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novicerenter

Some Landlords Selling Up

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Hello, first post. Like many here, I'm renting (for 2 months now). I sold my semi in NW London in the late summer because I didn't like the area where I was (too polluted and noisy) and took a price on it that was below what was offered 2 years ago. I sold to a small property developer, and the price was 4% less than I was offered by another small property developer in Sept 2003, but I accepted it as I'd had enough of waiting for a buyer. I was disappointed because the price was 12% below that of another house nearby needing much more work that had sold in April 2004. Anyway, that's just a bit of extra info in case it's useful.

I'm mainly renting because I like to feel mobile to move around, having been stuck in various own houses for decades.

Anyway, I felt it perhaps interesting to post this: I was told this by my plumber who is in no way involved in talk of house price crashes or anything. Quite out of the blue as he was fixing my boiler recently he mentioned that he was less busy with his contract work because in some part of middle class North London the landlord of rows of maisonettes or whatever they were are selling up as soon as the tenancies in each place are concluding. It sounded as if he meant shorthold tenancies running their term, not sudden evictions btw.

I don't have any qualifications to confidently give an opinion on what's happening with the market, I don't know if immigrants' needs for housing in London will prop up the market or if the market will indeed fall for the reasons this site suggests, but if many landlords are doing the same thing then it could signal stagnation or a decline as some people expect.

Thanks to all posters for the many views, I've been reading the site for only 2 weeks but am learning things!

PS Locally to me (I'm now in Herts) there are pretty much equal Sold boards, To Let boards and Let By boards, with just one or two For Sale boards in the same radius.

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Hello, first post. Like many here, I'm renting (for 2 months now). I sold my semi in NW London in the late summer because I didn't like the area where I was (too polluted and noisy) and took a price on it that was below what was offered 2 years ago. I sold to a small property developer, and the price was 4% less than I was offered by another small property developer in Sept 2003, but I accepted it as I'd had enough of waiting for a buyer. I was disappointed because the price was 12% below that of another house nearby needing much more work that had sold in April 2004. Anyway, that's just a bit of extra info in case it's useful.

I'm mainly renting because I like to feel mobile to move around, having been stuck in various own houses for decades.

Anyway, I felt it perhaps interesting to post this: I was told this by my plumber who is in no way involved in talk of house price crashes or anything. Quite out of the blue as he was fixing my boiler recently he mentioned that he was less busy with his contract work because in some part of middle class North London the landlord of rows of maisonettes or whatever they were are selling up as soon as the tenancies in each place are concluding. It sounded as if he meant shorthold tenancies running their term, not sudden evictions btw.

I don't have any qualifications to confidently give an opinion on what's happening with the market, I don't know if immigrants' needs for housing in London will prop up the market or if the market will indeed fall for the reasons this site suggests, but if many landlords are doing the same thing then it could signal stagnation or a decline as some people expect.

Thanks to all posters for the many views, I've been reading the site for only 2 weeks but am learning things!

PS Locally to me (I'm now in Herts) there are pretty much equal Sold boards, To Let boards and Let By boards, with just one or two For Sale boards in the same radius.

BTL'ers on the edge financially read the newspapers and it looks like a recession is looming and they are getting spooked. Better get out before its too late or before everyone decides to do it. Even the VIs are predicting a flat property market for years to come and BTL'ers rely on capital gains to offset losses in rent. Rents can't rise during a recessionary economy. MY advice to a BTL'er on the edge financially would be to get out while the VI and EA hype is still being believed by enough gullible buyers.

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Guest Riser

Yes, it may just be a co-incidence but my girlfriend is being kicked out of her place as the owners want to sell in the spring.

Same here, I have not been posting much in the past few weeks as I have been busy moving to new rented accomodation after our last landlord decided to sell up.

SIPPS may turn out to be the straw that broke the back of the UK market with overstretched and disillusioned BTL landlords dumping property on the market in the Spring. There seems to be a lag of around 10 months between interest rate cuts and HPI so we are likely to also see asking prices rise in the Spring. However I suspect we will see the dramatic over supply and absence on buyers due to prices hitting the limits of affordability result in record low transactions and real falls in HPI by late summer. Late summer will also be around 10 months on from Browns SIPPS announcement so everything appears to be in place its just a case of waiting for the fireworks to start B)

I will update my Nationwide National and regional charts when they issue the data sets.

national_redgreenQ3.gif Nationwide inflation adjusted HPI - Sell signal for housing and BTL know it.

post-1619-1136368608_thumb.jpg

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Yep, me too I'm afraid. Landlord has given me notice out by end of Jan. Yesterday was the first chance I have had to have a conversation with him ( agent notified us ). When I pressed him on his reasoning he just told me rather vaguely that as we have had the bungalow for 3 years - he just wanted it back. IMO he is now either going to put it back on the rental market for a higher rent than I was prepared to pay ( we have paid 1200pcm for 3 years when he originally wanted 1650 ), or rather more likely he is putting it up for sale. He and his family own in excess of 50 props in Berks, business est 25yrs - if he is starting to dispose of his portfolio, this indeed speaks volumes to me, as he is a professional investor, not some BTL numpty.

Incidentally he was amazingly pi$$ed off that I have not paid the last months rental and told him to offset it against the deposit. Told me that it was in breach of our contract - he must think that I was born yesterday :D .

I made offers on 2 separate properties ( to buy ) both 20% below advertised price. Both were rejected and both vendors were miffed. Denial is very much the current state of play as far as I can see. Ah well onto the next rental for the next 24months - let's see where we are then. Interesting times indeed.

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My flatmate believes our LL is thinking of selling, as somone is coming round to cosmetically patch up a crack that has appeared in the wall! Im not so sure as they have both thrown in there jobs, and are only living off the income from the house!!!! We will have to see, on the plus side local rents appear to be dropping, perhaps more people subletting rooms to cover costs?

a room in a shared house, inclusive of bills seems to be about £200 a mounth... so plenty of places to go...

Edited by moosetea

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We've also been given notice that our rented house is on the market.

Owners (nice family, renting elsewhere with better schools) are going to give it a few months to sell at their desired price so they can buy somewhere themselves in a nicer area.

If it doesn't go they say they intend to slash the price to at least make a modest profit over the years and emmigrate. "No affordable future for the kids in the UK"(!)

eeep!

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Incidentally he was amazingly pi$$ed off that I have not paid the last months rental and told him to offset it against the deposit. Told me that it was in breach of our contract - he must think that I was born yesterday :D .

I'm afraid the man is correct there, you're in breach of contract. If he isn't holding the deposit, but the EA is, then you probably gave him a cashflow problem as well, especially if he is a mom and pop investor.

Has he got remedies? Sure does, the small claims court for one thing(which he will win, easily), secondly, if he needed to take part of your deposit for repairs you look less good when he takes you to court to get the repairs out of your pocket.

Cinnamon

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Guest Winners and Losers

I think you raise an interesting point here novicerenter. The housing market has dropped significantly in Australia, where we were living last year. My husband works in removals and one of the first signs was a big slow down in work. I have often wondered if anyone else on the site had heard of slowdown's in businesses related to housing, other than furniture retailers.

Hello, first post. Like many here, I'm renting (for 2 months now). I sold my semi in NW London in the late summer because I didn't like the area where I was (too polluted and noisy) and took a price on it that was below what was offered 2 years ago. I sold to a small property developer, and the price was 4% less than I was offered by another small property developer in Sept 2003, but I accepted it as I'd had enough of waiting for a buyer. I was disappointed because the price was 12% below that of another house nearby needing much more work that had sold in April 2004. Anyway, that's just a bit of extra info in case it's useful.

I'm mainly renting because I like to feel mobile to move around, having been stuck in various own houses for decades.

Anyway, I felt it perhaps interesting to post this: I was told this by my plumber who is in no way involved in talk of house price crashes or anything. Quite out of the blue as he was fixing my boiler recently he mentioned that he was less busy with his contract work because in some part of middle class North London the landlord of rows of maisonettes or whatever they were are selling up as soon as the tenancies in each place are concluding. It sounded as if he meant shorthold tenancies running their term, not sudden evictions btw.

I don't have any qualifications to confidently give an opinion on what's happening with the market, I don't know if immigrants' needs for housing in London will prop up the market or if the market will indeed fall for the reasons this site suggests, but if many landlords are doing the same thing then it could signal stagnation or a decline as some people expect.

Thanks to all posters for the many views, I've been reading the site for only 2 weeks but am learning things!

PS Locally to me (I'm now in Herts) there are pretty much equal Sold boards, To Let boards and Let By boards, with just one or two For Sale boards in the same radius.

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Guest consa

Yep we have our notice - moving date to be confirmed and LL was a bit p#ssed off I didn't collect the registered letter/notice from the PO :lol: , He has placed the house on the market but unfortunately left this out of our tenancy to allow viewings :) , Anyway that is another LL trying to sell and this should be good, he built 6 houses and sold 3 last year for circa £180K each, rented the other 3 of which we had 1 - I think he is in for a bit of a wake up call.

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Even the VIs are predicting a flat property market for years to come and BTL'ers rely on capital gains to offset losses in rent. Rents can't rise during a recessionary economy. MY advice to a BTL'er on the edge financially would be to get out while the VI and EA hype is still being believed by enough gullible buyers.

BTL'ers rely on capital gains offset losses in rent. What a stupid generalistion.

Realistbear, please get into the real world.

Typical of the blinkered, uninformed views on here

:lol::lol::lol::lol::lol::lol:

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BTL'ers rely on capital gains offset losses in rent. What a stupid generalistion.

Realistbear, please get into the real world.

Typical of the blinkered, uninformed views on here

:lol::lol::lol::lol::lol::lol:

Generalisation maybe, but real world has many examples. My INFORMED example - Mrs Perrin's mate bought BTL last October in Woking (50 miles away!), interest-only ("it'll be worth more when we sell for our pension so that'll pay off the mortgage" - sell? then what will they do with the cash? annuity? hah hah), also paying top dollar for an agent ("we trust them" - hah hah) because they are new-age numpty BTLers; and THEY HAVEN'T EVEN GOT ONE MONTH'S INTEREST PAYMENT put by in case of void. No other pension provisions. So - yes, indeed, get into the real world LATK.

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  • 302 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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