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I went to view another house today (don't think I'll make an offer, but have yet to sleep on it).

The agent is one through whom I made an offer on a nearby house back in the autumn. That one's been showing as sold for some time, and the agent said they'd completed today, just in time to avoid BTL stamp duty. I had offered £200k (cash) on an asking price of £240k, reduced to £225k before it sold.

This evening I see it's on the market as a rental, asking £875/month and with particulars that are incorrect. Hmmm, nope, not tempted at that price. It needed a couple of minor but important bits of work done when I viewed, and the new BTLLord clearly hasn't had time to do them.

Edited by porca misèria

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What is it you want to talk about/need our input for?

What was the house you viewed today like then, if the one you didn't buy wasn't worth renting? Why wasn't it worth renting? Did the rental price give anything away? What did it sell for? Is it just the condition that put you off renting? And... For a laugh... Why do you need to sleep on your decision? Buy now, buy quick. Buy two!!

I may be quite sleepy myself but I don't really know what to say except ask loads of questions

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I went to view another house today (don't think I'll make an offer, but have yet to sleep on it).

The agent is one through whom I made an offer on a nearby house back in the autumn. That one's been showing as sold for some time, and the agent said they'd completed today, just in time to avoid BTL stamp duty. I had offered £200k (cash) on an asking price of £240k, reduced to £225k before it sold.

This evening I see it's on the market as a rental, asking £875/month and with particulars that are incorrect. Hmmm, nope, not tempted at that price. It needed a couple of minor but important bits of work done when I viewed, and the new BTLLord clearly hasn't had time to do them.

From the landlords buying point of view £875pcm on £225k (4.5%) is more than they would get in the bank these days.

That's how they look at it - a leveraged savings account. Nobody is the buying process (estate agent, lender or solicitor) is going to point out that they end up nearer to 2.5% after tax.

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From the landlords buying point of view £875pcm on £225k (4.5%) is more than they would get in the bank these days.

That's how they look at it - a leveraged savings account. Nobody is the buying process (estate agent, lender or solicitor) is going to point out that they end up nearer to 2.5% after tax.

That's instantly reduced by appointing the agent to manage it. The agent will have suggested a regime for maintenance (e.g. how much they're authorised to spend on a small job without asking first).

Most likely it's the expectation of a rising income and capital gains. I have a similar expectation when I invest in equities, funds, and the like. Except I have no leverage, wider spread of risk, and invest in much smaller chunks (like, about £12.5k in the SIPP and ISA today).

The real point of the anecdote was that it hits home: this transaction was timed for the tax change. How many more have been driving the market, and how will the market now react?

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I went to view another house today (don't think I'll make an offer, but have yet to sleep on it).

The agent is one through whom I made an offer on a nearby house back in the autumn. That one's been showing as sold for some time, and the agent said they'd completed today, just in time to avoid BTL stamp duty. I had offered £200k (cash) on an asking price of £240k, reduced to £225k before it sold.

This evening I see it's on the market as a rental, asking £875/month and with particulars that are incorrect. Hmmm, nope, not tempted at that price. It needed a couple of minor but important bits of work done when I viewed, and the new BTLLord clearly hasn't had time to do them.

Saw a place in February that I really liked, but felt it was overpriced due to 70s interior and work needed on general maintenance. It was a typical probate condition wise and been on since Aug 2015. On for £245k I offered £200k chain free blah blah but it was rejected. Went SSTC early March.

Part of me is still hoping it was a BTLer who has tried to buy it before the SDLT change and will pull out to put me in a very strong position to offer £200k again as the place was spot on what I want.

If it were a BTLer then it will need a lot doing before it is rentable, will be interesting to keep an eye on.

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