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Everything posted by smilie

  1. House madness I bought in HOP last May. Initially was looking in East Dulwich, but prices are crazy there. I think HOP and Forest Hill have a lot of potential. Its quiet and very residential, and bars & restaurants are slowly getting better. I think the overground in 2 years will give the area a big boost. So far I havent noticed any softening of prices, although properties are taking longer to sell. Anyhow, good luck!
  2. Well I've just withdrawn from the sale. I'm not sure how I feel right now.....i just hope it turns out to be the right decision.
  3. This house isnt your run of the mill ex local authority house - its a grade 2 listed georgian terrace. It never crossed my mind when I put the offer in that my neighbours would be council tenants...but it is a major concern about what any future tenants may be like. I dont mind the area - i live there now. Its very convenient. But prices are now getting close to much nicer areas like kennington which to me doesnt make sense. At the mo I'm very cash rich - i prob have enough money in the bank to have 2 years off if i wanted. I was thinking I could try a new direction career wise. Maybe t
  4. Well....I am in the process of buying a house in Elephant & Castle area....its a lovely house but am really concerned now that I am overpaying for it. Here's the story... I am paying the full asking price. There were 2 other offers at full asking at the time, but i was in the best position so I got it. But I have learnt a few things which make me uneasy: Firstly the vendor only bought the house recently - he completed on 29 September 2006. I am guessing that he had his offer accepted in June. I now know what price he paid for it (its now on nethouseprices.com). He will have made a
  5. For your information I have lived in Elephant & Castle for the past 4 and a half years and never had any problems. Yes some of the new housing will be to rehouse existing council tenants in the Heygate estate: "The council will be working with its housing association partners to build 1,000 new homes for Heygate tenants on 14 different sites grouped into four areas around Elephant and Castle." (from council website) Total plans include: 5,300 new homes 75,000 metres of new shopping space five new open spaces a series of landmark buildings a new civic square more than 4,000 new jo
  6. Well I'm not convinced of a crash either, hence I'm in the process of buying right now. Am borrowing about 4.4 times salary. As I've said in a previous post, I am buying in Elephant & Castle in London. The market is very strong here. Houses are being snapped up because of the regeneration of the area. In the absence of an economic shock, prices rises are likely to slow down, or become flat for a while. Although in London prices could keep climbing as we near the 2012 Olympics. As David Smith says in today's Times: "PS: Two years ago, in the autumn of 2004, the Daily Express ran a
  7. Well actually I have some data from nethouseprices.com An identical house 2 doors along sold for 25% less than the price I am paying now about 5 years ago (or in other words, the price of that property 2 doors along has increased by 33% within the same time frame if its now the same value of the price I am now paying). Which means that I am overpaying by about 20% then! Only thing in my favour is that the house I'm buying has been refurbished to a reasonable standard which the other house may not have been.
  8. Hello Thanks for all your reponses....its been interesting reading what you had to say. I merely wanted to compare rental value to purchase price to get some indictation as to how much I may be overpaying. I think that the gross yield only comes in at about 4% which isnt very high I know. But maybe comparing rental isnt always the best comparison you can make. What I am buying is a quality 2 bed period property. I know for the same money I could buy an ex council 4 bed - this would give a much better yield, but that doesnt mean that the period property has further to fall does it? Or my
  9. Hello all I have decided to take the plunge and am in the process of buying a small house in London. I know that most of you must think I'm mad buying at this time, but I am buying because I really like the property in question, and its also in a regeneration area (Elephant & Castle) so hope that I'm at least protected from any downturn in prices. Currently prices are going crazy in this area and most properties are not hanging around, so I decided to go for it even though I will be stretching myself a bit. I read somewhere on this forum that a good way to compare how much a price is o
  10. Well....going back to the start of this thread....I have just put an offer in at the full asking price (gulp!) Awaiting a response back from the estate agent's....
  11. Hello I never post on here because up until now I didn't really believe that a HPC was going to happen. But now I'm not so sure. I am looking to move from my current house which I own and have a fairly low mortgage amount to pay off. I viewed my dream house the other day, and couldn’t resist putting an offer in for it. I offered about 95% of the asking price. But of course 2 other parties went straight in at the asking price. I refused to go higher…..but now I’m starting to regret my decision as there are so few quality houses on the market in my area. It looks like the person who has
  12. I think Bulgaria still has lots of potential despite the boom it has had over the last couple of years. Opodo has just put Bulgaria top of its list of ‘Top 10’ up and coming travel destinations for 2007. BA is now flying all year round to Varna on the Black Sea, and is now selling return flights for £59 inc taxes. With other budget airlines predicted to start flying to Bulgaria, there are likely to be more and more independent travellers which will improve rental returns. EU membership is guaranteed which will continue to improve the infrastructure of the country. And I think that golf do
  13. I don't altogether agree that "Bulgaria is over". The Sunday Times article had a few home truths (weak rental demand and risk of oversupply), but it was very biased - it did not mention the positive impact EU membership is and will have, as well as when budget airlines start flying there (which is inevitable) - then independent travellers are more likely to visit which will help demand. And even if rental demand remains weak (France and Spain holiday homes are classic examples of how widespread this is), I think there is less of a risk of a crash in Bulgaria because prices are still low. I
  14. Hi Dogbox Congratulations on making a huge paper profit. One point the programme made clear was that the French and Spanish have been buying in Morocco for years - its only us Brits that have recently started buying. As you know I have bought in Bulgaria. It was interesting to compare the programme last night to the one the same presenter did last week on a couple of British property developers in Bulgaria. All the same arguments you guys keep making about the prospects for Morocco can equally be said about Bulgaria (prospects for tourism, increased investment etc etc). Yep it has a shor
  15. I thought the programme was hilarious! Did not put Morocco in a good light at all. The properties the presenter selected seemed really expensive to me for what they were. And yep it was very revealing that none of them had sold. And most of the coastal off plan developments seemed a long way from the coast so are bound to lose their views as more development takes over. The Playa Vista one was first line - but looked a huge development. The so called price increases of the off plan developments highlighted are just the developer increasing his prices as the development is sold off (ie no
  16. Hi mpd Bulgaria's entry into the EU may be delayed by one year but thats it. It will definitely be joining. And yes - organised crime is a huge problem in Bulgaria. Its the EU's main concern. WHich is why loads of emphasis is being placed on it to get things changed. I'm sure it will take many years to fix, but I think you have to get it into context. Corruption is rife in many countries. Just look at this world ranking of corruption by country: http://www.worldaudit.org/corruption.htm Bulgaria is ranked 47th. Compare this to Italy at 32, and Czech Republic at 39. Poland is ranked
  17. Sounds too good to be true to me. I just don't buy it. I'm not saying that you shouldnt invest in Morocco and have a nice holiday home, but to expect the kind of returns you are stating is way over the top. It is all hype probably taken from the sales brochure for the development you are talking about. You cannot compare what has happened in Dubai to what might happen in Morocco. Again look at the facts. The GDP per capita in the United Arab Emirates is $29,100 (about the same as Germany) ie about 7 times more wealthy than Morocco. In the next 6 years, 12billion euros is to be invested
  18. Hi Dogbox I think you are being very optimistic that you will achieve £4000 a week in rent! I think you mean £400 a week, but even this could prove ambitious. How do you base this figure on? I agree that Morocco is a year round destination - but you could argue that summer temperatures in July and August are too hot, especially to play golf in. Morocco is a significantly poorer country than Bulgaria (GDP per capita is about $9000 for Bulgaria, but only $4300 in Morocco - thats poorer than Albania!). Bulgaria is yet to have proper budget airlines - but this is inevitable, and of course i
  19. Hi Dogbox Suggest you read the latest Economist this week which has a very informative article on Morocco: http://www.economist.com/world/africa/disp...tory_id=6772296 Sounds far too risky a place to me - too much depends on the attitude of an absolute monarch in a country with extreme poverty. I think Bulgaria (where I have bought some holiday property) is a better and safer bet than Morocco (also a lot cheaper! - I bought for £60k a 2 bed apartment on a beach between 2 golf courses). I also think Germany is the place to go for pure investment which is what you have already done.
  20. Hi soldintime Glad you had a good trip. Have they accepted your offers? May I ask which bank you have managed to get a mortgage through, and how easy was the process? Many thanks
  21. Hi Dogbox Thanks for that. I feel a bit p*ssed off with myself. I went blindly into making 3 off apartment purchases in Bulgaria a year ago thinking that would make me easy money, but as these are now nearing completion, I am sceptical of making any money on them or even getting my money back! I want to keep one of the apartments in Bulgaria though, as it will make an excellent holiday home. I just need to try and find a way of selling at least one of the others to allow me to free up some of my cash to allow me to buy in Germany. I don't know how easy this is going to be though! I don
  22. Hi Dogbox I think I read on another thread that you bought some land in Berlin. Did you get financing for this? If so, how did you manage it if you dont mind me asking? (as far as I can see its nigh impossible to get finance). And if you wanted to buy a decent plot of land in a reasonable spot, what would you say is the minimum you should expect to pay? Thanks for any advice and help you can give.
  23. Hi Maynard Maybe I can give you a more informed opinion as I have bought a couple of apartments on the Black Sea coast in Bulgaria. In a nutshell: Plus points of BG: Its still pretty cheap, budget airlines are sure to start flying there soon, EU membership which will guarantee significant improvements to the infrastructure, coastline is beautiful, countryside largely untouched, golf courses are being constructed, very cheap to eat out. Negative points: It is very poor, summer season is shorter than somewhere like Turkey or Spain (gets very cold in Winter!), has a declining population (this
  24. I was interested in buying in Goa, but as I am a non resident of India, and not of Indian origin I was informed that I cannot legally buy somewhere in India. So how have you guys managed it? I was also told that you cannot take profits from property out of the country. So all sounds very risky to me.
  25. Penbat1 I would not pay too much attention to the top 25 Place in the Sun assessment which put Bulgaria at 24. This is because their calculation is based partly upon what the average price of property in Bulgaria is now which they state is 69k euros, whereas Romania is 25k euros. Also the reason that Portugal is number 3 on their list is because they put the average price of property in Portugal at 74k euros. Therefore they are saying that property in Bulgaria is currently almost as expensive as Portugal and nearly 3 times that of Romania which is just rubbish! Prices in Bulgaria are very
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