 years. As to when to buy, I would venture when interest only mortgage payments are significantly less than the rent you would pay for a similar sized place.
  3. to qualify this I should say in the next 6 months. i think the vendors would settle for 275k now, 250k in six months, not sure after this if you are happy that works out better than renting for you, I would put in an offer for 250k now. Historic Sale Prices - Longhurst Road
  4. I live round the corner in Lee and the Hither Green has definitely improved in the last few years, specially north of the railway line where you are looking. There are a couple of nice parks + schools close by and a few good shops near the station (hopefully they survive this downturn). IMO Hither Green has a far worse reputation and is definitely good value compared to other places in London. You might get this for 250k next year. If you look around there are 100s of similar terraced house in the 3/4 streets parallel to the railway lines. There are quite a few properties currently on the market that havent shifted for quite a while now, so you are in a nice position. Personally dont think they would go much below 250k though. <h1 class="h2"> </h1>
  5. This place was on the market for offers above 740k House pulled off . It has been recently taken off the market. On speaking to the estate agents, i was told that i) the vendor wanted to sell as they wanted to downsize to reduce their mortagage payments ii) were offered 700k, but couldnt take it due to existing mortagage iii) vendor has managed to remortgage, so have now taken it off the market iv) it was bought a couple of years ago at 700k, #10 (http://www.houseprices.co.uk/e.php?q=SE12+8LX&n=10) How can one afford interest payments on >700k, but not a 40k one off cut? Or maybe the offers were below 700k and the estage agent is just talking up prices? And how long before it comes back on the market? Link
  6. This place close to me http://www.findaproperty.com/displayprop.a...p;agentid=01734 was on the market for 825k in summer 2007, eventually sold for 640k, which i think is steep. But to my surprise the new owner has put it out to let (after making improvements) at £612 pw or £2640 pm which yields 4.97%. This is before costs/taxes/void periods and provided it achieves the asking rental price. Fail to understand the buyers logic behind the purchase. Maybe he is very bullish on longer term property price prospects
  7. Looking at the latest land registry figures for SE12 Land Registry Figures for SE12 . Transactions down a massive 72.22% from same period last year, so hard to make any firm conclusions. Still quite a range of prices. Some sales at 2007 prices, with a few others at 2004 levels, but most down 10-15% from the top at 2005-2006 levels
  8. Schuey - Can you provide more information. What would you pay to rent such a place today? And what did these houses go for in 2006 and 2005 ? I would look to pay around 2004 values or a rental 5% yield.
  9. Looking at the latest land registry figures for SE12 Land Registry Figures for SE12 . Transactions 40% down from same period last year. Still quite a range of prices. Some sales at 2007 prices, with a few others at 2004 levels, but most down 10% from the top (summer 2007). I am still surprised at the number of sales at 2007 prices or above What HPC?. I guess these are the last set of sales agreed before HPC was common knowledge and the buyers did not pull out for one reason or another. What do you see in your area?
  10. You are right - for a owner occupier if mortgage rates are 5% your house will be valued b/w 276-300k. - for a BTL investor it will be much less as he will add in costs, void periods, etc. - mortgage rates currently are around 6.5%, though i my opinion they should come down in the longer run - rents need not rise with inflation, depends on the economy and again supply and demand. - the advertised rates are always slightly higher than actual rates, so are you sure 1150-1250/month is a realistic number
  11. I have noticed the same in South East London, number of properties are down around 5-10% since a few months ago.
  12. also check out www.zoopla.co.uk for an approx valn.
  13. scully can you provide more details - what is the rent you are paying (assuming the properties are similar or approx rental costs for the new place) and how will it compare with interest only payments the mortgage you would have to take. most people here would be dont even think of buying now. but even if u absolutely love the place, at this point i wouldnt pay more than 200 times monthly rent for an equivalent property. this translates to a rental yield of 6%.
  14. i couldnt see current.imm too, but just click on any of the other files in the favorites folder and follow the same instructions and it worked. I think i have the latest firefox version, worked fine for me. On my other machine, i cannot see any macros showing up, not even the favorites. Need to look into this.
  15. CE All homebuilders are focussing on cashflow. Given that a) your purchase involves a part exchange and the build is on hold c) it is a family house, rather than a flat you have less bargaining power, compared to a negotiating on a completed new build . I would recommend is putting your house on the market for say 210k, see if that get's you any buyers. Once you have a buyer, you will be in a much stronger position.
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