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rentforlife

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Posts posted by rentforlife

  1. I don't know much about how the big landlords are coping....

    In the small factory/ industrial estate market a lot of idiots piled into small commercial buildings once the market for residential BTL really started to heat up. I know one electrician who woke up one morning and decided that the really smart thing to do would be to mortgage himself up to the eyeballs buying half a dozen [email protected] units.... the biggest one cost £250,000 and it's an absolute $hit hole.. you can buy something the same size BRAND new for less than half that price in the current market.

    A lot of these landlords never did have a pot to pi$$ in... the funding for this commercial property empire building came from sticking their homes down as security... a nice fat business rate bill every month due on an empty factory is the last straw.

    Personally I find it f*cking hilarious.... especially when you remember that small commercial properties have also nosedived in value from their peak... what was £200,000 then is £110,000 at most now.

    Imagine the carnage when the same thing which has happened to commercial BTL hit's the residential side.... absolute carnage!

    But am I missing the point? Unless Im being completely thick, I dont see the plethora of residential property available like there is with commercial?

  2. I've been looking at the Northamptonshire area on rightmove for 3+ years now for a reasonably priced decent house.

    This summer not only are there no reasonably priced houses there are no decent houses either.

    It's the same over-priced rubbish that has been floating about for 3 years. I've viewed pretty much everything I thought I might potentially buy...most were s***e.

    I think I have a new illness, called, Righmove Fatigue. I'm off up the Social to sign on the sick.

    Am feeling your pain. Potentially as this is a "mental illness", then you might well qualify for sickness benefits?!

    I am tired too - no one is building, interest rate rises are a long way off, & good houses continue to sell for asking price with no discount. I am beginning to think that it is me who is deluded & have my head in the clouds, rather than sellers...

  3. The latest from the NAEA:

    Supply increased 9% MoM in June. Unsold stock is now at its highest level since April '09.

    Demand (number of potential buyers registering) dropped by 4% in June.

    According to the NAEA, the number of new properties coming to market is a sign of increasing vendor delusion confidence, and everything would be dandy if the banks would just lend more...

    http://www.guardian.co.uk/business/2011/jul/27/estate-agents-surge-house-sales

    http://www.propertywire.com/news/europe/uk-residential-property-market-201107275395.html

    Good news - what are people seeing locally in their figures?

    Was a major talking point at a BBQ this weekend - a few couples like us who were renting. General concensus was that if they could get a mortgage for banks either 100% or 95% they would jump at chance to own a shoebox, rather than pay the ever increasing rents.

  4. 28% of US homeowners already owe more on their mortgage than their homes are worth. A recent survey by Fannie Mae found that 27% of American homeowners are considering walking away from their mortgage. A perfect storm is brewing

    So do we have anything interesting facts about uk? Im bored of hearing how much the US property market is bombing, yet we see no sign of it here (except NI of course, where overbuilding has been rife)

  5. He should be pushing a double council tax for non residents on the basis that it encourages support for local homes for local people - not on the basis that it raises more funding locally! After all, all these grockels are buying homes that could be available for local people thereby creating further demand on local housing authority costs

    I like the concept - its absolutely appropriate - I only hope it gets through

  6. 2007 was prob peak? 2009 was when things got credit crunchy, I bought my second house in 2009 and, as one of the lucky few with a good deposit, was actually able to get a mortgage and get a decent wack off the asking price. I remember asking the agent why the house hadn't sold (had been on for 9 months) and he said oh there was plenty of interest (which I well believe - it is a nice house!) but no one could fund it.

    So what's the prob, he's added just one room and asking a whole lot more? Surely the market is the best judge of how sensible that is? If comparable properties are much cheaper then why bother to look at this one - go buy the cheap one!! If comparable properties are going for the same price then that's you answer, why wouldn't anyone put their property on at market rates??!

    Hope that helps :)

    Well yes I accept the market is the best judge. But my issue is how this sort of action affects house prices locally - when he puts a property on at unrealistic hiked prices and then takes off again & then puts on again this affects the figures on rightmove, zoopla etc (unless Im mistaken?) & artifically inflates prices. Granted, this is just 1 property, but its the first one Ive looked at in some detail...my thought is that all it takes is a few idiots like this to artificially raise the price for an area.

  7. I put this in the West Sussex board, but thought it should really go in here!

    Im going to have to go and look at this property - I cannot wait to quiz the agent and owner on the strategy here....whats your thoughts?

    6th March 2009 (height of pricing bubble?) - property was purchased for £220k

    http://www.zoopla.co...nt%2C%20Horsham

    October 2010 - After some work to improve from 2 beds to 3, property put on the market for £395k. Then taken off market at some point:

    http://www.zoopla.co...453bd7b64fc805a

    Wanted others thoughts on this one!!!

  8. Im going to have to go and look at this property - I cannot wait to quiz the agent and owner on the strategy here....whats your thoughts?

    6th March 2009 (height of pricing bubble?) - property was purchased for £220k

    http://www.zoopla.co.uk/house-prices/horsham/the-crescent/?q=The%20Crescent%2C%20Horsham

    October 2010 - After some work to improve from 2 beds to 3, property put on the market for £395k. Then taken off market at some point:

    http://www.zoopla.co.uk/property-history/26-the-crescent/horsham/rh12-1nb/12717001

    4th March 2011 property on sale for £375k

    11th May 2011 reduced to £355k

    15th June 2011 reduced to £349,950

    http://www.zoopla.co.uk/for-sale/details/14174921?search_identifier=6052d5184237421bb453bd7b64fc805a

    Wanted others thoughts on this one!!!

  9. Sadly, your statement is correct at least in the South anyway. As a sussex lad, I had to agree to a 10% increase this year. Landlord would not budge. There is little available in my area & anything that does come up gets let out very very quickly. Rents will continue to go up irrespective of what happens with interest rates, because there is a lack of affordable housing in the south.

    Until we see significant development in new properties in the south, this will continue to get worse and worse.

  10. I must READ all postings in a thread before responding,

    I must READ all postings in a thread before responding,

    I must READ all postings in a thread before responding,

    They deserve no sympathy

  11. One was an overt begging letter which stated since my career prospects where enhanced so much by going there and I was obviously making a shed load of money (I'm not I don't have a pot to pish in) I should donate £20 a month (with gift aid on top) to 'give back' what I took out.

    What a jolly good idea - the government should adopt the same with all the baby boomers who are sucking our pension pots dry, got free university education & saw their house price rise to ridiculous levels

  12. yep and there is going to little wage inflation this time. :unsure:

    Agreed.

    I am tired of hearing 2011 being compared to the early 90s. Facts are that things are very different.

    People were paying in excess of 15% - BoE has made it very clear over and over again, that they do not support interest rate rises anytime soon.

    Early 90s had a surplus of housing available & significantly higher volumes of social housing available. Today, we have a demand for housing which outstrips supply. This will be close to a lot of HPCers hearts because we are feeling the pain through rental rises.

    I live in South East - we are seeing house rises not decreases. http://www.housepricecrash.co.uk/forum/index.php?showtopic=166160

  13. Value change over

    RH13 Zed-Index* 3 months 6 months 12 months

    £332,446 +£8,862 (2.74%) +£15,450 (4.87%) +£1,313 (0.4%)

    Avg. price paid

    £318,141

    (over last 12 months) No. of sales

    439

    (over last 12 months) Turnover

    17.6%

    (% of homes sold in last 5 years)

    This is really depressing news for me & backs up what I see in every estate agents windows in town that prices still going up.

    Would have been so different if BoE had got off their arses & done something about interest rates.

  14. Looking in Horsham & Southwater area which I know is a small area but our life/jobs are here and I think I'm being realistic with what I expect for our £'s. It seems Horsham isn't affected by the market crash as there have been at least 2 properties I've gone to offer on that have been sold above the asking price, and anything else decent is snapped up straight away. I get close to giving in and offering more than I know I should just to get somewhere, especially since everyone else around here is and they are the ones getting the decent houses.

    Supply & Demand sadly...there was huge outcry to building new homes in Southwater recently & the plans were thrown out. Until significant numbers of homes are built (and we need thousands in this area alone), then nothing is going to change.

  15. Social Housing is just as bad as giving people 50 grand. Social housing leads to state allocation of housing, which at best leads to the creation of perverse incentives, and at worst is totally corrupt.

    As TOW says, if you are going to build, let the market do it, and allocate the housing.

    When people call for Social Housing, they either dont understand that it is there to make someone on the inside very rich at taxpayers expense, or they are in on the deal.

    Agreed - social housing not the right phrase I was looking for

    Im thinking of some form of affordable property provided to hard working familiies close to where they work & where they arent at mercy of amateur landlords with risk of being turfed out annually, risk of significant rate rises etc

  16. Presumably there is a perception within the public, that Estate Agency is a profession & you are paying for a professional service - that the person marketing your property on your behalf might be professionally qualified? The assumption that the EA is as integral to the house sell process as is the banker or the solicitor.

    Am thinking similar - at some point Rightmove will make most high street EAs redundant - which in my home town means potential for at least a dozen new coffee shops! All we need is comparable "Parkers guide to used car prices" - "Rightmove's guide to used house prices"

    Is it REALLY that complicated?!

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