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Signs Of A Btl Landlord In Chelmsford Bailing Out

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I must have missed these, I search that area daily, maybe they were added later in the day.

I wouldn't pay £150k for a flat in Chelmsford. You can get a 3 bed semi for 160k in the Melbourne park area. Granted it would need work and it's a shit area though.

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35385_1918190_IMG_00_0000.jpg

But, but, but check out those nice motors, shurely some there's no DSS people there? They're all young professionals shurely shurely?

If there are, they will be well p*ssed off at a local slumlord filling his pwoperdee's with DSS tenants! :)

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No internal pix here as elsewhere. I wonder why not.

Because rental agencies expect a property to be of their books within a week.

It's normal not to see internal pictures of rental properties, if you do get them it usually means that the property is hard to shift

tim

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Even without HPC these were a poor purchase.

When bought new in 2001 they were 110K. With a current price of 150K that a 30% gain.

The N/W figures suggest that the average gain for the period should have been 95%

tim

Edited by tim123

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I must have missed these, I search that area daily, maybe they were added later in the day.

I wouldn't pay £150k for a flat in Chelmsford. You can get a 3 bed semi for 160k in the Melbourne park area. Granted it would need work and it's a shit area though.

And I wouldn't pay £5 to live in Melbourne Park.

Tbh I don't think £150k for these is all that terrible, considering people are asking £200k for a terrace in Anchor Street. But it's all a bit odd, I'm looking Gloucester Ave and there really isn't much consistency in the pricing.

And I did see, 4 maisonettes as part of a portfolio blah blah for £400k in one of the agents windows a couple of days ago. Forget the exact area, but still there is plenty of evidence of landlords selling up. Hard to see how you know if they were BTL though.

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6 x £150k 2 bed "investment" flats all on today

http://www.rightmove...y-27472834.html

http://www.rightmove...y-27482413.html

http://www.rightmove...y-27483286.html

http://www.rightmove...y-27483241.html

http://www.rightmove...y-27483064.html

http://www.rightmove...y-27482965.html

assume 800pm, that is 6.4% yield.... not bad

Surely there is an insurance company or fund that would want to buy those in a block? What do they know...

As long as idiots hand over £800 every month in rent and interest rates stay low, the price of those properties will not fall much.

If you can borrow money at 4% and get 6.4% - some people, many people, most people - will think it's making money for nothing.

If you have cash and you're getting 2.5% on it, 6.4% plus the possibility of capital growth looks attractive to most people.

Edited by Let's get it right

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As long as idiots hand over £800 every month in rent and interest rates stay low, the price of those properties will not fall much.

If you can borrow money at 4% and get 6.4% - some people, many people, most people - will think it's making money for nothing.

If you have cash and you're getting 2.5% on it, 6.4% plus the possibility of capital growth looks attractive to most people.

£800 is high. The guy that said £675 above is closer, but even that could be neg down.

Rents in Chelmsford haven't moved much at all in the last 10 years. I was renting a place fairly similar to this for £500 in 99.

There isn't a lack of rental properties

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As long as idiots hand over £800 every month in rent and interest rates stay low, the price of those properties will not fall much.

If you can borrow money at 4% and get 6.4% - some people, many people, most people - will think it's making money for nothing.

If you have cash and you're getting 2.5% on it, 6.4% plus the possibility of capital growth looks attractive to most people.

Minus the service charge , ground rent, agents fee's, void peroids, reparis , insurance, and god for bid a non payer who takes a year plus cost's to evict.

Remember speaking to a friend a few years back who told me he was making £200 per month on each property , when i asked him how as i had done the figures on the flats he had bought and they did not stack up. He answered £800 rent - £600 mortgage gives me £200 a month.

I replied what about service charges , ground rent and agents fee's. He said

" Oh i pay those as well "

He went bankrupt this time last year.

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And I wouldn't pay £5 to live in Melbourne Park.

Melbourne Park ?

It was the Borders Barns estate, then the Melbourne now its Melbourne Park , another name they use for it in Chelmsford is the Bronx

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Minus the service charge , ground rent, agents fee's, void peroids, reparis , insurance, and god for bid a non payer who takes a year plus cost's to evict.

Remember speaking to a friend a few years back who told me he was making £200 per month on each property , when i asked him how as i had done the figures on the flats he had bought and they did not stack up. He answered £800 rent - £600 mortgage gives me £200 a month.

I replied what about service charges , ground rent and agents fee's. He said

" Oh i pay those as well "

He went bankrupt this time last year.

Service charge - varies - on many modern, particularly low rise flats, it's not that high.

Ground rent. Feck all usually.

Agent's fees - don't have to use an agent.

Voids - if you do use an agent, some offer a 100% rent guarantee.

Repairs - modern flat, let unfurnished - lick of paint at the end of each tenancy paid for out of tenant's deposit.

Anyway, it doesn't matter what you or I think - enough people are happy with BTL as in investment that they are still ploughing in. Lot of properties around here were sold for cash in 2009 and put up for rent.

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And I wouldn't pay £5 to live in Melbourne Park.

Tbh I don't think £150k for these is all that terrible, considering people are asking £200k for a terrace in Anchor Street. But it's all a bit odd, I'm looking Gloucester Ave and there really isn't much consistency in the pricing.

And I did see, 4 maisonettes as part of a portfolio blah blah for £400k in one of the agents windows a couple of days ago. Forget the exact area, but still there is plenty of evidence of landlords selling up. Hard to see how you know if they were BTL though.

That's true I agree. Had a friend who used to live in Melbourne park and said he would never ever go back.

Gloucester ave is great baddow isn't it? That's a nice area, I also like Brookfield and writtle. I think the best part of Chelmsford is the surrounding villages, the Walthams, Howe Street, Pleshey etc. Very expensive though.

That's a lot of us Chelmsfordians here it seems...

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Anyway, it doesn't matter what you or I think - enough people are happy with BTL as in investment that they are still ploughing in. Lot of properties around here were sold for cash in 2009 and put up for rent.

Cash

Then it becomes a different story . BTL Cash yes BTL Mortgage no

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Repairs - modern flat, let unfurnished - lick of paint at the end of each tenancy paid for out of tenant's deposit.

if my landlord tried that on with me I would sue him - wear and tear

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Anyway, it doesn't matter what you or I think - enough people are happy with BTL as in investment that they are still ploughing in. Lot of properties around here were sold for cash in 2009 and put up for rent.

so we are agreed that despite investment fundamentals that would turn other assets sour - tere is still sufficiet demand from buyers?

yes indeed - it's a bubble (no sh*t etc)

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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