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Kent Ambitions

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  1. Kent Ambitions

    New EU housing bubble

    The chart shows house prices falling in real terms at the present time. That is not a boom!
  2. In the current market, less desirable or over-priced properties simply will not sell, and that's a good thing. During the mania a few months/years ago, any terrible property was snapped up by cash 'investors'. That market has dried up. But for your mid-upper end residential purchaser, who just wants a nice period house in a desirable location the 250-500k range, demand is still strong in the South East, at least. It's the froth and terrible properties outside of this bracket which are now simply not telling
  3. Kent Ambitions

    Who are you most likely to vote for in the GE?

    People who prefer Labour policies by are voting for May because of Brexit are literally insane. There is a lot of bad blood between the EU and May, they are in no mood to negotiate with her and give us a good deal. In all likelihood we'd come out with a better leaving deal with Corbyn in charge of negotiations. Anyone who thinks the EU won't punish us should look at what they did to Greece, who had a similar election to 'strengthen their hand in negotiations'. The EU have already shown themselves perfectly willing to cause themselves harm in order to punish those who want to leave.
  4. Kent Ambitions

    Putting in low offers

    Low offers shouldn't be thrown around randomly. That is a recipe for annoying agents and vendors and achieving nothing. You need to research the local market, look at land registry sold prices (£ per m3 in particular for comparable properties), and consider your and the vendors personal situations. If you are chain-free, or a cash buyer, that is obviously going to be attractive to a vendor. It's worth a discount on asking price. Then, when you make your low offer, do so in writing and arm yourself with stats, facts, and compliments (yes, compliments - this is someone's home, telling them you want 10% off the price because it's horribly decorated will just annoy them). It doesn't hurt to also attempt to tug on the heartstrings - i.e. I'm moving here to help look after my infirm parents (even if this isn't true). In my recent house hunt in Canterbury, I had two low-ish offer accepted by following the above advice. It works - but you need to make the case for WHY, not just throw a low figure at them and hope for the best.
  5. Kent Ambitions

    Pay rises - what did you get?

    of course all pay rises are not created equally blanket percentage increases increase income inequality 10% @ 15k = £1,500 increase 10% @ 100k = £10,000 increase this is compounded over the years
  6. This is my experience too. The property I am buying is currently tenanted. They searched for another BTL landlord to buy it, couldn't find one. I am first-time buyer and achieved a decent discount on the asking price too.
  7. The whole "Financial Services employs 1million people and contributes 70bn of tax" factoid is frequently conflated with financial activity in the investment banks The City, but they are very different things let's be clear - the small sections of certain global investment banks, which may move because of Brexit, currently operate out of Canary Wharf or The City and DO NOT EMPLOY ANYTHING LIKE 1 MILLION PEOPLE AND CONTRIBUTE LITTLE TO OVERALL TAX TAKE the UK's broader financial services industry is 95% retail banking, commercial banking, insurance services etc - that ain't going anywhere
  8. Having lived in both London and smaller but still busy cities such as Oxford, I can tell you that nothing beats the convenience of living right in the middle of a smaller city, with everything in walking distance. You make so much more of the place. London has a lot going on 'in total' but it's horrendously spread around, and travel is a pain, so unless you live in Covent Garden going to a restaurant, gallery, museum, theatre, or club is a real effort. Whereas living in the centre of a beautiful but still buzzing city like Oxford, you have everything at your fingertips and the quality of life is orders of magnitude better.
  9. Kent Ambitions

    BTL don't sell.. there's a solution

    Never in the field of human endeavor, have so many toiled, for such small yields, for so long We will fight them with rent increases, we will fight them with eviction notices, we will fight them by burning our houses to the ground, we will never surrender
  10. Yes, there are definitely two markets in Canterbury - one for nice family homes, and the other for BTL student lets (with as many bedrooms crammed in as possible). The former are still selling strongly in my experience - nice period family homes, well decorated etc seem to get snapped up very quickly. However there is a LOT of ex BTL stock coming on the market, often in ugly buildings in a poor state of repair. However it does not seem to be impacting the 'family home' market, even though there are a lot of price reductions on ugly BTL student housing stock. My guess is that, until the BTL houses drop considerably to a level where it's significantly cheaper to buy and ex-BTL property and then convert it to a family home, than it is buy a nice family home outright, then the two markets won't impact on each other.
  11. Just to add my anecdotal hat into the ring. I've been trying to buy a house in Canterbury City Centre for over a year, and it has become noticable 'easier' as a first time buyer in the last few months. Less 'cash investors' / landlords to compete with. In fact, I have agreed a sale on a property at 7.5% below asking price and only after the agents proactively marketed it to BTL/'investors' without success. This is a massive difference on a year ago when FTB'ers were not getting a look-in.
  12. Kent Ambitions

    It's gone too far....says Corbyn !!!!

    Which would lead directly to lower house prices by taking potentially millions of people out of the private rented sector where they are supported through housing benefit instead. BTL would die.
  13. Kent Ambitions

    The BTL IO mortgage rates thread

    A 40 hour week on the current adult minimum wage of £7.50 an hour would provide 15.6k, or £31,200 for a couple. But because mortgage lenders make basic assumptions about mortgage affordability (such as the need for food, energy, etc) when it comes to approving a mortgage, the chances of actually getting on at anything like 4x base income when you are on a such a low wage is pretty much zero. The more you earn, the more disposable income you have above basic needs which counts toward your actual mortgage affordability. Hence someone earning 100k will be able to get a larger multiple than someone earning 15k.
  14. That is interesting. Is it possible to seperate out London & South East? I suspect a lot of the supply slack is coming from London, and particularly PCL and PCL-lite areas.
  15. Kent Ambitions

    The BTL IO mortgage rates thread

    Having recently been approved for a large mortgage at high LTV, I can tell you this is partly accurate. However, ridiculously long mortgage terms can mitigate the impact of MMR and affordability checks. You are stress tested to ensure you can afford the repayment mortgage at 5.5% interest rates, however only certain 'mandatory' expenditure is covered in this. For example, childcare commitments, existing debt repayments and so forth. They do not ask for details of, and make an assumption for, the bare minimum for utilities, food, etc, assuming you could economise on these if things got tough. And at a 40 year term, well it all looks much more affordable. One thing I did notice is that the mortgage 'calculators' on lenders websites, which frequently say you can borrow 5x your income, and inflated. The most I could have borrowed was 4.5x and I opted to borrow under 4x because, frankly, even at 4.5x income on a reasonable (25 year) mortgage term the repayment figures become frankly terrifying.
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