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House Price Crash Forum


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About daviduk

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  1. I'm seeing lots of empty two bedroom flats locally during my regular RM / Zoopla searches. Am looking to move from current rental due to dodgy heating which landlady hasn't managed to fix in over a year. The question is - when are these going to start falling in price. Some have been advertised for three months now and still not let. Prices holding firm around £1250 which is crazy. A few seem to have reduced their prices but it's literally by £25 or £50 a month tops. Don't they realise they've already thrown away £3500 ish hoping to find someone willing to pay the extortionate rent. I check every day hoping to find some that are reduced properly. But alas. Surely something has to give soon.
  2. From the comments on that Facebook page they genuinely seem to believe they can just raise rents. Its incredible.
  3. I've suddenly noticed a lot of houses coming up for rent around the £1250 mark. Which is still extortionate but a few weeks ago this was the minimum you could rent a flat for. The flats don't seem to have changed their pricing yet but I am hoping they will be forced to. Also - some properties I have seen keep coming up time and time again at the same price. The added date keeps getting renewed so they look like they just became available - but actually they have been vacant for 4 months +. Why on earth aren't they lowering the price?
  4. Some good replies. It's certainly a relief to know I'm not the only one in this position. I never imagined I'd get to this age, run a successful business, have a deposit that's big enough to buy a house outright ten years ago in my area - and yet now not be able to get a mortgage on a crappy 2 bedroom flat. This is surely a sign that something has to give. Not everyone buying houses has had a free £300,000 gifted to them via HPI, so this bump in prices has to run out soon enough. I'll keep doing what I'm doing and hope for some sanity to return price wise. Anecdotally I had an estate agent ring me today. Because I'd enquired several years back about buying. Things must be desperate. I told him YES I am very interested in buying but not at these ridiculous prices.
  5. Ideally I'd like to go the way of those that have amassed enough savings to cover the rent and provide a liveable income. But I'm probably 10% of the way there - and it's taken me 10 years of hard work & being sensible to get this far. I guess if I hadn't bought that one iPad mini 3 years ago I would be nestling in a £750,000 house right now.
  6. I think for me it's the "target" to aim for. If I had a house with a reasonable mortgage I would focus my efforts - probably work harder - and work out a plan get the thing paid off. As it is there's no end in sight. Its just work & earn enough to pay the rent & bills - a bit more to save - rinse and repeat. There's no plan. No security. No pension. Nothing to aim for. It has become irrelevant how much I earn (as long as I earn enough to cover costs) because houses are so out of reach - and having ever increasing savings / deposit is bringing me nothing except a miserly interest rate and denying me access to any state help if I was unable to work at some point. I am finding myself asking the question "what's the point" more and more each day.
  7. Little bit of a rant....but it's all getting to me now. The sickening housing & BTL market. 1) I never check house / flat prices. Only ones to rent due to prices being so detached from my reality it makes me feel nauseous. This evening I thought I'd have a look at some though, to see if any of the trumpeted BTL offloading has affected prices. This is in the area I grew up and would like to live (partly so my young daughter can grow up there too). It's not central London. Its miles out towards Uxbridge UB8. Not a wonderful place but it's not too bad in the grand scheme of things. To cut to the chase - it's pretty much £400,000+ for a tiny 2 bed maisonette with no parking. I'm speechless. It's like the £££ figures on rightmove / zoopla are just made up & put on there as some kind of sick joke. 2) Earlier today I got talking to a new friend of mine. She tells me she's just bought a BTL flat. Had to buy it in a rush to get in before the 3% deadline. She goes on to tell me property is the only way to make money.....that her sister has 2 properties, sisters boyfriend has 3 properties, his mum has 6 and her uncle has 9. I listen and am genuinely astonished. She says she's "made" £30,000 in the two months or so since buying it because the guy next door to her BTL says that's what they are selling for now. I'm guessing he means advertised for. She goes on to tell me in a few years with crossrail it will be worth at least 2x as much as she paid, and at that point she will withdraw the equity and buy some more. 3) Today I got called to a job. A landlord has just bought three properties all next to each other. Installed some critical wiring himself to save costs but used wrong spec cable (cheap) then made a complete hash of connecting everything and tenants are screaming. He talks of them like they are scum. Ignores them completely and barges past when they ask him perfectly reasonable questions about why basic things don't work in their £1450 pcm house. I digress but I just can't understand how this kind of mass BTL house buying is allowed. How these parasitic BTL people aren't exterminated for the good term longevity of the country. How does the government not realise the market has become so distorted. Are they completely blind to the aspirations of hard working people who want to work hard, buy a small house, have a financially secure family and existance - but weren't lucky enough to be gifted £50,000+ as a deposit years ago? I just feel sick to the back teeth with it all now.
  8. I've seen lots of new property for rent in my are - of the type I am renting now. What I don't understand is how some are sitting on the market for months with the prices unchanged. And why they keep being "re-added" so they show up as a "new" listing every few weeks. What's the deal? Why not just lower the price? These are 2 bedders on for around £1250 a month. I'm paying £975. If they were a similar price then I would look at them seriously.
  9. And ultimately who's at the end of the chain to pay for all this underhanded leeching? Tenants.
  10. We did refuse to issue an invoice amount other than the amount actually charged. We got told several times this was their policy and they wouldn't pay without the inflated invoice. We refused. They paid up. They haven't used us since. We are lucky work is always busy so we can afford to knock dishonest firms like this on the head.
  11. Some good replies here. My company uses an online accounting system which generates PDF's that get sent via email or posted. I can't and won't go faffing around with a word document but I can see how that would be one way around it. It is a difficult situation to be in. Not for this particular landlord as they only have a couple BTL which won't affect us financially. But we do have some that would be difficult to fill. These include multiple estate agents (some actually ask to make the invoice for more than the actual amount - fraud towards their client), housing associations and large BTL landlords with 300+ houses. If they asked for a similar thing I'd need a way around it without getting my company dragged into warranty / accounting issues, but without upsetting the client.
  12. If she calls to say the address is wrong and wants it with the BTL address - I may tell her I called the HMRC business advice line to query how to enter this in my accounts - and they told me it's fraud and took all her details. Although that would be possibly be a bit of a cruel wind up!
  13. Makes sense now. So from April she has to actually show proper receipts to claim the tax relief on the BTL. So she's having work done on her own house and hoping to claim it against the BTL. Naughty! In that case I will just send the receipt stating the actual work address.
  14. Today I had to invoice a client for some work done on her house. When I spoke to her - she asked if I could make the invoice out in the address of her BTL property which is around the corner, and to date it with next week's date to ensure it goes in the next tax year. When I queried this - she said they have to produce actual receipts from now on and something about 10%. I wasn't paying attention as she had a rather exceptional chassis. But what was this? What's the 10%? Should I refuse to make the receipt out for a property other than the one we worked at? This is where it gets difficult for businesses. We don't want landlords breaking the rules. But there's a good chance they will find another firm in future to carry out any work (at their own house of course - not their tenants). I'm not talking specifically about this particular landlord. But some of our landlord clients have 300+ properties and I wouldn't want them to look elsewhere. Thoughts?
  15. I got called to a job today. Turns out it was a BTL property. Landlord met me there. Nice enough guy at face value. Tenants report TV not working.... I worked my way through the system sorting the bodges one by one, but ultimately the TV signal was a bit pants and needed more than a quick once over. Signal was almost OK for standard Freeview reception, but with occasional loss of service. High definition Freeview nowhere near reliable. I discuss with landlord the options....recommending he upgrade a few bits to make everything work flawlessly. He goes on to tell me how much he enjoys Freeview high definition at home, and how annoying it was in his his old house when TV reception dropped out in the middle of programme. But that ultimately the cost for proposed works (approx 4 days rent) was too much to bear and the current unreliable signal was "good enough for tenants". I decided to dig deeper and it turns out he has two BTL properties. Both bought about ten years ago for circa £100k. Both now worth 3.5x more. He rents them for £1200 each. Says he manages to put them up by about £100 each year, but thinks he could get more if he wasn't "so nice". He doesn't have a job or any income other than the BTL. Says he knows all about the upcoming tax changes and it will cost him 10% more in tax. No thoughts whatsoever about selling up. He was tinkering with the electrics while I was there. Said they have been faulty and hes read a few bits how to fix on internet. Brought his poundstore screwdriver set in his poundstore toolbox. My question is, what will happen to him? This is the classic BTL type I come across regularly. Owns two to ten BTL. Doesn't have any other job. Just has a go at fixing stuff himself when problems occur. Usually bodges it and calls a professional only when he's fecked it up so badly it doesn't work at all. How does the government crack down on a landlord like this? How will the tax changes affect him? I charged him £50 more than I would have done if the house wasn't a BTL. And felt mildly better for the rest of the day.
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