notthereyet Posted January 26, 2009 Share Posted January 26, 2009 Point taken! But i tried to sell the house in July/August08 for 175K which is a very reasonable price as the house next door but one went for 210k in january 08, I owe 135k on the mortgage at 1.68% above base, the payments are £358pm, I get £800pm from the rent thats £442pm profit, £5304 per year.If I had sold it in July/August08 I would of had 40k in the bank earning naff all interest, in theory that 40K is still in the property earning me earning me roughly 13.3% Per annum. Its not going to take long for people to realise that buying is cheap again and investors get a good return on their money The only way is up baby! Quote Link to comment Share on other sites More sharing options...
NeilB Posted January 26, 2009 Share Posted January 26, 2009 I'm moving into a brand new place on the weekend that was built to sell but was completed just as the bubble burst in the summer of 2007. £500k asking price having been reduced... now mine for £1100pm... including gardener Quote Link to comment Share on other sites More sharing options...
grizzly bear Posted January 26, 2009 Share Posted January 26, 2009 Where are all these people moving to?Other peoples houses who can't sell and are renting..............? will be mix of things - i know 3 accidental landlords: 1) emigrated due to new job overseas 2) moved in with her boyfriend to his place 3) couldn't sell for desired price and wanted bigger place for kids so rented somewhere bigger Quote Link to comment Share on other sites More sharing options...
Nickolarge Posted January 26, 2009 Share Posted January 26, 2009 will be mix of things - i know 3 accidental landlords:1) emigrated due to new job overseas 2) moved in with her boyfriend to his place 3) couldn't sell for desired price and wanted bigger place for kids so rented somewhere bigger Add to that the two couples who bought my place in partnership to do up and sell. Couldn't sell so they rented it out to me. Same thing for the house two doors up. Finally let this weekend after a two month plus void. Houses come up here all the time needing work after the elderly owner has passed away. There are loads of folk who have made a living doing them up. Of course, it's all gone sour now. Anyway, the point is that the original owners are not moving anywhere. They've either died or gone in to a retirement home. The current vendors never lived in them or intended to ever move in. The boom had boosted the proportion of people who 'owned' more than one house. Not one of the houses I viewed last time had an owner occupier who was moving out. The same applied six months before and yet at least half the properties had never been let before. That gives an indication of the level of new rental stock that is coming on the market in this area. All the letting agents have much more on their books now compared to one year ago. Quote Link to comment Share on other sites More sharing options...
time 2 raise interest rates Posted January 26, 2009 Share Posted January 26, 2009 (edited) Take your point, it's just the only properties i've ever seen with for sale/ to let have been empty hence my above post. Edited January 26, 2009 by time 2 raise interest rates Quote Link to comment Share on other sites More sharing options...
Rosepetal Posted January 26, 2009 Share Posted January 26, 2009 Point taken! But i tried to sell the house in July/August08 for 175K which is a very reasonable price as the house next door but one went for 210k in january 08, I owe 135k on the mortgage at 1.68% above base, the payments are £358pm, I get £800pm from the rent thats £442pm profit, £5304 per year.If I had sold it in July/August08 I would of had 40k in the bank earning naff all interest, in theory that 40K is still in the property earning me earning me roughly 13.3% Per annum. Its not going to take long for people to realise that buying is cheap again and investors get a good return on their money The only way is up baby! So why are you on here? Quote Link to comment Share on other sites More sharing options...
SeenItAllBefore Posted January 26, 2009 Share Posted January 26, 2009 Point taken! But i tried to sell the house in July/August08 for 175K which is a very reasonable price as the house next door but one went for 210k in january 08, I owe 135k on the mortgage at 1.68% above base, the payments are £358pm, I get £800pm from the rent thats £442pm profit, £5304 per year.If I had sold it in July/August08 I would of had 40k in the bank earning naff all interest, in theory that 40K is still in the property earning me earning me roughly 13.3% Per annum. Its not going to take long for people to realise that buying is cheap again and investors get a good return on their money The only way is up baby! I hope you declare that income and pay tax on it like the rest of us have to. Quote Link to comment Share on other sites More sharing options...
3 Men In A Boat Posted January 26, 2009 Share Posted January 26, 2009 I hope you declare that income and pay tax on it like the rest of us have to. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.