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About brettmick

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  1. Well, what have I been doing. After my STR in October I took 4 months out to visit Africa and South America. While enjoying once in a lifetime sights and sounds that blow the mind you realise how a 3 bed semi in Croydon is the last place to spend the rest of your life. Also, my invested income performed well. One particular set of shares saw a handsome gain and good dividend and some of my premium bonds scored lucky. No hard work involved at all - in fact, the Rio beaches were fantastic. On my return I have looked at renting a 3 bed new build in Cambridgeshire and the rent is the same as the
  2. I have lived in Croydon all of my life..... We STT last October and will rent in Ely (Cambs) in the summer once back from Japan/Oz. First, it is a big place as the borough goes from Norbury/Streatham in the north to Kenley and Caterham in the south. I will assume you are talking about Croydon as in and around the three stations bearing the name, which I will comment on The previous reply about "avoid" Addiscombe is (IMO) a bit off. Addiscombe around Sandilands is full of £1mill houses and just north of this are loads of half decent flats in leafy streets. Tucked off Lower Addiscombe Road a
  3. I lived in South Norwood for 2 years, a masionnette with garden and 2 beds in really nice condition bought for £62.5k in 1998. Selling last summer for about £150k but similar ones now trying (and failing) to get £163k. South of Norwood Junction is ok, the roads around Stanger, Balfour, Crowther and the top of Birchanger. Howard Road is also good, but I don't think the prices are sustainable . We sold late 1999 for £83k to buy a 3 bed house in Addiscombe for £112k which we sold last year for £237k (£4k off the top which was a chain buyer who I turned down in the end). With CPI of 2% how hav
  4. Who is saying it? I just get this impression from the media and general attitudes regarding "renting". I might be wrong... It's still not a nice sentiment though. I doubt I can put my thoughts on the city down in one go, but in the summer I did some contracting for a Fund Management company. Between drawing enormous salaries, comparing vintage/classic cars, arranging jollys to watch the golf/cricket/rugby they confessed to throwing darts to choose the equities for their clients. When more serious they confessed to having no more idea as to what was happening than Joe Public just more time to
  5. We decided to sell as a "lifestyle" change. We want to move away from the area we live in now to live in a greener part of the UK. Timing is such that we can do an 8 month round the world trip from early Jan too. We put the house up in time for the first May bank holiday at £249k - I thought it worth £235-240 but we were fishing (we paid £112k in May 2000). Plenty of people saying "aren't you scared you won't be able to buy when you come back?". 3 weeks later dropped to £244,950 as lots of interest but offers at £235k. Two offers follow at £241 and £240, both needing to sell. Took i
  6. My house completed last day in October so probably ended up in those figures. We got 1% below asking price from May, and we are above the "average" price. A friend whose place has been "Sold - STC" since June exchanged today also at May/June prices up and down the chain (which is big and he is not the top). There are plenty of chains that have dragged and these will always prop the figures up against a general slow down.
  7. Yes - I would look at four or five 1 or 2 bed flats at £100-£120k each as a spread of risk and to maximise income. At this point in time tho I might look at 5.5% in the bank and wait til Spring.... The aim of my statement is really to show that BTL can still be made to look appealing and profitable even when price drops are considered. I look after 3 rental properties tied to a church and can tell you the reality is otherwise (dead boiler 2 weeks ago, leaking shower waste, boiler dies again today, lorry reverses into front garden wall last Friday) - on some peoples "profits" they are going
  8. There are so many things wrong with this example I don't know where to begin. 1) is that really the best use you can think of for £100,000? The less money you put down the higher your % return. - No, I can think of much better things to do with it. My cash from the equity is far higher and once I have spent a bit of it touring the world in luxury for 8 months I will decide what to do with the rest (sure the wife will help too...) 2) can you really get an IO mortgage 25-year fix at 5%? - No, doubt it, but I wanted an example that wasn't seen as "too bearish" 3) 3% rent rise a year - I wou
  9. These are actual figures from the person who bought my property. The rent they are asking is going rate as we considered renting not selling. I actually think the number are close to stacking up, that's the thing. I exepcted them to be far less competitive.... I almost bought a BTL in the Spring with a guaranteed tennant (my little brother) but in the end other plans came to the fore. Certainly now with a massive deposit once I buy a PPR again I can see the sense in a BTL or two...
  10. I think I might be losing grip on reality... We sold our house last day in October (at May prices so this recent 1% rise is, IMHO, down to delayed transactions and chains where completion was slowed for whatever reason - a friend just exchanged in the same circumstance on a mad long chain and he reckons he would get £20k less on his £320k place if he sold again today) to what we thought was a family to move into. Yesterday I drive past (as I have done a couple of times) and it was still standing empty, but this time with a "To Let" sign out the front. I am not sure if I am upset at the
  11. Which is why I intend to relocate to another, less grey, less shabby, less soul-destroying and less depressing part of the country when (if) we return. The inner-circle of hell is, perhaps, a tad harsh. If we see a massive HPC I think it will tip further towards that description though....
  12. OK - so 35k and 40k and looking to buy a 3 bed semi for £200k. 4 Years ago I bought a 3 bed semi, garden, garage, osp but lacking heating, a kitchen and decent windows for £112k in Croydon. I and my wife were mid 20s and graduates earning good salaries. 4 years later we sell for £237k having spent £20k on renovations. At this point my salary had almost doubled and my wifes upped by about 35% so well ahead of "real life" indices but not near your example. The assumption I am taking as a result is that now people earning good (excellent) salaries must settle for far less than their peers
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