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Fleecy

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About Fleecy

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    Norfolk
  1. Isn't there a community centre thirty seconds down the road already?
  2. It was indeed them. Did they really have 'no time to waist' in the paper? How funny! They only send me stuff up to around £120k anyway but I'm still not seeing much at that level. I thought there would be more by now.
  3. I got an email from a local EA today - I've pasted the intro below (exactly as received, caps, exclamation marks and all - not easy to read): FANTASTIC NEWS FOR YOU !!! The Bank Of England's Monetary Policy Committee met yesterday and as a result, the base rate was slashed by 1.5% to 3%, the biggest single cut since 1981 and the lowest rates have been since the 1950's! To put this in context, an average mortgage size of £125k would be saving a staggering £110 PER MONTH approximately!!!! HAS THERE EVER BEEN A BETTER TIME TO BUY A PROPERTY ???? CAN YOU AFFORD TO WAIT ANY LONGER ??? WHY RENT ?? WHEN YOU CAN BUY ?? AND SAVE MONEY ££££ !!!! WE HAVE A WIDE SELECTION OF PROPERTIES AT UNBELIEVABLE PRICES PLEASE GIVE US A CALL OR EMAIL US TO HEAR ABOUT OUR FANTASTIC SELECTION OF PROPERTIES READY TO VIEW AND OUR NEW MORTGAGE DEALS AVAILABLE. Thought you other Norwich bods might be interested. They also sent me some property details, they're still pricing pretty high in my view. Unbelievable prices indeed! Obviously there are a fair few things wrong with this email and it bothered me that people might go for it. Surely the average £125k mortgage won't be cut by that much as lenders can't afford to pass the full cut on if they don't have to? And surely eight years ago or something would have been a better time to buy? And surely if you're currently renting, you'd be better off saving up a larger deposit and buying when prices have dropped further etc etc
  4. I think as well some agents are just more realistic than others - some seem to be selling a fair number of houses by undercutting the other agents who aren't budging on price. Makes the lower priced ones look like a bargain whether they realistically are or not!
  5. Matt, I was interested in what you said about the £250k stamp duty threshold. My sister has just sold her house after two weeks on the market. It was valued at £275k, they put it on the market for £250k but made it clear they were flexible, got an offer of £220k and snapped it up. It's a (very nice ) large 4bed detatched in a good area - so there are big places to be had under the threshold. If enough people do this, that'll become the default price for them anyway.
  6. NR1 is a bit of a mixed bag - some of it is nice, some grotty. NR2 is the 'Golden Triangle' and historically more expensive (to buy, and to rent) but I think lots of the traditional tenants there were students so not sure if there's still such high demand and lots of rentals? Could be good place to live now due to all the shops at that end of town but could still be quite studenty maybe? NR3 is cheaper for Victorian terraces. Those of them on the roads around Silver Rd and Magdalen Rd are cheap and cheerful and close to the city centre. But I think a lot of them are rentals to be honest. You should check out the 'under £100,000' thread on the East Anglian regional house prices board. We're noticing more NR3 and surrounds Victorian terraces going up at around the £100k mark. Join us!
  7. I was surprised to see how many sold to be honest but there we go! I called up about the one on Knowsley Road as it didn't sell and is listed on the Tops Auction House site as GP £80-100k and 'Offers invited'. The details say it's in excellent decorative order and there's a tenant in there currently paying £6,600 a year - so assuming you don't need to spend anyhting on the property, that's an 8.25% gross yield if you paid £80k which isn't too bad. However...when I spoke to Tops they told me they were inviting offers at £105k and would I be interested. My exact words - 'Not at that price!'. I was thinking of making a cheeky £75k offer seeing as it hadn't sold!
  8. I agree - I'm in Norfolk and I'm constantly amazed that people are buying places with a gross yield of around 5%. Look at it this way. You can easily get 6.5% gross on savings and your capital is guaranteed. So you need a fair bit more than this to make a BTL viable with all the following costs: - ongoing maintenance - gas safety checks, the new EPCs for rentals, HMO licence if applicable and any other regulatory checks and certificates you'll need - agents fees (I pay 8% + VAT) - additional agents fees for finding tenants (mine costs about £300 inc. VAT for them to market a property, do credit check, get references, do inventory etc) - mortgage payments (on a 60% LTV you can get 5.69% discount for 3 yrs but there's a hefty upfront fee) - void periods - buildings insurance - service/maintenance/ground rent charges on leasehold properties Depending on how long you plan to keep the property you may or may not mind too much about it's value falling over the next few years, but equally, you could say it's wiser to keep your money in the bank for the time being and buy in a couple of years time at a lower price. I must admit, I'd look into anything with an 8.5%+ yield - but I don't do period properties (high maintenance) and don't do leasehold either.
  9. I'd guess it might have something to do with the people who want to move but can't sell so are renting their places out at the same time as trying to sell them. A couple of local rental agents have told me they've had a lot of these come onto their books. I'd have thought this would push prices down as they've apparently started to flood the market, but it doesn't seem to be doing so. I wonder if these places tend to be offered at a higher rent as the owner needs to cover their mortgage? I just can't see how people can afford to do it though. If you had a two bed flat bought in the last few years you'd get £500 pcm month for it but you'd probably be paying £400+ on the mortgage and you'd still have to pay agents fees, cover voids, shell out for repairs etc. Surely you'd be out of pocket renting, losing money on the value AND losing value on the new place you'd bought? I genuinely don't understand it! Anyhoo, back to the original point, all these mystery people renting out their old places are often still trying to sell, so they'd be chain-free as they've already moved. So maybe it's that? Phew! What a convoluted post. Sorry!
  10. When we sold our last house we did it through Pymm & Co. At the time, we had five agents round who valued it between 260 - 300k, quite a difference. We went with Pymm & Co (who had said put it up for £260k) as we wanted a quick sale. Sold fairly quickly for £250k. I spoke to them a couple of months ago about a house I wasn't sure whether to sell or not - they said if you're even thinking about selling, just do it and do it now. Undercut everything in the area by £10/20k and get shot of it now. Literally said that - didn't mince his words at all. Very refreshing indeed for an estate agent! They seem to be carving out a niche for themselves by doing this. I've noticed a lot of places coming on with them when they've previously been on at a higher price with a different agent. So although they're fairly new to the market, I think they might make it! Off at a tangent on my own thread there...
  11. Don't shoot me but late last year we looked at a house on The Glade, a new development in Little Plumstead. The plot we liked sold quickly and I was interested to see it's back on the market. http://www.rightmove.co.uk/viewdetails-107...=7&tr_t=buy It's a really nice house but they paid £298k in January and they're now asking £350k! I thought new-builds lost value as soon as you moved into them, a bit like a new car, even without the market dropping like crazy. So how can they possibly think it's gone up £50k over the last 8 months? Am very tempted to call the agents and ask them this very question! Also, wondering why they would buy a new house in Jan and put it back on the market so soon. Presumably they need to move for some reason? Can't see them getting anything like the asking price.
  12. I had a look at that Roe Drive one - if you click the 'brochure' link it first went on the market with an asking price of £165k - that's quite a drop! I also looked at rentals and there's one up on the same road for £695pcm. That's an 8.3% gross yield, pretty high compared to yields on properties purchased over the last two years.
  13. This one hasn't been on for quite as long but it's still a good one. I was sent details of this one, at this price, 18 months ago. http://www.rightmove.co.uk/viewdetails-612...=2&tr_t=buy It's a good location, opposite the River, village-y atmosphere. But it's also pretty much in a pub car park. We thought it was expensive at the time and prices are obviously lower now. Guess they're not in a hurry to sell!
  14. I've seen quite a few of these lately - properties that obviously need updating, priced around the same figure as ones that have already been done. How can people make any money from houses priced like this? http://www.rightmove.co.uk/viewdetails-184...=2&tr_t=buy http://www.rightmove.co.uk/viewdetails-107...=2&tr_t=buy Surely the first one should be around £100k in the current market to give them any chance of turning it around quickly and pricing low to try to get a bite before prices drop further? I realise it's on a bigger plot but if you're planning to rent it out, that's probably not a good thing. This one looks interesting: http://www.rightmove.co.uk/viewdetails-200...=2&tr_t=buy It originally went up last year around £140k, moved to William H Brown at the start of the year, went in the last auction at GP £115k, didn't sell, and is now on for £109k. It needs a bit of tlc but it's not that bad (apart from artex on all the walls!) - good size rooms, kitchen and bathroom (with sep shower) all dated and tired but still usable. Could probably get it for £90k - my maths is far from perfect but I think that's 35% off the original asking price!
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