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House Price Crash Forum


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About flb

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  1. So, in today's news: https://www.theguardian.com/money/2019/jan/17/uk-house-prices-fall-at-fastest-rate-in-six-years-on-back-of-brexit-rics So much for the "prices are going down, so rents are going down" narrative, eh?
  2. Just because I can afford it doesn't mean that I'm willing to pick up the tab for someone else. I can afford to enter a random pub and cover everyone's bill, but I'm not going to do that either Or for HTB, RTB, FTB, international "aid", benefits, buying DUP votes etc - all things I don't feel like supporting. No, of course not. They'll simply rent from someone else. For 200-300 extra - current market rate. If they can afford it. If not, temporary accommodation. I guess you don't mind picking up the tab. Yes. It doesn't matter to me, though. 1000s of properties will probably become available. Will they resemble mine? Will they be in catchment areas? Doubt it.
  3. He just told you what he thought you wanted to hear (as a person who is renting). ...but the market is almost frozen, yes. The uncertainty makes everyone want to hold on yo real assets (like houses). The only ones trying to sell are people who ask insane prices - they probably think it's worth the risk. Estate agents must be fairly desperate these days. Life must be quite challenging without that unearned percentage... I'd feel sorry for them if I had ever met one who wasn't scum. Couldn't have happened to nicer people
  4. No idea. I wasn't a landlord in 2016. so...? Not exactly. Like I said, I own there, but I rent here (something I can't deduct from my tax bill, even though as a contractor I'm only renting this place because my contract is here) When rents go up here and the government wants me to pay more in tax for my property there, I have two options: I can give my tenants notice (and then up the rent) or, if that's too much of a headache, I can stop renting my property and either keep it empty (I'm paid rather well, so I can afford that) or I could fly my parents in to live there (and then get rid of the after school bill - just like that) or I can even move back, if necessary. To get back to the original topic, that will send a family (the tenants) looking for accommodation elsewhere. If they can find it, good for them - but it will be more expensive (200-300 per month extra). If they can't, the government's greed backfires and they end up in temporary accommodation - paid for by the government (aka by everyone who pays taxes). There's no question of rent going down in my particular case. That's because the house is brilliant (renovated last year; that includes new furniture, new wooden floor, boiler, renovated bathrooms, everything top to bottom), fairly spacious by British standards (~120 sqm for a 3 bed semi) with decent stuff (drive, garden, garage, shed/workshop), with 3 schools in a 150m radius (2 of which are outstanding) and a nearby nursery. Throw a fairly white (and green), quiet town into the mix and you might see why I wouldn't expect any problems renting the place out even if I raise the rent by, say, 200 per month (which would still be market rate). If you've got a family and if you've ever looked for a place to rent, you'll understand. Yes, landlords who are looking to squeeze 10 cheap workers into a sh!thole - some 2 bed terrace or whatever - might have problems with a number of Europeans leaving. I'll have problems when people stop caring about their children, school ratings, lack of crime etc.
  5. It's not a problem for me. Yes, that could be a problem for other landlords in other areas. The house I bought is quite desirable from every point of view. I advertised it on day 1, I had A LOT of viewings over 2 days and at the end of the second day I had a tenant (pending credit checks). Quite a few couples wanted it. People are willing to pay for quality. That thing is only a problem for what I call slumlords - and I have no sympathy for those. They can all go bankrupt for all I care.
  6. That's kind of difficult to do. I also rent a place and right now I don't even know who my landlord is - we went through an agency who acts on behalf of the landlord. I assume the landlord's name is in the contract, but we only got the contract when we signed so... As for previous tenants, how would I know who has lived here before, BEFORE signing the contract and getting the keys? I mean, I only found out who used to live here because we keep getting letters addressed to them...
  7. You're probably not a landlord then. Most landlords will prefer to keep a decent tenant, even if they get less (in rental income). They generally up the rents (and evict tenants) when they have no choice. It's not because landlords are good by nature, it's because a tenant that pays on time and doesn't give you headaches is 10 times better than a tenant who pays more (but is late with payments) or wants 10,000 things changed every month. I have no interest in advertising the property again, looking for tenants again, going through credit checks with them again, taking another chance on another tenant/couple and I have no desire to risk getting a "tenant from hell". But those government bastards don't give me much of a choice when they decide to tax me more, do they? I'd love to keep my current tenants - even though I could get more on the market - but...I'm not going to cover the difference from my own pocket. I believe so too.
  8. It does. If my mortgage is 500, I might be tempted to keep the current tenant who's paying 1000 and is solvent and so on because heh, I don't have to worry about much. If my mortgage gets up to 700, obviously I'll need to get more (remember that rental income is taxed, you don't keep 1000). That usually means evicting the tenant (because you can't up the rent by as much as you want while you've got a contract). Of course, there are other factors (area, economy etc), but my point is that your costs as a landlord do influence the amount you request. I like my current tenants. If possible, I'll "keep" them, even though they're paying below the market. But if my rent goes up (and it looks like it will), I'll have to start liking other tenants simply because I don't want to lose money.
  9. No doubt, but that's because the growth doesn't affect the entire town. You don't expect that on council estates or near a crematorium or whatever, do you? You do, however, see that in the good parts - close to parks, schools, far from the estates etc. Hell, one of the shittiest council estates I've had the "pleasure" of visiting lies just two miles away from me. I don't imagine prices went up there by much...if at all. But in theory it's the same area.
  10. It's not the house itself that costs a lot - it's usually the land. I don't get the whole LVT propaganda. You don't often see people asking to be taxed more.
  11. West Midlands. The area was growing anyway (5% year-on-year), but that park kind of inflated the bubble even further. Houses on my street were 265k (I paid 250k for mine in 2017). They're now on the market for 370-400k. Go figure. London might be crashing, but they're still selling 580k flats in this area... (In London, I mean; I own in WM, but I rent in London) I walk past JLL every day on my way to work and I see stuff like this: http://residential.jll.co.uk/property-search?q=r&stype=B&bedrooms=0&maxBedrooms=0&min=500000&max=600000&type=0&residentialLocation=London&newHomes=1&perMonth=1&perWeek=1&sold=0 I bought, I have a mortgage, but I wouldn't mind a 70% crash at all.
  12. Unfortunately the price went up by ~120k. 20k in added value, the rest has nothing to do with me, but they've built a "science park" nearby with a bunch of corporations (jobs) and suddenly homes in the area went up by 80-150k, I was shocked when I checked. I'm saying "unfortunately" because I was planning on buying another house for my son (toddler atm) and I'm not exactly enjoying the fact that I'll have to put up a higher deposit for it. It's not the end of the world, but it's not exactly cause for celebrating either.
  13. I think you need to understand that there are two types of landlords: those who are willing to accept people on benefits and those who don't. I'm with the latter. I don't know how much a person gets in benefits and I don't care either - I wouldn't sign a contract with them. I don't set the rent based on that - I look at what else is available in my area and for how much. Obviously those who would .. would be affected by that (somewhat). But then again those landlords likely own hellholes and they're making a profit anyway. I wouldn't worry about them.
  14. Correct. That's all I'm saying. Landlords who can raise prices (possibly because the market is good in their areas) will do it. Those who can't... won't. I guess it's a matter of area. Like I said, renting is probably cheaper in Hull nowadays.
  15. Are you seeing more homeless people? Are councils spending more and more on temporary accommodation? There's your answer.
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