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Everything posted by spyguy

  1. Not sure. Renters tend to poorer/more likely to be on benefits than OoO. They also tend to be younger i.e. poorer and noisier. And they move more - next door but one is a rental. It changes tenant every 6-8 months. Talk about churn.
  2. I don't think it'll go Mad Max. Spain will just go back to being the almost 3rd world it was in the 70s. People will go back to being whores, cleaners, waiters and rent boys.
  3. asset? Pricing Spanish property is easy - as I tell my brother-in-law who's worked + lived there fro 20 years. Just take the price from a few years ago and knock a 0 off.
  4. I'd need 250k for dope to live in Trowbridge. Cr*p hole. Totally delusional about the value of houses in that cr*p hole.
  5. Err I'm not sure banks prefer BTL to FTB. Banks are running away from IO mortgages. The LTV and arrangement fees for BTL can be horrendous. If I was a bank I would be expecting the the tax advantage to go. Banks might prefer BTL when the LL has a large amount of equity in their own house. The quote ' walk away' is laughable. Most BTL empires end up with the BTL props and the LL own house being sold. I last took on a new rental 12 years ago. Looking at the local paper, the equivalent properties -2 beds are pretty much the same price. The only differences is that there are about 10 times more properties available and they are much, much nicer furnished. The number of rentals in the local area is now huge. Outside of DHSS, there is just not a great deal of demand with the economy being what it is i.e. jobs going rather than being created.
  6. Seriously, what war? Where's the war cabinet? Where's the parliament review? Assitence of allies is what I've heard it termed as.
  7. Kitchen + bathroom! Most of the city-centre apartments will need knocking down and rebuilding.
  8. Let's be honest. Some of the new cheap building techiniques mean that you WILL have major repair work in 25 years time.
  9. I go blue in the face repeating this simple sentence: YOU MAKE MONEY BY SELLING HOUSES NOT BUY THEM!!!!! Capitals are for the stupid bints (always women) who buy somewhere, paint it, fail to sell, then buy another. I blame Germane Greer. Woman have stopped being controlled by a Man. Now they are controlled by The Man.
  10. Not suprising. EAs became like tobacco executive during the last boom - smoking a good 40/day to show that cigarettes clear the throat. Via GF's friends, who's a long time (> 25 year) PA at a local EA of the chinless types, the partners really swallowed the Koolaid this time - multiple BTLs, holiday cottages, student flats. Problem is that these Hooray's were aware of the total fees drought during the last downturn - 7 years feat; 7 years famine.
  11. Err, this is the Trussell trust. Every article along these lines is pitched by them. Ffing christian charity milking the benefits for their jobs. Paying themselves 100k to dole out some packs of pasta - f them. Lets look at the story: "Within two weeks, I had gone from earning a decent wage, living in a nice flat in a good part of town, a social life and food on the table, to sleeping on a park bench and not eating for a week," Balls. You pay rent 1 month in advance. It'll take a LL 6 months to evict you. "I have paid tax my entire life and never claimed benefits but I have still not received a penny," You get P45 or you bring up the company going bust and they'll sort it out. You'll get JSA for 6 months if you've been paying NI. All balls.
  12. Who knows. They might be a busty slim attractive 22 yo blonde Norwegian. Life experience tells us that it'll be a fat 50 bloke with a hairy back and semi permanent stiffy.
  13. F-me. Look at this - 9 bedrooms for 150k: http://www.rightmove.co.uk/property-for-sale/property-37654859.html Problem is it looks like all 9 have have fallen into the sitting room. I like the 3 little bowls put under one of the very large holes in the ceiling.
  14. Yep. The street view photos show that carpark is all ferns and moss i.e. the place must be pretty damp. Look beyond the minister and York is a pretty rough blue collar type of place. Or used to be - York's lost a shocking number of jobs in the last 15 years.
  15. Not really. I'd go for the hard A level subjects over a soft degree any day. Also if the kid does not know what to do then let him take a couple of years out to think. 1/3 to 1/2 of kids go to university without thinking about what they want to do. Now the whole milk round, middle management milk round jobs ahve gone for good, there is no point going to Uni without a reasonable idea of what you want to do.
  16. You know the properdee shows tell people not to use their own taste? 'Dreaming by the spires' YP properdee piece http://www.yorkshirepost.co.uk/lifestyle/indoors/homes/dreaming-by-the-spires-1-4452330 The word 'uneconomic' development springs to mind. He seems to have added more and more high-end tat. Too many nuts stuff in the article to list. “This house was for me. That’s the reason I jumped through hoops and went well over on the budget. I also want perfection and that’s why the fit-out took so long. The painting took ages because every wall has been painted with a brush rather than a roller. The skirtings are bespoke and all the internal floors have sound insulation,” says Stuart, who has just put the house on the market.' Of course now that the house has been finished he going to live in it? Nope: Rightmove listing http://www.rightmove.co.uk/property-for-sale/property-22685379.html The end product looks like a horrible M4 corridor office building circa 1988 that's been refurbed to look like a porn set. FFs he's built the TV into a massive lump of brickwork: http://www.rightmove.co.uk/property-for-sale/property-22685379.html A quick search shows that, even by York's out of sync asking prices, the place is 500K too much - providing he finds someone with his taste.
  17. On one hand I think its a spoof/troll. Then, after meeting some itsmepensions type, Im not too sure.
  18. Ha! It wasn't Blenheim Gardens was it? I lived there for a 2couple of years - 92 94. The I left Reading. That area Uni down to the main road, towards Earley train tration is really the only livable place in Reading. The rest of it is a care in the community hell hole, chavsville, or just dull + boring only houses. I was working by the way. Being a student tends to rose tint your views of places. Amazing what waking up to naked 20 year girls does for your outlook on life.
  19. Yep. I think BTL with a loan is financial suicide. You look at places that were bought in the big rush - 2003ish. These places were making no money. All in it for the capital growth. Me pension. Now some may have benefitted from lower BoE rates but BTL rates are higher than OO. So lets say they were 'making' (ignoring costs, refurbs) 300/month then they've lost an income of 6K rent+ 6K on the mortgage + 500 ctax.
  20. A small fall in rents does not say anything. The biggy for rentals is voids. They don't appear to be tracking. In a few places that I follow, rents are where they were in late 90s - 200-250/bedroom. Which is where they were in the early 90s. However, there appears to be about 4 to 5 times more properties available for rent. Voids appear to be very large. In the 90s you'd expect a house to be empty for 2 weeks tops. Now they can be empty for 2 to 3 months. And the rental period only last 6 months rather than a few years. Total churn. Add to that the prices are back to 2003/2002ish and there is s-d all property shifting. BTL - Buy To Lose.
  21. Nope. Last time house fell back to a ratio of 2.5 earnings - 1996ish. Not going all chartist is that the bust tends to be proportional to the boom. Mainly due to the boom dragging speding in years earlier then the person having to pay interest. Best example of that this time has been new cars. +100 on the demographics. Although the age cohort is 1950->1965. This is a huge bulge of people. I would wager that the bulk of these are in the public sector - not playing to the crowd here but the early 90s recession gutted out the seat warmers of this generation in the private sector. Anecdotally, when interact with any public body the bulk of the people are late 40s upwards. Just as well we've got such a booming economy and surplus to hale 3m as they switch from (I hesitate from saying working) paying tax to drawing a pension.
  22. ' One fund management industry source said: "The people who are going are probably the best people in SWIP." ' Doesn't say a lot about the best people then does it? Nevermind the distinctly average or plain [email protected]
  23. Not really. There is a lot of flexibility in cash but ... Taking an example of middling EA business. SOme are these are guesses - but good ones. Lets assume the office has been paid for. You've still got rates - 15k to 20k. 3 partners. They can take a cut but they need to eat, so their draw down might by 15k each = 45k + 20K employers NI and all that = 65k. 2 low paid office assitants types = 15k + 10K employees NI + misc = 25k A couple of part time people to show people round - 10k + 5k = 15k. Contract with man who puts up signs = 6k. Local paper ads = 10k Website, right move subs, gas, electric, odds + sods = 30k. Still well over 150k before they can pull any profits. Now you can get the partners to stop puling a salary - if they can afford it; EAs are not the most forward looking, worst case plan types. You could ditch the office girls and get the owners cleaning the bog, doing the photo copying. You see the attraction of have a web-only business and re-directing calls to peoples phones.
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