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random_one

No Major Hpc

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I have been an observer for a long time. I do like the information exchanged here and also the knowledge of some of the posters.

I too have been suffered because of the endless boom in the London and surrounding areas in the last decade or more.

However a couple of years back, I got sick of the negatives, started looking for a place, and found a property which was great in terms of location and size, had quite a bit of work done to it, and this year converted it into a BTL and bought a big house for myself. The end game is, I am paying a very reasonable 'net' mortgage, and live in a lovely 5 bed house.

I don't think properties will go back to the historical multiples ever again. The world has opened up, and people from all over the world are happy to make investments in U.K., specially in and around London. The 'world economy' has never existed in this way, and hence you cannot just go back to the basic rules from 40-50 years ago. A lot of people in sheer numbers, maybe not as a percentage of their population) in India/China/Brazil...can afford to buy in U.K. and they will.

I think the best advice for anyone who wants to buy is research the market well, work out affordability and go for it. Its not all doom and gloom.

Waiting for the criticism now....

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I have been an observer for a long time. I do like the information exchanged here and also the knowledge of some of the posters.

I too have been suffered because of the endless boom in the London and surrounding areas in the last decade or more.

However a couple of years back, I got sick of the negatives, started looking for a place, and found a property which was great in terms of location and size, had quite a bit of work done to it, and this year converted it into a BTL and bought a big house for myself. The end game is, I am paying a very reasonable 'net' mortgage, and live in a lovely 5 bed house.

I don't think properties will go back to the historical multiples ever again. The world has opened up, and people from all over the world are happy to make investments in U.K., specially in and around London. The 'world economy' has never existed in this way, and hence you cannot just go back to the basic rules from 40-50 years ago. A lot of people in sheer numbers, maybe not as a percentage of their population) in India/China/Brazil...can afford to buy in U.K. and they will.

I think the best advice for anyone who wants to buy is research the market well, work out affordability and go for it. Its not all doom and gloom.

Waiting for the criticism now....

I suspect there is a lot of speculative overseas investment in London property, and that is driving the increase. If the asset class of London property becomes less attractive than another asset class, then this investment will unwind and what will that do to prices?

Of course, if you are not leveraged, it doesn't matter too much. If you are leveraged, then I wish you the best of luck.

Half%20London%20Luxury%20Properties.jpg

Linky

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Is there any point to this thread.

The OP bought a house, its now a buy to let and they have now bought a bigger house.

There may or may not be a crash in the future - but I don't see how that decision will affect this or is in any way relevant.

You could pay £150k for a 5 bed detached house in county Durham

http://www.rightmove.co.uk/property-for-sale/property-41697238.html

or £21m for one in central London

http://www.rightmove.co.uk/property-for-sale/property-45215024.html

Takes your pick!

Edited by MARTINX9

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However a couple of years back, I got sick of the negatives, started looking for a place, and found a property which was great in terms of location and size, had quite a bit of work done to it, and this year converted it into a BTL and bought a big house for myself. The end game is, I am paying a very reasonable 'net' mortgage, and live in a lovely 5 bed house.

I think the best advice for anyone who wants to buy is research the market well, work out affordability and go for it. Its not all doom and gloom.

Waiting for the criticism now....

It's ok.

There's loads of people here who always claim people like you are victims for buying/investing/BTL- with the most pathetic excuses you can imagine - any time there is a bit of softening. Didn't you realise you were misled by the media, advertisements, parents, society in anything you do... including buying £500K houses to upsize to, and renting old one out?

Enjoy your decisions and reading of the market. We each make our own decisions, and I wait for hard hpc.

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