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Battery Chicken

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About Battery Chicken

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    HPC Newbie

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    Sarf London
  1. When are BTL bastards like Van the Man going to realise that as landlords you are not INVESTORS, you are BUSINESSPEOPLE? Tennants are not scum who are an necessary evil paying for your retirement; they are your customers. If your property is not being let in a few weeks then it is too expensive. You can keep it empty and see if this is just a lull in the market or you can drop the price. 2 months void is approx 16% of the annual rent you are not getting. This is worse than dropping the rent 10%. If you are not getting the returns you planned for or you even make a loss - tough - that's business. I don't see supermarkets keeping stuff on the shelves for months when it is not selling - they drop their prices. Clothes shops have regular sales for the same reason. So do car sales rooms. Letting is just the same.
  2. Bump! Now at £299,950 You do the percentages. Another £60k drop and it might be realistically priced.
  3. Overheard at work 1 - Realism "But Mum, if the Estate Agent says your house is over valued then the house you are buying must also be over valued". Overheard at work 2 - Denial "We've been offered £440K but we've told the Estate Agent to keep it on the market and accept gazumping offers nearer to £455k". Overheard at work 3 - Rental supply and demand "The flat I had to bid up for to rent before Christmas is back on the market at the original price now and they still can't let it".
  4. A co-worker introduced me to focus groups and market research a couple of years ago. Basically I register with a company for market research and, if I qualify, they send me along to be part of a focus group one evening. I get to give my opinions on computers, hotels or mobile phones or whatever. They get to give me some cash. Nice. My co-worker used to top up his salary by about £200 a month, cash in hand. I made far far less than that. Dammit. Anyway, the point of this is that there are a lot less market research panels being advertised now. And they are tending to be in the day rather than the evenings. This has severely dented my co-worker's budget as he doesn't earn that much and used to rely on this as a top up. I have always understood that in a recession advertising and marketing are amongst the first things to be cut back on by companies so I wonder if this is another canary indicator showing that hard times are coming? And it might hit the middle classes in service industries.
  5. I'm in the Herts and London borders - Watford. Prior to Christmas I was looking and there was nothing habitable for £600pcm and only a few that were uninhabitable. In January rents had gone up by £100 pcm which was depressing. I've been looking in the local free paper for the last couple of weeks and there are far more studios/one beds on the market now and prices are down in response. I'm not being rung up by agents I registered with but flats don't seem to be going immediately anymore either.
  6. What if type 1 can't see the big picture, can't communicate or isn't interested in the managementy stuff like money, reports and meetings. Or doesn't show any ambition? As a semi techie I'd definitely put myself as a type 2 and am climbing the greasy pole (small P) in my company because I can do the IT stuff but it doesn't interest me as much as project management, planning and meeting customers does. It's horses for courses and just because somebody is good at their job doesn't necessarily mean they will be good at managing if they are not interested or don't want the responsibility. The trouble in too many British companies is that there is often no way for the technically skilled to advance their careers while staying technical. On another note: I went to Uni in the early nineties (to a moderately good University) and again in 2000 to a supposedly "good" University and I have seen the quality of grads since then. I am simply disappointed. Grads now are force fed their degrees while basically being put through a sausage machine. The trouble is that there are now far too many grads for the suitable jobs. Companies can chase the best with every higher salaries (banks and consultancies) and second tier employers get the best of the rest. Other companies see dross; grads who can't think, can't communicate and have attitude.
  7. Yes! Have you been watching it? The rest of the story - that would be libelous
  8. I would add this to the most over priced... thread but the EA website hides its URL behind some Flash. In 2006 I was lodging with someone in Lewisham. It started off Ok but went downhill but I don't bear him any grudges. Honest. I drove past the house back in the autumn of 2007 and I noticed that it was for sale. Strange I thought, so I looked it up on the EA's website. It is described as a "Well presented house with no onward chain". A 2 bed house in an uninspiring area for £335K. Now, I know that the boiler is at the end of it's life and is located in the bathroom in a borderline legal location 'cos of the lack of ventilation, the bathroom is a failed wetroom with a raised floor, the kitchen is grotty and needs ripping out and so does all the woodwork and it needs a good redecorate. So for - new bathroom, new boiler, plumbing, new kitchen, extensive gutting required - does £335K sound reasonable, especially as I've looked up on Netprice and properties in that road tend to go for £275K? Or £100K too much? The next development was that he would consider renting it, now it is down to £319K. The amazing thing is how nice it looks from the pictures. I guess now that he has moved out it is cleaner. And the piles of cat sick have gone. Gloating is such an unbecoming emotion but I just had to share this with someone
  9. This place isn't exactly a Sh*thole. Actually the area isn't bad but £155,500 for a studio... And look at where the light is coming from - I reckon it's a basement studio! http://www.acreestates.co.uk/detail.asp?propcode=ACRE_000460 I've done some calculations on this. Assuming a £140,000 mortgage (90%) on a 25yr repayment mortgage at 6% that's £902 per month. If you go for a buy to let at £135,000 (85% ish) on a 25yr repayment mortgage at 7% that's £954 per month. And those are quite low interest rates. Now, I know that this place would probably rent for £500 - 550 pcm so who would buy it? You would either need a massive amount of deposit to rent it out at a profit and you would be better off sticking the money in the bank or a single income of £43K to afford it. Madness. Utter madness.
  10. Opinions at The Times newspapers certainly differ! Apparently house prices are set to stagnate according to the Sunday Times Clare Francis But according to Anatole Kaletsky 2 days earlier they are going to drop Anatole Kaletsky. The future ain't half tricky to predict
  11. I've been bullish for a long time as I work in the South East and don't see any reason for house prices to fall. Although I wish they would. However, Alan Greenspan says they are over priced and due a correction so I'm beginning to take notice. Good! If I can just increase my salary while keeping my job then perhaps I might be able to afford somewhere to buy as flat prices come down... Incidentally one sign of a booming economy used to be lots of newly registered cars. Has anyone seen a 57 plate? It's been weeks since they went on sale and I haven't seen one!
  12. Are you confusing it with the 10% depreciation each year that LL's can offset against tax?
  13. Doesn't seem to be coming true though does it? With the rapid increase in population there is increased demand for property, demand for services and therefore a healthy economy so full employment. It does help that this government has been squandering money at an unprecedented rate creating a Keynsian boom. If there was a downturn and the economic migrants left this country in search of somewhere else then there might be a reduction in demand for rental properties but, if the BTL parasites started selling (unlikely as most of them seem to think it is their pension), then house prices would be kept resilient by the pent up demand from tenants wanting to buy. I think we can all agree that by any historical measure (what can a single person buy for 3.5 their salary) house prices are over valued by about 40% but the economics of supply and demand are keeping the bubble strong. Perhaps it is a new paradigm? But don't take financial advice from me ~ I always buy at the top of a market :-(
  14. If I read this website right www.directgov.gov.uk then, in the unlikely event of there being a problem with them returning my deposit and I take them to the small claims court, I could get three times my deposit back
  15. I've been looking around for somewhere to rent in my area. There is a local letting agent which demands a deposit of 6 weeks rent. They have a TDS sticker in their window. I've done some research into this and it appears that the Tenancy Deposit Scheme pays interest. Can anyone confirm this? Also, what are the HPC members feelings on 6 weeks deposit? Especially the legality of it. I would have thought that it was totally un-necessary under the TDS but I would agree to it only if I was sure to earn the interest at the end of it. Sadly the TDS doesn't seem to force the interest to be paid to the tennant but merely says it should be stated in the tennancy agreement who earns the interest.
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