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Help Me Find A House In Manchester Pls

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Hi all,

Just recovered from losing out on the housing crash, I am in a position to buy a house again. Plan is to move into Manchester.

Budget: Apr 180,000

House: 3 Bedroom House, Semi, Terraced or End. But not a bungalow. Older the better, garden is a must, parking a bonus.

Location:

LOW CRIME - as a mushroom would say; "always in the shit, it is the depth that varies". But the shallow end would be the only option.

I have driven through Old Trafford (Seymour Park) and it looks decent, very mixed in culture and ethnicity; which is a bonus.

Chorton and Whalley are frequent references but I am finding it hard to justify the prices.

I need access into Wigan/Warrington and especially Murkyside, for my sins. Access to M62 or A580 East Lancs would be critical.

Strategy is to get a house that will look after mine and I for the next few years, but there is a potential for relocation in about 2 or 3 years. I would like to progress onto renting the property out as I relocate somewhere else. So, a property with some rental potential in the future.

Any help would be appreciated.

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LOW CRIME - as a mushroom would say; "always in the shit, it is the depth that varies". But the shallow end would be the only option.

I have driven through Old Trafford (Seymour Park) and it looks decent, very mixed in culture and ethnicity;

everyone has his own preferences, but seeking an ethnically diverse area that is low in crime? how can I do justice to this in a short message? I think you'll find it's the boring old English areas that have the low crime rates.

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Well, there's a website called Rightmove you might want to try looking at.

Alternatively there are some things that look like shops called Estate Agents, generally found on the High Street.

If that's still a bit tricky you could call a chap called Phil Spencer, apparently he helps people who can't help themselves find houses; although he charges money for it.

Or, for £5,000 I'll do it for you and cook your dinner and wipe your **** after you've had a shit.

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Is Old Trafford in a high crime area or some kind of high-risk area? I think I understand what you are driving at, if you do know a multi ethnic area with comparable low crime rates, in Manchester, I would love to hear about it. It would be an ideal place to bring a kid up in this ever smaller world.

everyone has his own preferences, but seeking an ethnically diverse area that is low in crime? how can I do justice to this in a short message? I think you'll find it's the boring old English areas that have the low crime rates.

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what kind of troll post is this? 180k? to rent out? during an epic and long drawn out house price crash?

you one of those crazy people?

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Hi all,

Just recovered from losing out on the housing crash, I am in a position to buy a house again. Plan is to move into Manchester.

...

Strategy is to get a house that will look after mine and I for the next few years, but there is a potential for relocation in about 2 or 3 years. I would like to progress onto renting the property out as I relocate somewhere else. So, a property with some rental potential in the future.

It sounds like you're sort of buying to let, in that case make it near decent public transport to the city centre (Metro seems the favourite) and be aware that landlords buying in the poorer locations (Gorton, Salford, etc...) at auction are paying prices that give 8%+ annual rental revenue before costs. Up to you if you think you would want more or less than that on a £180k type house (8% is £1200 pcm), very difficult to find on the open market though.

If it was my money I'd look at places along the Altrincham or Eccles Metro lines.

Actually, if it was my money I'd rent in the area for 6 months (somewhere like this http://www.rightmove...y-18725031.html ) to get a better feel for it, you won't be risking missing out on much as prices are going nowhere and stock quality is pretty low at the moment. 6 months goes very quickly; 2 months getting a feel for the different areas, 2 months actively visiting houses for sale and 2 months waiting while the sale goes through.

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Hi all,

Just recovered from losing out on the housing crash, I am in a position to buy a house again. Plan is to move into Manchester.

Budget: Apr 180,000

House: 3 Bedroom House, Semi, Terraced or End. But not a bungalow. Older the better, garden is a must, parking a bonus.

Location:

LOW CRIME - as a mushroom would say; "always in the shit, it is the depth that varies". But the shallow end would be the only option.

I have driven through Old Trafford (Seymour Park) and it looks decent, very mixed in culture and ethnicity; which is a bonus.

Chorton and Whalley are frequent references but I am finding it hard to justify the prices.

I need access into Wigan/Warrington and especially Murkyside, for my sins. Access to M62 or A580 East Lancs would be critical.

Strategy is to get a house that will look after mine and I for the next few years, but there is a potential for relocation in about 2 or 3 years. I would like to progress onto renting the property out as I relocate somewhere else. So, a property with some rental potential in the future.

Any help would be appreciated.

Do you think you will let it out for more than the three years that you are likely to live in it? If so buy it with BTL in mind rather than owner occupation. Yield is your God, so go for the most run down crime ridden area you can find and buy at auction for the price of a decent motor. Rent to Housing Benefit Claimants for the maximum amount they can claim.

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Howarden & Righttoleech

thanks for that info. I am not looking for immediate gains. I can survive on what I earn now. But, my projected pension is something miserable like 12K, no room to enhance it, soo.....

Long term strategy is to buy a house which would self-fund, a 100 or 200 in my pocket is going to be a sheer bonus, until such time where I can sell it at some profit and enhance my retirement years. This is in about 10 to 15 years time, provided the area doesn't take a sustained dip in between.

At this very moment, I do not have a house of my own. I need to settle down. I plan to live in whichever house I buy NOW, for about 3 years. The plan is to rent it out after that period. Of course, I am flexible, if the area is on a downward spiral at that time, I will sell it off asap. I am also thinking that the prices would have stabilised or be picking up by that time? (2013-2015?)

Righttoleech, buying in a crime ridden area is a negative due to my initial plans to live there?

I get the advice on:

The right transport links - OLD TRAFFORD has the Trafford Bar line running out of Altrincham.

I might look at living in Old Trafford, Chorlton or Whalley for a short term to see what it is like, my only hope is that prices do not stabilise or pickup in the next 6-12 months!

There are a lot of ideas out there ,that populations are starting to concentrate within cities, now. I wonder if an inner city residence is going to be more sought after in the next 10-15 years? Chorlton and Whalley are trendy...fashion has a habit of waxing and waning..does this make Old Trafford, an old faithful? I remember living in Brixton in the 90s, working the doors, thinking this is truly a s***hole and there is no end to this downwards spiral, look at it now. I just did not have the predictive ability.

Regards

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Howarden & Righttoleech

thanks for that info. I am not looking for immediate gains. I can survive on what I earn now. But, my projected pension is something miserable like 12K, no room to enhance it, soo.....

Long term strategy is to buy a house which would self-fund, a 100 or 200 in my pocket is going to be a sheer bonus, until such time where I can sell it at some profit and enhance my retirement years. This is in about 10 to 15 years time, provided the area doesn't take a sustained dip in between.

At this very moment, I do not have a house of my own. I need to settle down. I plan to live in whichever house I buy NOW, for about 3 years. The plan is to rent it out after that period. Of course, I am flexible, if the area is on a downward spiral at that time, I will sell it off asap. I am also thinking that the prices would have stabilised or be picking up by that time? (2013-2015?)

Righttoleech, buying in a crime ridden area is a negative due to my initial plans to live there?

I get the advice on:

The right transport links - OLD TRAFFORD has the Trafford Bar line running out of Altrincham.

I might look at living in Old Trafford, Chorlton or Whalley for a short term to see what it is like, my only hope is that prices do not stabilise or pickup in the next 6-12 months!

There are a lot of ideas out there ,that populations are starting to concentrate within cities, now. I wonder if an inner city residence is going to be more sought after in the next 10-15 years? Chorlton and Whalley are trendy...fashion has a habit of waxing and waning..does this make Old Trafford, an old faithful? I remember living in Brixton in the 90s, working the doors, thinking this is truly a s***hole and there is no end to this downwards spiral, look at it now. I just did not have the predictive ability.

Regards

When are you planning to retire? I hope it's not before 2020.

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Is Old Trafford in a high crime area or some kind of high-risk area? I think I understand what you are driving at, if you do know a multi ethnic area with comparable low crime rates, in Manchester, I would love to hear about it. It would be an ideal place to bring a kid up in this ever smaller world.

Sometimes you feel like being rude to someone who strikes you as dim.But it is important to resist those impulses!

Look, there is no such thing as a multi-ethnic area with a low crime rate. You've been reading the Guardian or watching the BBC too much. What do you mean? An area full of scroungers, where the scroungers don't commit crime?

As you know, crime figures are top secret in the UK, or at least the breakdown by ethnicity. Do you remember when politically correct police tried to argue that crime was equal in all communities by pointing to the fact that 85% of crime in Sunderland was done by "white" people? It was very widely quoted at the time, even though the 1.4% ethnic minorities in Sunderland were, even according to those figures, doing 15% of the crime... In Sweden a majority of rapes are by the ethnic community. If you ask me for chapter and verse I can point you in the direction of Swedish government pdfs - and Sweden is a country that is very reluctant to disclose these figures. In Oslo, Norway, every single rape over the past five years has been perpetrated by someone of a non-Western background. The figures are the same in all countries. Multi-ethnic areas are the worst to bring up your children. Do you even give a damn about your child? Or just see him as an object of political propaganda? People stream into this country from failed states. They wouldn't be coming otherwise: if there own cultures were worth a fig, they would stay put.

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Howarden & Righttoleech

thanks for that info. I am not looking for immediate gains. I can survive on what I earn now. But, my projected pension is something miserable like 12K, no room to enhance it, soo.....

Long term strategy is to buy a house which would self-fund, a 100 or 200 in my pocket is going to be a sheer bonus, until such time where I can sell it at some profit and enhance my retirement years. This is in about 10 to 15 years time, provided the area doesn't take a sustained dip in between.

...

I'm not sure if I'm teaching someone to suck eggs, apologies if I am, to have £100 in your pocket each month on a £180k rental where you have relocated somewhere else in the country so can't manage it personally...

Cost of funding 5% - This needs to be calculated across the full cost of funding the place, no point having £30k tied up somewhere and not recognise that this could be earning you money elsewhere, if you check the BTL mortgage tables, you're looking at 5% plus APR as although the teaser rates look cheap, the fees are hefty. A residential mortgage with consent to let will be similar in 3 years time when base rates are no longer at emergency levels.

Letting Agent Fees 12%+ - Don't self manage if you live more than 1 hour's drive away, or make very good maintenance contacts in the area.

Ongoing Maintenance & Costs 10% - Best guide and the amount that is tax deductable, you will need to spend money on a £180k house to keep it renting well or you'll start getting poorer tenants and bigger voids, you also need Safety Inspections, EPCs, Inventory Clerks, Building Insurance and membership of a decent landlord association

Void Budget 4% - 1 month per 2 years

Cost of Funding 5% of £180k = £9000

Money in Your Pocket of £100 pcm = £1200

Revenue Required to Cover Letting Agent Fees, Maintenance & Voids = (£9000 + £1200) / (100% - 12% - 10% - 4%) = £10,200 / 74% = £13,784

Monthly Rental Required = £13,784 / 12 = £1148

This is assuming you're able to attract tenants who will pay in full each month and not damage the house to a greater extent than the damage deposit they left.

If you decide that capital growth is what you're really after and buy somewhere that doesn't give enough revenue to be cash flow positive, be very careful and make sure that you are in a cash rich position so you can stomach any operational costs as they occur. Plenty of people on the site will give you their opinion on the direction of the capital value of houses, you need to make up your own mind, weighing up all the information you have to hand (demographic changes, wage growth, lending standards, employment prospects, public sector spending, etc...).

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it is threads like this that answer the question - who is paying these prices still ?!?

I think LuckyOne put it well - house price growth is so engrained in peoples' conciousness that they will carry on speculating all the way to the bottom, this could be very long and drawn out unless the got deliberately crashes it

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Thanks again Howarden, that is a stomping post, and pretty much shows a lot of areas which I need to read up on before deciding where to drive my funds. I am glad that I forgot to unsubscribe from this thread.

I would have hoped my IFA would have given me an idea about your post, hey ho, eh....... <_<

Regards

I'm not sure if I'm teaching someone to suck eggs, apologies if I am, to have £100 in your pocket each month on a £180k rental where you have relocated somewhere else in the country so can't manage it personally...

(snipped for brevity)

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Thanks again Howarden, that is a stomping post, and pretty much shows a lot of areas which I need to read up on before deciding where to drive my funds. I am glad that I forgot to unsubscribe from this thread.

I would have hoped my IFA would have given me an idea about your post, hey ho, eh....... <_<

Regards

IFAs mostly aren't that bright otherwise they wouldn't still be IFAs I'm afraid; it's a big bad world out there and for the most part the investment industry is out there to trouser your cash leaving you poor, whatever you invest in

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  • 312 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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