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Only 10 Out Of 50 Houses In Development Where I Rent Are Owner Occupied

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This relatively small development was built 7 years ago. Is this very small percentage of owner occupied properties becoming the norm and how would people feel about buying a house in such a development with such a high turnover of new tenants?

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This relatively small development was built 7 years ago. Is this very small percentage of owner occupied properties becoming the norm and how would people feel about buying a house in such a development with such a high turnover of new tenants?

Depends - what were your expectations/preferences - what were you told?. You may be lucky or unlucky. You can get bad neighbours anywhere. Also depends on what you will put up with/ consider annoying - children, pets, parties, drugs, theft?

A lot may depend on the landlord and the type of tenant they select and the interest the landlord takes, including maintenance of the property itself.

Anectdotally, a 'community worker' I know stated that a newbuild estate near us has several tenants that were evicted by NIHE and HAs for anti social etc. The private 'landlords' or investors are content with regular benefit payments and not so concerned with previous form.

Houses in this estate nudged £350k at peak - many for sale, little movement in past two years. Except more tenants.

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This relatively small development was built 7 years ago. Is this very small percentage of owner occupied properties becoming the norm and how would people feel about buying a house in such a development with such a high turnover of new tenants?

Im sure most would see it as a negative ... this unfortuately for me is one of the consequences of the 'boom'. Greedy investors snapped up townhouses and 3 bed semi's in these developments by the dozens knowing that there was a growing demand for rent. They thought this was the 'investment' of a lifetime, a get rich quick scheme. Buy the houses with Interest only mtg's, rent them out and sell them for an massive profit within a reasonably short period of time. The only prob is it has backfired because they are now all in negative equity and cant get rid of these so called super investments. Tough luck ... thats what happens when you get greedy

Plan B therefore results in sticking DHSS tenants into these properties, a guaranteed income from the government ... but at what price. Its a disgrace that the DHSS is funding on average £400 - £500 towards these houses depending on how many kids these so called single mums can spit out ... ever see the film Gremlins :angry:

I'm not trying to generalise, there are plenty of good ppl about and not all are benefit busters but there is no doubt that this is contributing to the high number of rentals in these areas, amongst others or course, but I would guess the 'others' are the minority. I am speaking from experience here, I rent in one of the newer developments and the majority of the houses (within my street anyhow) are rented ... and I seem to be one of the very few that gets up to go to work every morning to pay what I see as a high rent compared to what I previously paid on MTG repayments.

It goes without saying that if you have to work hard for something, whether it be to pay rent or a mtg, you are more likely to have more respect for it than someone who doesnt ... and gets it handed to them on a plate. Thats the risk with buying in a newer development these days ... IMO of course.

The benefit system is changing, housing benefit should/will reduce ... it will be interesting to see how this impacts on the above. More ghost estates on the way perhaps? More repos when the investors lose the will and give up?

Edited by tinbin

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  • 316 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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